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Old 12 Mar 19, 11:41 AM  
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cartoonp
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pension lump sum update post 30

a few years back I worked for a company that had a pension . I was getting updates every year. This year I turn 55. I got a letter askeding if I like to take the lump sum know or wait until I am 65 . I don’t know what my futher holds so might just take the lump sum and blow it all on wine women and song


ONLY KIDDING ABOUT THE SONG

Edited at 09:37 AM.
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Old 12 Mar 19, 07:51 PM  
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parisdisneyfan
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Can you remember how much you paid in? Ask for a quote on how much both the lump sum and annual pension will be? Remember too that there may be tax implications. I think you need to get some qualified advice, look on the government website gov.uk/pensions-advisory-service or moneyadviceservice.u...and-retirement

I have an old pension pot worth around £40k which only gives me a pension of about £2k a year, I will be taking it as a lump sum as who knows what £50 a week will buy in 10-12 years time but I'm NOT qualified, this is MY decision!

Good luck and enjoy the wine, women and song
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Old 12 Mar 19, 07:59 PM  
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Old 12 Mar 19, 08:03 PM  
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Loobylou_82
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I think you can take 25% of your pension pot from age 55, but if you don't I think you get take it anytime after that age you don't then have to wait till 65 to take it. Someone will probably be along to advise you,TP Spill is usually well up on these things.
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Old 12 Mar 19, 08:08 PM  
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parisdisneyfan
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Originally Posted by Loobylou_82 View Post
I think you can take 25% of your pension pot from age 55, but if you don't I think you get take it anytime after that age you don't then have to wait till 65 to take it. Someone will probably be along to advise you,TP Spill is usually well up on these things.
If it is under a certain amount you can take the whole lot, the 25% is the max tax free bit.
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Old 12 Mar 19, 08:09 PM  
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Originally Posted by cartoonp View Post
a few years back I worked for a company that had a pension . I was getting updates every year. This year I turn 55. I got a letter askeding if I like to take the lump sum know or wait until I am 65 . I don’t know what my futher holds so might just take the lump sum and blow it all on wine women and song


ONLY KIDDING ABOUT THE SONG
At least you won't be wasting it
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Old 12 Mar 19, 08:44 PM  
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Loobylou_82
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Originally Posted by parisdisneyfan View Post
If it is under a certain amount you can take the whole lot, the 25% is the max tax free bit.
That is correct. Your pension pot has to be less than£30,000 to be able to draw it all.
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Old 12 Mar 19, 08:55 PM  
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disney332
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Originally Posted by Loobylou_82 View Post
That is correct. Your pension pot has to be less than£30,000 to be able to draw it all.
Small pot rule

Up to 3 pensions...no more than 10k each

Disney332

Otherwise..triviality... a much more difficult concept to explain
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Old 12 Mar 19, 09:02 PM  
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simmofamily
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DH has a small one of around £15k. Will pay out £550 a year.
He's 55 next year and we're hoping we can cash the whole thing in and get a kitchen. Not sure what we'll use but a kitchens worth more to me now than £500 a year in 10 years time.
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Old 12 Mar 19, 09:10 PM  
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barryp1
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Originally Posted by Loobylou_82 View Post
That is correct. Your pension pot has to be less than£30,000 to be able to draw it all.
Sorry but that is not true.
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