Auto enrolled pension at 57 years old

[croyde]

I count myself lucky that at the grand old age of 57, I fell into a reasonably paid full time job in the summer after nearly 30 years of freelancing in the same business.

It's my 4th payslip and money has been deducted for a pension with Aviva, plus a greater contribution from my employer.

Maybe a silly question, btw I do have my own personal pension, but as I am over 55, can I not take the full amount back out each month as some sort of draw down.

Would certainly help with paying the rent.

Cheers.

[JulianPH]

croyde said:

I count myself lucky that at the grand old age of 57, I fell into a reasonably paid full time job in the summer after nearly 30 years of freelancing in the same business.

It's my 4th payslip and money has been deducted for a pension with Aviva, plus a greater contribution from my employer.

Maybe a silly question, btw I do have my own personal pension, but as I am over 55, can I not take the full amount back out each month as some sort of draw down.

Would certainly help with paying the rent.

Cheers.

Firstly, congratulations!

Technically (and legally), the answer is yes.

Doing so would reduce your available personal pension contribution limit to £4,000 (gross) a year though.

Just shout if I can elaborate further.

Cheers

[croyde]

Thanks Julian, much appreciated. Guess I'll need to contact Aviva.

[smckeown]

You can opt out, however that would be very silly, as you would lose the employers matched contributions.
Sean