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  • FIRST POST
    • KevG1967
    • By KevG1967 17th Aug 19, 7:26 AM
    • 2Posts
    • 0Thanks
    KevG1967
    Pension drawdown at 55
    • #1
    • 17th Aug 19, 7:26 AM
    Pension drawdown at 55 17th Aug 19 at 7:26 AM
    Hi,

    I am 55 in just under 3 years and I am looking to possibly draw some money out on 2 of my 3 pensions. I have 2 older ones that I no longer pay into.
    My questions are -
    Can I withdraw from the 1 old private and 1 old work pension at 55?
    If so, do I need to combine to 2 before I can withdraw any money from them?

    Thanks in advance,
    Kev
Page 1
    • AnotherJoe
    • By AnotherJoe 17th Aug 19, 7:39 AM
    • 15,627 Posts
    • 18,820 Thanks
    AnotherJoe
    • #2
    • 17th Aug 19, 7:39 AM
    • #2
    • 17th Aug 19, 7:39 AM
    You can withdraw from them individually subject to any rules they may have (some older pensions may not allow withdrawals in which case you'd have to transfer to one that did)
    There are tax rules which limit what you can withdraw without paying tax and also how much you can continue to contribute to a pension afterwards.
    • tacpot12
    • By tacpot12 17th Aug 19, 12:12 PM
    • 2,819 Posts
    • 2,551 Thanks
    tacpot12
    • #3
    • 17th Aug 19, 12:12 PM
    • #3
    • 17th Aug 19, 12:12 PM
    You might save a small amount on withdrawal charges if you combine the pensions together, but I doubt you will save enough to make it worthwhile.
    The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always check official information sources before relying on my posts.
    • Dazed and confused
    • By Dazed and confused 17th Aug 19, 8:20 PM
    • 5,384 Posts
    • 2,851 Thanks
    Dazed and confused
    • #4
    • 17th Aug 19, 8:20 PM
    • #4
    • 17th Aug 19, 8:20 PM
    1 old work pension
    First thing would be to check if this is defined benefit (usually final salary) or defined contribution.

    If it's defined benefit there may not be a fund or pot to take money out of in the way you describe.
    • KevG1967
    • By KevG1967 18th Aug 19, 5:26 AM
    • 2 Posts
    • 0 Thanks
    KevG1967
    • #5
    • 18th Aug 19, 5:26 AM
    • #5
    • 18th Aug 19, 5:26 AM
    Thanks for the replies everyone, I'll start looking into them.
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