Quizzes & Puzzles0 min ago
Cashing in a small pension
2 Answers
Wonder if anyone can advise me?
I'll be 50 later this year. In the early 1990s I paid into the NHS pension scheme for 2 years. Just a few hundred quid in real terms. I wanted to get it refunded when I left the job but I'd been in service a month too long and so I couldn't.
I'd like to cash it in now (or at least, when I reach 50). I don't mind 'losing' it from my eventual retirement money because it's not a lot and besides, I'm in a decent pension scheme right now. I could just do with a few quid spare for a small project I have in mind.
Thing is, I've read on some sites that you have to be 60 to cash in a small pension, and also that you have to cash in all your pensions if you're going to do this.
Does anyone know much about this?
By the way, I've already checked out the DWP and NHS pensions websites - they don't answer my question properly.
I'll be 50 later this year. In the early 1990s I paid into the NHS pension scheme for 2 years. Just a few hundred quid in real terms. I wanted to get it refunded when I left the job but I'd been in service a month too long and so I couldn't.
I'd like to cash it in now (or at least, when I reach 50). I don't mind 'losing' it from my eventual retirement money because it's not a lot and besides, I'm in a decent pension scheme right now. I could just do with a few quid spare for a small project I have in mind.
Thing is, I've read on some sites that you have to be 60 to cash in a small pension, and also that you have to cash in all your pensions if you're going to do this.
Does anyone know much about this?
By the way, I've already checked out the DWP and NHS pensions websites - they don't answer my question properly.
Answers
Best Answer
No best answer has yet been selected by saxy_jag. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.You can convert your pension pot into a lump sum of 25% of the value and then take an income based on the residue.
You can cash in a pension if the total value is trivial (you need to see the HMRC website for details) but I understand that the total of all your pension pots needs to be considered trivial.
You can cash in a pension if the total value is trivial (you need to see the HMRC website for details) but I understand that the total of all your pension pots needs to be considered trivial.
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