scottish widows

[SillyBilly]

Hi !
i took out the royal mail scottish widows pension in 2013 , last check was in 2024 it said i had 40 thousand in the pot and i would get about 46 thousand when i reach 65 this june. I know we have gone over to the new plan but the money i got banked with this pension can i withdraw on my agreed date which would be June 2026 ? And if so what would i get roughly after stoppages ,just i want to pay of my mortgage .Also do they ask me what i want to do a month before my agreed retirement date of 65 even though i wont officially retire till im 67 the 65 is whats on my plan .Thanks in advance !

[Hitcher]

I sure someone will be along with more knowledge than me but you need to way up the growth rate on that money vs the mortgage rate.

[SillyBilly]

The moneys due out on my 65th in june anyhow just be nice to pay the ten grand left on the mortgage.

[RobertT]

Hi !
i took out the royal mail scottish widows pension in 2013 , last check was in 2024 it said i had 40 thousand in the pot and i would get about 46 thousand when i reach 65 this june. I know we have gone over to the new plan but the money i got banked with this pension can i withdraw on my agreed date which would be June 2026 ? And if so what would i get roughly after stoppages ,just i want to pay of my mortgage .Also do they ask me what i want to do a month before my agreed retirement date of 65 even though i wont officially retire till im 67 the 65 is whats on my plan .Thanks in advance !

To answer both this and your other thread:

As far as I'm aware there's nothing set in stone about getting access to your savings at your chosen age(65 in your case). That's just the age they use to provide the info on your benefit statements.
You can actually get at it any time after age 55(rising to 57 in 2028).

You have options with your RMDCP pot, with taking it all out on one go being the worst choice from a tax point of view.
This tells you what you can do:
https://www.moneyhelper.org.uk/en/pensi ... ot-options

In my opinion, drawdown is the way to go in your situation.

I don't think SW offer that directly via the RMDCP, so you would have to transfer out first.
But as the RMDCP is being moved to L&G in the near future, and as they will offer drawdown, it might be easier to wait a few months before accessing your money.

Drawdown will enable you to just take 25% of your pot tax free(aprox £10k) to pay off your mortgage, and leave the rest until you retire.

If you look in the stickie section of the pensions board, there's a thread with links to all the RM pension websites, which will have contact details as well as lots of info. Alternatively just click my link below. V