I'm due to turn 55

Strider71

I am watching a lot videos on investing. I have came to the party late for investing, but I want to invest as much as I can. After I draw money from my pension when I'm 55. I know the rest of my pension is crystalized. I will still be working full time and paying into a workbase pension max at 13%, not touching this pot until I finally retire. till  at least 63-65. But I was thinking of drawing 3% of my crystalized fund every year to re-invest into ISA stocks and other investments. What are peoples thoughts? Any advice would be welcomed.

Baldytyke88

The state pension age is increasing and some private pensions match the state pension age. Are you able to draw your pension at 55?

Marcon

Strider71 said:

I am watching a lot videos on investing. I have came to the party late for investing, but I want to invest as much as I can. After I draw money from my pension when I'm 55. I know the rest of my pension is crystalized. I will still be working full time and paying into a workbase pension max at 13%, not touching this pot until I finally retire. till  at least 63-65. But I was thinking of drawing 3% of my crystalized fund every year to re-invest into ISA stocks and other investments. What are peoples thoughts? Any advice would be welcomed.

What are you trying to achieve by doing so?

Your pension is an investment. Assuming it's a defined contribution scheme (?is it), then why do you need to withdraw funds from a tax-favoured environment to 're-invest into ISA stocks and other investments' - which might not all have the same tax advantages. Why not look at changing the funds in with you are invested within the DC pension scheme?

Strider71

Marcon said:

Strider71 said:

I am watching a lot videos on investing. I have came to the party late for investing, but I want to invest as much as I can. After I draw money from my pension when I'm 55. I know the rest of my pension is crystalized. I will still be working full time and paying into a workbase pension max at 13%, not touching this pot until I finally retire. till  at least 63-65. But I was thinking of drawing 3% of my crystalized fund every year to re-invest into ISA stocks and other investments. What are peoples thoughts? Any advice would be welcomed.

What are you trying to achieve by doing so?

Your pension is an investment. Assuming it's a defined contribution scheme (?is it), then why do you need to withdraw funds from a tax-favoured environment to 're-invest into ISA stocks and other investments' - which might not all have the same tax advantages. Why not look at changing the funds in with you are invested within the DC pension scheme?

These are old pesion pot, which I don't contribute anymore. I am not touching my workbase pension. 

Strider71

Baldytyke88 said:

The state pension age is increasing and some private pensions match the state pension age. Are you able to draw your pension at 55?

These are old pension I don't contribute anymore. I am not touching my workbase pension thats at its maximuN, 13%

Strider71

Strider71 said:

Baldytyke88 said:

The state pension age is increasing and some private pensions match the state pension age. Are you able to draw your pension at 55?

These are old pension I don't contribute anymore. I am not touching my workbase pension thats at its maximuN, 13%

I can draw on the old pentions, when I am 55. I am taking a lumpsum at 55, but I was thinking off draw 2.5% - 3% and reinvesting them. So all my egg are not in the same basket.

Marcon

Strider71 said:

Marcon said:

Strider71 said:

I am watching a lot videos on investing. I have came to the party late for investing, but I want to invest as much as I can. After I draw money from my pension when I'm 55. I know the rest of my pension is crystalized. I will still be working full time and paying into a workbase pension max at 13%, not touching this pot until I finally retire. till  at least 63-65. But I was thinking of drawing 3% of my crystalized fund every year to re-invest into ISA stocks and other investments. What are peoples thoughts? Any advice would be welcomed.

What are you trying to achieve by doing so?

Your pension is an investment. Assuming it's a defined contribution scheme (?is it), then why do you need to withdraw funds from a tax-favoured environment to 're-invest into ISA stocks and other investments' - which might not all have the same tax advantages. Why not look at changing the funds in with you are invested within the DC pension scheme?

These are old pesion pot, which I don't contribute anymore. I am not touching my workbase pension. 

That doesn't answer the question. Is it a DC scheme? If so, is there anything to stop you switching to different funds within the existing pension rather than moving your cash out of a tax sheltered environment?

