Advice please-small lump sum

[RedRich]

Hello, i am 55 in September with 23 years service and a small private pension frozen for many years. I am interested in taking a small lump sum and wondered which would be the best way to do it. The small private pension has a total value of about £15,000 so would this all be available at 55 as part of a totaled pot including RMPP and would i be better just leaving my Royal Mail pension altogether?

[RobertT]

You have choices with the personal pension, more info here: https://www.moneyadviceservice.org.uk/e ... on-schemes" onclick="window.open(this.href);return false;

If you want to take any of your NRA60 and/or NRA65 benefits, you can't just take a lump sum, you have to take your pension aswell. Plus, you'll see a reduction of 5% for each year you take it before NRA.

The personal pension and the RMPP will be treated as 2 separate things.

[RedRich]

Thanks for the reply Robert.