pensions again

[GypsyGSD]

I have a 3 very small pensions worth under £5000 total at present im over 55 is there anything I could do with them or may be cash them in thanks gypsy x

[dzug2]

Are these the ONLY pensions you have?

[factor-fiction]

You can only take 25% of their value (approx £1000) as a tax free lump sum and then you'll have to buy an annuity with the remainder. This annuity would give you a very small pension of maybe £150 a year for the rest of your life which would be taxable (depending on what other income you have).
Is this all linked to your bankruptcy?

[GypsyGSD]

Tks for yr replys the first question was for a freind who is consdering a iva or bankrupty

second post is for me as I would like to raise a bit for a hoilday as my o/h has been really ill other than a state pension these are all i have and not worth much how would I go about cashing them in

[another-view]

Have you not put anything away for when you retire? How do you plan on living?

[GypsyGSD]

both my husband and i have full state pensions plus o/h has other pensions so no problem there x

[factor-fiction]

As things stand at present there is little point in keeping a pension pot worth less than £5000 if you have no other pension, since if you leave it alone until state pension age the small pension it gives you will be offset by a reduction in the state pension credit which is means tested. Pensions are great but only if you have a pretty good level of pension

[GypsyGSD]

how would I go about cashing it in any ideas as they do seem pointless to me at the moment x

[dasherman]

If you wait until you're 60 you'll be able to take all the cash under 'triviality' rules.

[factor-fiction]

contact the pension company and say you want to draw the pension. They will point you in the direction of an annuity provider.

[dasherman]

A lot of annuity providers won't be interested in such a small amount.

[GypsyGSD]

tks again for replys most companys I have spoke to say they have to be over 15000 so not much luck there dont really no what else to do with them but leave them alone but I admit any money raised from them would have come in really handy x