Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Liamaiden
    • By Liamaiden 19th Mar 17, 8:58 PM
    • 24Posts
    • 5Thanks
    Liamaiden
    Why do I need to tell one Pension provider about other pensions?
    • #1
    • 19th Mar 17, 8:58 PM
    Why do I need to tell one Pension provider about other pensions? 19th Mar 17 at 8:58 PM
    Hi,
    Approaching my 60th birthday, my Post Office pension is due for payment. Had some paperwork from PO asking for details of my other pensions, needed by law apparently. Cannot find anything pertaining to this law on the net and want to know why they need to know - can anyone help please?
    Many thanks
    Linda
    Just a Mum trying to do her best
Page 1
    • atush
    • By atush 19th Mar 17, 9:05 PM
    • 16,333 Posts
    • 10,081 Thanks
    atush
    • #2
    • 19th Mar 17, 9:05 PM
    • #2
    • 19th Mar 17, 9:05 PM
    I guess it wooud depend on the individual pension, and how you want to take it.

    You would need to give that info if you are over the LTA, or you were asking about taking a pension via small pots rule for instance.

    They might also need it for tax purposes if you are drawing a pension, as it is income so needs to be taxed.
    • Teapot55
    • By Teapot55 19th Mar 17, 9:16 PM
    • 187 Posts
    • 181 Thanks
    Teapot55
    • #3
    • 19th Mar 17, 9:16 PM
    • #3
    • 19th Mar 17, 9:16 PM
    One of your pension providers has to be the one that uses your personal allowance before they take the tax off. The others have to tax you at basic rate. They need to know which one they are. Usually the one paying you the largest amount is the the first as above.

    would've . . . could've . . . should've . . .


    A.A.A.S. (Associate of the Acronym Abolition Society)

    There's definitely no 'a' in 'definitely'.
    • Liamaiden
    • By Liamaiden 19th Mar 17, 9:16 PM
    • 24 Posts
    • 5 Thanks
    Liamaiden
    • #4
    • 19th Mar 17, 9:16 PM
    • #4
    • 19th Mar 17, 9:16 PM
    My PO pension has to be paid at the age of 60, I'm not currently drawing any other pension and still working. My current works pension is payable when I'm 65, state pension at 66. I have another small pension which I'm currently applying to cash in as it's less than £1,800. It's all so confusing to be honest...
    Just a Mum trying to do her best
    • dunstonh
    • By dunstonh 19th Mar 17, 9:25 PM
    • 89,513 Posts
    • 55,949 Thanks
    dunstonh
    • #5
    • 19th Mar 17, 9:25 PM
    • #5
    • 19th Mar 17, 9:25 PM
    In 2006, the rules required the pension providers to record the information. That changed in later years but some pension providers (mostly occupational) still ask you to tell them. There is no need but that happens.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Liamaiden
    • By Liamaiden 19th Mar 17, 9:33 PM
    • 24 Posts
    • 5 Thanks
    Liamaiden
    • #6
    • 19th Mar 17, 9:33 PM
    • #6
    • 19th Mar 17, 9:33 PM
    Thanks Dunstonh, does that mean I can refuse to provide the information? It would be nice to be able to quote the change of law and the year it happened, to help cover myself - is that something you could help with please?
    Just a Mum trying to do her best
    • dunstonh
    • By dunstonh 19th Mar 17, 11:08 PM
    • 89,513 Posts
    • 55,949 Thanks
    dunstonh
    • #7
    • 19th Mar 17, 11:08 PM
    • #7
    • 19th Mar 17, 11:08 PM
    does that mean I can refuse to provide the information?
    Problem with that is you do not know what their response will be. Just because they do not need to know does not mean they will let you get away with it. Some occupational scheme administrators dont react to change very quickly and get stuck in their ways.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Number75
    • By Number75 19th Mar 17, 11:22 PM
    • 178 Posts
    • 192 Thanks
    Number75
    • #8
    • 19th Mar 17, 11:22 PM
    • #8
    • 19th Mar 17, 11:22 PM
    I know it doesn't answer your question, but I'm curious as to why you don't want to give it?
    • Liamaiden
    • By Liamaiden 19th Mar 17, 11:48 PM
    • 24 Posts
    • 5 Thanks
    Liamaiden
    • #9
    • 19th Mar 17, 11:48 PM
    • #9
    • 19th Mar 17, 11:48 PM
    As I said I'm applying to cash my small pension which is due when I'm 60 (in 3 months) but I won't get the paperwork until the middle of April. I've already listed my current works pension which isn't due until I'm 65 but what is the point of listing my small pension when I'll be cashing it. I just don't know how long it will take the small pension to pay out, if it'll cross over. I know I'll get the first 25% tax free and I'll have to pay tax on the remainder but I don't want it being 'accidentally' taken into account by the PO and me suffering because of it....I'm on my own so every penny has to count.
    Just a Mum trying to do her best
    • dunstonh
    • By dunstonh 19th Mar 17, 11:55 PM
    • 89,513 Posts
    • 55,949 Thanks
    dunstonh
    You know that the information they are asking for does not need to be accurate. Or indeed, even close to reality. Also, they wouldnt know if you had pensions elsewhere or not.

    There is no consequence to you or them if you put nothing in the boxes and say there is no other scheme as long as you are nowhere near the lifetime allowance or going to fall foul of the reduced annual allowance through accessing a pension flexibly.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Liamaiden
    • By Liamaiden 20th Mar 17, 12:06 AM
    • 24 Posts
    • 5 Thanks
    Liamaiden
    Thanks Dunstonh, I am nowhere near the LTA - when I was going thru' my divorce my 3 pensions combined gave me about £330 a month, hence having to keep working until my state pension kicks in. Thanks for your help, I feel more comfortable now
    Just a Mum trying to do her best
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,156Posts Today

6,590Users online

Martin's Twitter
  • I believe I can boldly go where no twitter poll has gone before https://t.co/HA0jC92gAK

  • OK I'm wilting to public pressure and there will be a star trek captain's poll at some point next week

  • I can get that. My order is 1. Picard 2. Janeway 3. Kirk. Too early to say where Lorca will end up (or would you? https://t.co/kawtCOe9RA

  • Follow Martin