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Pension withdrawal?

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  • Pension withdrawal?

    During the first six months of the pandemic I had to cease being a freelancer and take a steady job. That job lasted a year before I changed jobs again. There is a small pension pot attached to that interim job and I have tried to see if I can transfer it into my current one but I gather there is some incompatibility between the way the two organisations handle pensions. No matter, I decided to just leave it as is. Then again, given that it is so small, I though about withdrawing it. However, there seems some caveat that states I should only be withdrawing it if I am actually retiring (I am not) and that it could affect other pensions I have in place.

    Any experts on here simplify what's going on and what I should do?
    Tags: None

  • #2


    • #3
      So are you going to enlighten us?


      • #4

        So, it transpires I should not have been worrying about these warnings and that I could indeed draw out the year's worth of pension However, in doing so I have been hit with 25% tax. It is what it is. The remainder will supposedly be in my account in 5-10 days.


        • #5
          Pity, you should have been able to transfer it to any of your other pensions or possibly a SIPP.


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