On 02/08/2020 14:47, tim... wrote:


"Dave Liquorice" wrote in message
idual.net...
On Sun, 02 Aug 2020 10:55:20 +0100, T i m wrote:

I'm 63, not working (never claimed anything in my life) but too young
to retire, according to the current system ... but I think I have two
small private pensions that matured when I was 60.

You don't know? What are you living on now if not working or claiming
benefits? The interest on a couple of million in savings accounts?

I believe I also have a couple more private pensions that are due to
mature when I'm 65 and I think I did look into putting them all into
one, but 1) not sure if that was a good idea and 2) I think that you
might only be able to combing so many and didn't know which I should
do if there were limits (or take the cash etc).

You need to find a independant financial advisor perhaps with a bit
of specialisum in pensions. The rules have changed an awful lot
recently, with far more options than there ever used to be. You don't
have to buy an anuity (thus losing access to the capital and any
gains it makes invested), you can take up to 25% tax free lump sum
but you don't have to do that in one go and/or you can draw down on
the capital and/or leave it...

If you have a "small" pot, say 25K the answer should be clear

Cash it in as the new rules allow and spend it on a few luxuries whilst
you are healthy enough to take advantage of them.Â* Spreading that
cashing in over two years will lessen that tax bill by quite a bit.

Turning it into a pension of 100 pound per month is going to make bugger
all difference to most people's day to day living, but will be a barrier
to future claiming of benefits



sponger