You are reading a single comment by @Ben689908 and its replies.
Click here to read the full conversation.
London Fixed Gear and Single-Speed is a community of predominantly fixed gear and single-speed cyclists in and around London, UK.
This site is supported almost exclusively by donations. Please consider donating a small amount regularly.
Ben689908
I had 4 pensions (despite only having two jobs that gave me a pension):
Pension C is the largest, and was only charging 0.19% each year (even though I'm not paying into it any more) so I left it alone.
Pensions A and B were charging >0.5% each year so I transferred the contents into my current employer's pension (D) which just happens to be the same provider as pension A. Pensions generally have lower rates if you're actively paying into them too.
Pensions A, B and C were all long before the NMPA changes in 2021 so all should have allowed me to take them from 55 but the rates and amounts of A and B were such that it made more sense to roll them into the current one (D), so that will be 57 before I can touch that.
The point I'm labouring is that moving an old pension to something new may mean you can't collect it from 55 any more, as it would default to the new pension setup of 57. But you'd need someone qualified to be able to make sure as every pension/situation is different.
Leaving C alone means I'll be able to take 25% of it at 55 if I wanted to. I'd hope to have my mortgage paid off and to be retired before 55 (I'm 48 now) so I'm going to need to be in a position where I have savings/income before I'm able to get anything at 55. It's then a long wait (12 years at least, probably more) until I'd be able to collect any state pension.