QrizB

Strider71 said:

Baldytyke88 said:

The state pension age is increasing and some private pensions match the state pension age. Are you able to draw your pension at 55?

These are old pension I don't contribute anymore.

That hasn't answered the question.

The law has changed and most pensions will shortly have a minimum age of 57. A few pensions can continue to allow withdrawal at 55.

Have you confirmed with your pension scheme administrators that you will still be able to draw them at 55, and won't be affected by the change in the law?

Marcon

Strider71 said:

Strider71 said:

Baldytyke88 said:

The state pension age is increasing and some private pensions match the state pension age. Are you able to draw your pension at 55?

These are old pension I don't contribute anymore. I am not touching my workbase pension thats at its maximuN, 13%

I can draw on the old pentions, when I am 55. I am taking a lumpsum at 55, but I was thinking off draw 2.5% - 3% and reinvesting them. So all my egg are not in the same basket.

That's not a good reason, given the level of protection your old pension will have. 

Strider71

Marcon said:

Strider71 said:

Marcon said:

Strider71 said:

I am watching a lot videos on investing. I have came to the party late for investing, but I want to invest as much as I can. After I draw money from my pension when I'm 55. I know the rest of my pension is crystalized. I will still be working full time and paying into a workbase pension max at 13%, not touching this pot until I finally retire. till  at least 63-65. But I was thinking of drawing 3% of my crystalized fund every year to re-invest into ISA stocks and other investments. What are peoples thoughts? Any advice would be welcomed.

What are you trying to achieve by doing so?

Your pension is an investment. Assuming it's a defined contribution scheme (?is it), then why do you need to withdraw funds from a tax-favoured environment to 're-invest into ISA stocks and other investments' - which might not all have the same tax advantages. Why not look at changing the funds in with you are invested within the DC pension scheme?

These are old pesion pot, which I don't contribute anymore. I am not touching my workbase pension. 

That doesn't answer the question. Is it a DC scheme? If so, is there anything to stop you switching to different funds within the existing pension rather than moving your cash out of a tax sheltered environment?

Marcon said:

Strider71 said:

Marcon said:

Strider71 said:

I am watching a lot videos on investing. I have came to the party late for investing, but I want to invest as much as I can. After I draw money from my pension when I'm 55. I know the rest of my pension is crystalized. I will still be working full time and paying into a workbase pension max at 13%, not touching this pot until I finally retire. till  at least 63-65. But I was thinking of drawing 3% of my crystalized fund every year to re-invest into ISA stocks and other investments. What are peoples thoughts? Any advice would be welcomed.

What are you trying to achieve by doing so?

Your pension is an investment. Assuming it's a defined contribution scheme (?is it), then why do you need to withdraw funds from a tax-favoured environment to 're-invest into ISA stocks and other investments' - which might not all have the same tax advantages. Why not look at changing the funds in with you are invested within the DC pension scheme?

These are old pesion pot, which I don't contribute anymore. I am not touching my workbase pension. 

That doesn't answer the question. Is it a DC scheme? If so, is there anything to stop you switching to different funds within the existing pension rather than moving your cash out of a tax sheltered environment?

I have 3 pension pot. One is a work place, which I am not touching & I'm conttbuting the max contributions in this. I have A final salary pension and an old work base pension, which i'm contrbuting nothing to. I am taking a lump sum from the Final salary and a lump sum from my old work base pension. The old workbase pension and the final salary pension are the 2 I am think of taking 1.5% to 2.5% yearly and reinvesting into Stacks ISA and other investments. Hope this answers your questions. Any advice would be helpful. 

Strider71

QrizB said:

Strider71 said:

Baldytyke88 said:

The state pension age is increasing and some private pensions match the state pension age. Are you able to draw your pension at 55?

These are old pension I don't contribute anymore.

That hasn't answered the question.

The law has changed and most pensions will shortly have a minimum age of 57. A few pensions can continue to allow withdrawal at 55.

Have you confirmed with your pension scheme administrators that you will still be able to draw them at 55, and won't be affected by the change in the law?

Yes I have. I turn 55 January 9th in a month.