Pension Cash Out " important question "

[chrispian1968]

Does anyone know if i can cash in my whole pension or in separate lump sums. I took 25 % tax free . As a life changing thing i may do. Can i cash whatever i wish eg the 75% left . Regards Chris .

[RobertT]

Which RM pension scheme are you referring to, it sounds like the RMDCP?

RMDCP - it's possible to take out everything or put it into drawdown, but you may have to transfer it from Scottish Widows first?

RMPP - it's possible to get a transfer value for the 2012-2018 pension and also transfer out the DBCBS, both to a personal pension.

RMSPS – only transfers to another defined benefit pension scheme are allowed.

AVC's(Bonusplan & Flexiplan) – can be transferred to a personal pension.

No transfers are allowed if you're already drawing your RMSPS/RMPP pension or have bought an annuity with your DC pot.

[chrispian1968]

Not sure i have end of year form P60 if that helps . Also i worked for Royal Mail as a postman from 1989 to 1999 . Just wish to know if i can be stopped from taking all my money out if i wish , or part of the 75% left. Thank you so much for your reply .

[RobertT]

To get the best answer, it's always best to provide all the info upfront!

You worked for RM between 1989 and 1999?
If so, you'll have benefits via the RMSPS.

It's not possible to just take the lump sum, so you're presumably also drawing the pension?

There's no ability to cash in the pension as:
a) You have RMSPS benefits
b) It sounds like you're already drawing it

[chrispian1968]

Can i take out parts of the cash . I phoned today and i didnt get a no about cashing my Pension in . Thanks for your replies .

[RobertT]

Good luck.

[chrispian1968]

Cheers mate