Small Pension Advice

[General Price]

I took out a pension 30 odd years ago to mature at 50 which was last year,unfortunately decided after about 2 yrs I had much better things to spend my contributions on so there was only a few quid put in,it's worth about £7000.
I got a letter in March last year asking what I wanted to do but it was just as covid was kicking off and I forgot all about it.I received my statement last month showing my chosen retirement age as 75 .

What I really want to know is,can I still cash it in or should I just transfer it into my company pension?

Thanks

[martinbiz]

If you leave it invested and don't take it at the date previously laid out, then they automatically up it to 75, because you have to do somehting with it at 75 or most pens co's will automatically convert it to an annuity unless they are informed otherwise, it's just a paperwork exercise, you can still take it at anytime after the original agreed maturity date.I have 2 pensions that I have left invested for now and both dates have been changed to age 75

[General Price]

Thanks for that Martin.

I don't want to work until I'm 75.

[omniflow]

General Price said:

I took out a pension 30 odd years ago to mature at 50 which was last year,unfortunately decided after about 2 yrs I had much better things to spend my contributions on so there was only a few quid put in,it's worth about £7000.
I got a letter in March last year asking what I wanted to do but it was just as covid was kicking off and I forgot all about it.I received my statement last month showing my chosen retirement age as 75 .

What I really want to know is,can I still cash it in or should I just transfer it into my company pension?

Thanks

I THINK that, once you reach the age of 55, you can cash in up to 3 pension pots of less than £10,000 each and take the whole lot as tax free cash.

I would keep it separate, cash it in when you reach 55 and stick the money in an ISA. If it starts to grow towards £10K, then you might want to consider doing something to slow the growth - but that will depend on a lot of factors - £20K taxed is better than £10K tax free (I think).