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  • FIRST POST
    • DaveTT
    • By DaveTT 20th Oct 19, 1:25 PM
    • 3Posts
    • 0Thanks
    DaveTT
    Harvesting tiddly Pensions
    • #1
    • 20th Oct 19, 1:25 PM
    Harvesting tiddly Pensions 20th Oct 19 at 1:25 PM
    After some advice as I've no idea where to start...

    I receive a Teaching Pension and a small MOD pension - all good there.

    Being 60 and bored I started a nice small easy job as a Maintenance guy and discovered I'd been enrolled into a pension scheme. Best will in the world the pay out at 67 will be laughable. After 6 months I left to join another company but was fired after 2 months for driving the minibus through their bike shelter (the brakes failed and I had a choice of the bike shelter or down a slope onto a busy road...hay-ho). I took a temporary job with another company, left after 3 months for a permanent job where I am now.

    My question is (finally)...I now seem to have, not counting by Professional Pensions, 3 small pension pots with my cash in and which will have no time to develop into anything financially viable.

    Can I get my money out of these? Or is the few hundred quid in them 'gone'? Considering a 'few hundred quid' could be put to better use, surely I should be able to access them?

    Oh...And if I can 'access' them, would it be better to combine them first and then get the cash...Or empty them one after another? Happy to pay the Tax, been paying tax for years.

    Thanks in advance for any advice.
    Last edited by DaveTT; 20-10-2019 at 1:30 PM.
Page 1
    • SonOf
    • By SonOf 20th Oct 19, 1:51 PM
    • 1,786 Posts
    • 2,046 Thanks
    SonOf
    • #2
    • 20th Oct 19, 1:51 PM
    • #2
    • 20th Oct 19, 1:51 PM
    Can I get my money out of these?
    as you are 60, yes.

    Considering a 'few hundred quid' could be put to better use, surely I should be able to access them?
    You can. However, it depends on what you mean by better use. Putting them in your bank account to save would not be better use for example.

    Oh...And if I can 'access' them, would it be better to combine them first and then get the cash...Or empty them one after another?
    No need to combine. all available under small pots rules.
    • DaveTT
    • By DaveTT 20th Oct 19, 2:01 PM
    • 3 Posts
    • 0 Thanks
    DaveTT
    • #3
    • 20th Oct 19, 2:01 PM
    • #3
    • 20th Oct 19, 2:01 PM
    Thanks, appreciate your time and answer.

    Honestly, the pots will only have a few hundred quid in...It would take astonishing skill, knowledge and luck to turn that into a useful income in 6 years.

    Better spent on a new Dyson or weekend-away or new fly rod etc.

    Thanks again
    Dave
    • xylophone
    • By xylophone 20th Oct 19, 2:59 PM
    • 31,632 Posts
    • 19,619 Thanks
    xylophone
    • #4
    • 20th Oct 19, 2:59 PM
    • #4
    • 20th Oct 19, 2:59 PM
    I took a temporary job with another company, left after 3 months for a permanent job where I am now.
    Which offers a pension scheme? Will it accept transfers in?

    If so, why not just transfer the tiny pensions into it?
    • DaveTT
    • By DaveTT 20th Oct 19, 5:20 PM
    • 3 Posts
    • 0 Thanks
    DaveTT
    • #5
    • 20th Oct 19, 5:20 PM
    • #5
    • 20th Oct 19, 5:20 PM
    Well because, I have a decent Pension at the moment. I'm working for pin money and something to do. The amount of contributions I will make into that pot in the next six years will not be enough to generate, realistically, a worth while amount of cash. Yes, I could wait and take it all out at 67 or just not put it in.
    • xylophone
    • By xylophone 20th Oct 19, 6:11 PM
    • 31,632 Posts
    • 19,619 Thanks
    xylophone
    • #6
    • 20th Oct 19, 6:11 PM
    • #6
    • 20th Oct 19, 6:11 PM
    The amount of contributions I will make into that pot in the next six years will not be enough to generate, realistically, a worth while amount of cash. Yes, I could wait and take it all out at 67 or just not put it in.
    Your employer will also contribute.
    • Albermarle
    • By Albermarle 20th Oct 19, 7:27 PM
    • 1,770 Posts
    • 1,135 Thanks
    Albermarle
    • #7
    • 20th Oct 19, 7:27 PM
    • #7
    • 20th Oct 19, 7:27 PM
    Although the amounts maybe small , you can look at an another way .
    What you contribute attracts tax relief and then your employer contributes as well . In a typical basic auto enrolment scheme it works like this .
    Lets say you earn £10 K . You contribute 5% = £500.
    Tax relief = £125 : employer contributions £300 .
    So for contributing £500 you now have £925.
    If your employer paid more than 3 % and/or you contribute via a salary sacrifice arrangement then the benefit would be even more .
    Free money......
    • SMcGill
    • By SMcGill 20th Oct 19, 8:29 PM
    • 55 Posts
    • 12 Thanks
    SMcGill
    • #8
    • 20th Oct 19, 8:29 PM
    • #8
    • 20th Oct 19, 8:29 PM
    I’ve worked in a couple of jobs where the pension contributions could/would simply be paid back to me if I left within 2 years of starting. Something for you to look into?
    • hyubh
    • By hyubh 20th Oct 19, 10:41 PM
    • 2,592 Posts
    • 2,041 Thanks
    hyubh
    • #9
    • 20th Oct 19, 10:41 PM
    • #9
    • 20th Oct 19, 10:41 PM
    Iíve worked in a couple of jobs where the pension contributions could/would simply be paid back to me if I left within 2 years of starting. Something for you to look into?
    Originally posted by SMcGill
    The 'vesting period' is only 30 days for a DC pension since October 2015, however taking a refund would be the worst option anyway, because it means you lose the employer contribution (or value of the employer contribution if DB).
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