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02 November 2010

I have 3 pensions (2 dormant) will I be able to draw them at retirement or will they be over the limit to take?

HELP - I'm in a mess!! I'm currently 49 years old (50 in April) and I have 3 Personal pensions: 1 "live" contributing Stakeholder pension worth £6.8k to transfer, maturing at 65 & 2 "dormant" for many years pensions (1 contracted out, matures at 55, worth £9.3k to transfer and 1 unknown type maturing at 60 I think worth appx £4.4k) both of which were mentioned in my bankruptcy some years ago (now discharged many years. I thought they'd been taken off me but now I dont think so?) The problem is that, as you can see, they already total over the £17.5k mark and I'm still contributing £200(£250) a month into 1 of them, does this mean I wont be able to draw ANY of them? If I've got hold of the wrong end of the stick about that financial limit, is it worthwhile me still contributing to the live one, is it worthwhile me increasing contributions to it at all? I'm desperately in need of advice but when I tried to get it out of Legal and General (with whom the first 2 are with) I got absolutely NOWHERE!! Can anybody please help? Many thanks Fi

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