Cashing out a Pension?
Discussion
Odd one this but I literally know nothing so looking for some advice.
8-9 years ago I worked for a small engineering company, I'd been there 2 years and they offered a pension scheme for all staff through Scottish Life. Seemed like a good idea at the time and over the next 2 months I paid about £120 in or something before the company was bought out and I was made redundant. I'm not a terrible organised person and the details of the pension got lost in the shuffle of several moves.
Fast forward 8 years and I've had communication from Royal London regarding the pension that haven't been able to contact me about. They've sent me a statement saying it's now got a transfer value of £860.
I'm now a teacher and I pay into that scheme (and as I understand it that's a good scheme) but frankly I've no idea what do with this older pension?
I assume there's no way to liberate any of that money now which would be useful! The other option is probably adding it to my teachers pension but that seems a bit pointless?
Suggestions?
8-9 years ago I worked for a small engineering company, I'd been there 2 years and they offered a pension scheme for all staff through Scottish Life. Seemed like a good idea at the time and over the next 2 months I paid about £120 in or something before the company was bought out and I was made redundant. I'm not a terrible organised person and the details of the pension got lost in the shuffle of several moves.
Fast forward 8 years and I've had communication from Royal London regarding the pension that haven't been able to contact me about. They've sent me a statement saying it's now got a transfer value of £860.
I'm now a teacher and I pay into that scheme (and as I understand it that's a good scheme) but frankly I've no idea what do with this older pension?
I assume there's no way to liberate any of that money now which would be useful! The other option is probably adding it to my teachers pension but that seems a bit pointless?
Suggestions?
CaptainSlow said:
Pots under a certain size can be fully cashed out tax free after your retirement. Maybe use it to pay for your first holiday when you retire.
So in 30 years I get an extra £800 quid? Seems faintly pointless, Christ I'd take half that now! No other options?
Edited by MiniMan64 on Wednesday 17th August 16:32
oldaudi said:
Cash it in. Normally without penalty given the fact its a small amount. Spend/Save as you wish when it hits your bank account. However, this is normally possible within a set time period of when you opened it so may not be possible.
That would be ideal but I thought not possible?Gassing Station | Finance | Top of Page | What's New | My Stuff