- May 14, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Planning for Retirement at 55 with a Workplace Pension
Hello everyone. As I approach my 55th birthday later this year, I find myself contemplating my retirement plans. Currently, I have around 17k saved in a workplace pension (dc), and my retirement age is set at 55. Knowing that I have the option to access my pension at this age, I am considering taking it all as cash for personal reasons. Despite this decision, I do plan on continuing to work for the same employer in the foreseeable future.
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When I take my pension at 55, will it automatically opt me out of further employer contributions? Can I choose to opt back in if needed? These are the questions that have been on my mind as I navigate my retirement options.
Thank you for any insights or advice you may have on this matter.
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Read through this https://www.moneyhelper.org.uk/en/pensions-and-retirement/tax-and-pensions/money-purchase-annual-allowance-mpaa and speak with your employer’s pension scheme about any possible implications from their POV.
Would you be crystallising / taking it out of your current workplace pension?
And are tou then wishing to continue to contribute to it?
If so, ordinarily there aren’t any restrictions that would stop you doing it, but I would suggest you get written confirmation from the scheme administrators that this would be allowed (just in case).
I’ve have seen that article thanks. I’ve no worries about exceeding £10k in pension contributions right now tbh!
Your quite right though.. my employer should have the answers I’m looking for. Emphasis on the word ‘should ‘. 3 emails and 2 phone calls to HR and I’m pretty sure I know more about this than they do. Which ain’t much.
Happens all the time, speak to the pension provider and let them know when taking your pension benefits you want to continue contributions.
Usually you will leave a few £100 in the uncrystallised pot and withdraw the rest as tax free cash and income. Your workplace pension then stays open for future contributions.
Worst case if you withdraw the whole thing just let your employer know as they will have to re join you to the pension scheme so you have a home for future contributions.
Yes, that’s exactly what I’m asking thanks.