Retirement Investment Account Question

Birkonian

I have a Retirement Investment Account which is worth around £9000.

This is not enough to buy a decent pension when I retire so could I claim it as a lum sum?

I am 56 years of age and this money would be used to pay off debts which would reduce my outgoings.

Paul_Herring

Birkonian wrote: »

I have a Retirement Investment Account which is worth around £9000.

This is not enough to buy a decent pension when I retire so could I claim it as a lum sum?

Assuming this is your only pension fund, yes. The search term you require (on here or on google) is 'Trivial commutation.'

The limit for 2009/2010 is £17,500 (which yours is under.)

dunstonh

However, you have to wait until age 60 at the earliest.

Do note that the basic state pension is just £4700 a year and even with pension credit, a single person would be given be brought to little over £6900 a year from the state.

So, it may be worth spending the next 10 years doing some retirement planning as its not a lot of fun having to rely on the state alone in your retirement.

EdInvestor

dunstonh wrote: »

Do note that the basic state pension is just £4700 a year

There are 2 state pensions of course. The second one can double the size of the first.

get a pension forecast here: https://www.thepensionservice.gov.uk

dunstonh

You only get the second state pensions paid if you qualify for the second state pension. Self employed dont get it for example.