Pension Pot

[nw42]

Nw42. You should be able to take it as a small lump sum And as a recipient over 55. Ordinarily 25% would be tax free and the rest taxed at whatever your tax rate is with the lowest at 20%.
The process should be straightforward unless you have complicated remuneration like other live pensions.
You don’t say whether was a Final Salary or Defined Benefit sum. If it’s a Final Salary the employer will be doing everything possible to get old ex employee members like you to take the cash and exit as the cost to the employer to continue these schemes is high.
You also have the option to take the sum and invest it in another investment vehicle.
Even though it’s a small amount in the grand scheme of pension payments it’s always worth trying to get some advice and to consider your choices against any other income you might be receiving / about to receive.
Hope this helps

Thanks very much mate, that's helpful and good to know. I've no idea of the answer to your points about Final salary etc but will speak with them on Monday for clarification. The previous employer retired and sold their business, I was TUPE'D and put into a different scheme with the new employer. I'm no longer with them either and have also received a statement from their preferred provider, the original one was NEST, the latest one was People's Pension, in total I was only paying into each one for a couple of years each, I think it was since they became obliged to do it for employees.
Spent most of my working life self employed/sole trader, so unfortunately pensions were always bottom of the list of things to do, such is life.

Thanks again for bothering to respond.

 

[nw42]

My answer was better, it was certainly shorter


;-)

It was no more, or less than I would have expected from you.

 

[ganganvince]

You should never do that, not weekly, you will give yourself a heart attack.

Done it for years must admit had some flaps.

 

[ganganvince]

I got a statement for one of my old employer pensions, only with them for a short while so the statement says it's worth just under 3k, there's a tab that says 'take your pot' or similar, does that mean I can just take the cash now? I'm 62 so am unsure if I have to wait until I'm 66, would rather have it now if given the choice.

It's classed as a small pot should be able to take it.

 

[nw42]

It's classed as a small pot should be able to take it.
View attachment 39475

Thanks mate.

 

[mackenzie]

I'm taking 11 grand a year from my occupational pension and 30 grand as a lump sum.
Worked for the Civil Service for 41 years.
Had enough now so I've applied for 2 days a week working.
Done 42 years of work in total, brought up a child on my own through some of that.

 

[nw42]

I'm taking 11 grand a year from my occupational pension and 30 grand as a lump sum.
Worked for the Civil Service for 41 years.
Had enough now so I've applied for 2 days a week working.
Done 47 years of work in total, brought up a child on my own through some of that.

Nice one, you deserve a break, enjoy yourself while you're young enough.

 

[Blue Mist]

I'm taking 11 grand a year from my occupational pension and 30 grand as a lump sum.
Worked for the Civil Service for 41 years.
Had enough now so I've applied for 2 days a week working.
Done 47 years of work in total, brought up a child on my own through some of that.

Hi,
Just thought I'd say hi, 11k a year you say and a lump sum. You were always one of my favourite posters.

 

[mackenzie]

Nice one, you deserve a break, enjoy yourself while you're young enough.

Yeah, had enough now. Was easy being a single mum and bringing up my son and working (I was 18 when I had him) but I'm tired now. Had loads of energy then.
Thanks xx

 

[Tommy_Catons_Perm]

Nw42. You should be able to take it as a small lump sum And as a recipient over 55. Ordinarily 25% would be tax free and the rest taxed at whatever your tax rate is with the lowest at 20%.
The process should be straightforward unless you have complicated remuneration like other live pensions.
You don’t say whether was a Final Salary or Defined Benefit sum. If it’s a Final Salary the employer will be doing everything possible to get old ex employee members like you to take the cash and exit as the cost to the employer to continue these schemes is high.
You also have the option to take the sum and invest it in another investment vehicle.
Even though it’s a small amount in the grand scheme of pension payments it’s always worth trying to get some advice and to consider your choices against any other income you might be receiving / about to receive.
Hope this helps

I think you mean final salary or defined contribution. Defined benefit is the same as final salary.