I have 4 private pensions, approx £80k. Two are tiny - £5k & £4k. When I take them, do I have to take all 4 at once, or could I take the two tiddlers in the meantime?

NormRev
by NormRev 26 September 2008  |  Comments 2 comments  |  Love Love  0 loves

I'm 62, self-employed and don't contribute to any of these pensions.

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Comments (2)

  • stuartriches
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    stuartriches posted

    You can take the various pensions at different times, within the rules of each scheme.

    It is quite common to delay taking some pensions when for instance you might have retired early and have some part time work. In this instance you may well only want to draw on enough pensions to top up the part-time pay, while leaving the others so as not to suffer from the effect of drawing a pension early.

    Posted on 26 September 2008 | Love Love  0 loves Report
  • TMFJaneB
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    TMFJaneB posted

    There are no rules that state you have to take all your various pension schemes at the same time. It's entirely up to you.

    However, I would say, if you're planning on buying an annuity with your pension - which I assume you are - some annuities companies have minimum purchase prices and may not be keen to take on business at £4K and £5K.

    As you say, it may be sensible to combine your two smallest pensions and take an annuity using both funds with one provider.

    Make sure you shop around for the best annuity rates too!

    Posted on 26 September 2008 | Love Love  0 loves Report

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