Cashing in Old Pensions

[BumblingBoris]

I had a pension that hasn't been paid into for 25 years, today's statement says it's worth £4221 at this present time.

Can I get that lump sum now or not possible?

I am 49 years old and now pay into an NHS pension scheme(10 years)

TIA

Not possible. 55 years old unless you were one of the exempt workers (think professional footballer)

You can cash it in (25% tax free, 75% taxed) at 55 BUT be very careful. Taking the money means you lose your £40k a year personal pension allowance, it would drop to £10k. This depending on your position within the NHS and your progression may not be sufficient.

Actually scrap that (sorry long day). You could use small pot exemption and retain your £40k allowance.

Thanks whoosh, I wasn't a professional footballer

Guess I shall have to just sit on it then

ah well, 55 if it is then.

You should find the provider will encash the lot for you if you ask. Just be aware that the present tax regime means you may need to claim back some of the tax (the cynic in me wonders if they're banking on lots of people not bothering...)