Yet another pension question.

[steve1]

Forgive me for asking another one, but just want to check on some info I've been given by a company that I have a very small pension pot with.
I've come across a policy that, quite frankly, I'd forgotten about, it's a pension that I took out quite a few years ago and then stopped after a short while on advice given by my bank,( they basically said I was saving too much, and I would never get it all back ).
Anyway, it's less than 5K, I'm 55 this month, and I thought I could get it all out, but have been told that I can't this year.
Is this right, and will I have to wait until next April.

[Ginge R]

If it's the only one you have, then you can get it once you reach 55. I'd dig a little more about why the bank told you to stop saving though!

[steve1]

Basically I had a final salary pension in the job I was in, as well as a couple of other small saving schemes, I went to see the bank for a financial review and it was bought up then, ( we are talking some years ago now ).
I currently draw a pension, ( early retirement ), does that make a difference.
The company who hold the small pension pot told me that I'd have to be 60 this year to be able to draw it, ( didn't make a lot of sense to me ).

[steve1]

After doing a bit more reading it looks like 60 is the magical age at the moment, but April next year I should be ok.

[Ginge R]

It isn't a public sector pension is it? Ask if the scheme rules allow an actuarial reduction if you want to take it early, and if so, what that reduction would be.

[steve1]

Ginge R said:

It isn't a public sector pension is it? Ask if the scheme rules allow an actuarial reduction if you want to take it early, and if so, what that reduction would be.

No, not public sector.
I will ask, but probably just wait another year, as I said earlier, forgot all about it anyway, so another year won't hurt.