Lump sum needed on pension

robert_harper_2000

I have an occupational policy with Norwich Union I am 57 years old and have about 3 years until my normal retirement date. I run my own business and so could effectively reitire and come back. I have called NU and have been told I have Protected rights worth £15,090 which I apparently can't claim until i'm 60 & non-protected right of £2,726 which they are sending out some forms as I should be able to claim this as a lump sum.
Please could anyone help - I wanted to get as much of a lump sum now as possible.

I have been working at my business for over 40 years, if this makes a difference??

EdInvestor

Hi Robert,

As of April next year you should be able to take a pension from the protected rights policy and claim 25% of it as a tax free cash lump sum, because the rules will change.

robert_harper_2000

OK thanks for fast reply, however will I be able to claim my non-protected now and then still claim the protected later?

Also is there really no other way of claiming more of a lump sum - if I retire then come back. Would this work?

Oh also did the previous post mean April next year or April this year.. someone else mentioned about this but said "after April 6 2006 he may be able to take it all as a lump sum in a process called "trivial commutation."
This year or next??

Cheers everyone!

derrick

robert_harper_2000 wrote:

OK thanks for fast reply, however will I be able to claim my non-protected now and then still claim the protected later?

Also is there really no other way of claiming more of a lump sum - if I retire then come back. Would this work?

Oh also did the previous post mean April next year or April this year.. someone else mentioned about this but said "after April 6 2006 he may be able to take it all as a lump sum in a process called "trivial commutation."
This year or next??

Cheers everyone!

It is from April 2006.

The "trivial commutation" is relative to pension amounts TOTALING less than £15000

iris

Regarding Edinvester's reply - does the situation change for people with Guaranteed Minimum Pensions (GMP) on 'A' Day. I have a Section 32 buy-out with GMP with Clerical Medical which matures at the end of March 2006. Would it be worth delaying taking this until after 'A' Day and would I then be able to take more tax free cash. What about if the 'pot' total is £16,000 and the GMP is £1,600 per annum?

Any advice would be appreciated.