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When can I cash in my (very modest) pension?

  • 05-03-2019 02:40PM
    #1
    pawdee
    Registered Users, Registered Users 2 Posts: 557 ✭✭✭


    I have a few old UK pension policies amounting to about 13k stg. I've been back in Ireland for ages and I haven't paid into them for years. I got a statement today and it says that two of the policies have an "Assumed Retirement" date of 2033 and one has a date of 2028 (65yrs old and 60 yrs old respectively).

    It says I can take the benefits at any age from 55 yrs but that I'll be charged an early retirement charge (capped at a max 1%). That doesn't sound too bad. Can anyone tell me if it's that simple? I tried contacting them last year and they seemed very evasive and slow to answer my questions. That said, they are a reputable company and still in business! If anyone can answer my question here it would be great!


Comments

  • #2
    The J Stands for Jay
    Registered Users, Registered Users 2 Posts: 5,893 ✭✭✭The J Stands for Jay


    pawdee wrote: »
    I have a few old UK pension policies amounting to about 13k stg. I've been back in Ireland for ages and I haven't paid into them for years. I got a statement today and it says that two of the policies have an "Assumed Retirement" date of 2033 and one has a date of 2028 (65yrs old and 60 yrs old respectively).

    It says I can take the benefits at any age from 55 yrs but that I'll be charged an early retirement charge (capped at a max 1%). That doesn't sound too bad. Can anyone tell me if it's that simple? I tried contacting them last year and they seemed very evasive and slow to answer my questions. That said, they are a reputable company and still in business! If anyone can answer my question here it would be great!

    55 is the earliest you can take them. You could transfer to an Irish pension first, and assuming you have been out of the UK for 10 years, you can take the benefits. The Irish system can be more flexible and you'll remove currency risk.


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