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Original poster

Can I do anything with a tiny pension pot I have?

11 replies

Legaldrama · 20/06/2023 19:27

I have a tiny pension (worth about 3k) from an old employer that's just sitting in the background. I'm early 40s and in the NHS pension now.
Can I do anything with this little pension or do I just need to leave it and look forward to the £200 a year when I retire?

OP posts:
Wereisit · 20/06/2023 19:29

I had similar and withdrew it when I was 55 and spent it on myself.

Parky04 · 20/06/2023 19:30

Legaldrama · 20/06/2023 19:27

I have a tiny pension (worth about 3k) from an old employer that's just sitting in the background. I'm early 40s and in the NHS pension now.
Can I do anything with this little pension or do I just need to leave it and look forward to the £200 a year when I retire?

Just leave it and withdraw it when you reach 57.

ArcticBells · 20/06/2023 19:34

Can you withdraw and reinvest?

greensnail · 20/06/2023 19:35

I was wondering the same thing, except mine is only worth about 1k, I'm also early 40s and in the NHS pension scheme.

MLMsuperfan · 20/06/2023 19:38

Any pensions under 10k are deemed 'trivial' and can be withdrawn completely tax free, so there's that.

WelshNerd · 20/06/2023 19:39

I have similar with a very old pension from my first job. I took financial advice and, for me, the advice was that removing it before retirement age would result in it being reduced significantly due to fees. So, unless it was really needed, the best thing was to leave it until retirement age.

Yourmumhastwocats · 20/06/2023 19:43

You could always just spend it or, if you want to be sensible, look at making a lump sum payment into your NHS pension. There's advice online about making an avc.

Original poster
Legaldrama · 20/06/2023 20:01

Thanks all, I didn't know if it could be withdrawn and reinvested or not. I have contacted Aviva to enquire and ask about fees etc. Looking at the statements it's actually going down in value due to their management costs etc, so I'm probably better adding it to my LISA if withdrawing it is an option.

OP posts:
Original poster
Legaldrama · 21/06/2023 07:54

@WuTangGran it looks like a no, it has to be transferred in within a year of joining the NHS pension by the looks, and I've been in years now. Thanks though.

OP posts:
maranella · 21/06/2023 07:55

I'd withdraw it and put it in an ISA instead.

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