Trivial Pensions

Peter_M_4

I am retired and this year I have a further small pension maturing when I am 65 . I am currently receiving an income from a Company and two Private Pensions . I understand there is a system whereby small , trivial , Pensions can be cashed in with part of the settlement being tax free and the balance taxed in the normal way . Anyone got any info on this . Thanks .

MikeJones_2

Hi Peter,

- RPSM09104910 - Technical Pages: Member benefits: Lump sums: Trivial commutation lump sum: When benefits may be commuted

You might find this useful too:

- Trivial Commutation

and this too:

- Trivial commutation rule changes delayed

Hope these help, (but I suspect they might not in your case from what you have posted).

Mike

I work in the field of Pension Education and Pension Guidance in the UK. I am a member of the Specialist Pensions Forum as well as being a Voluntary Adviser for The Pensions Advisory Service. I work with scheme members, employers, trustees, scheme administrators and advisers on most things to do with employer sponsored pension schemes. The views expressed by me in this thread are my personal opinions. You should seek professional advice from an appropriately experienced and qualified adviser. I am not an IFA.

dunstonh

One thing to note is that its the total of all pensions (private and occupational, not state) that matters. You can combine many pension pots into a fewer number (or even just one) which can improve terms sometimes.

Peter_M_4

Thanks for responses . I now realise that this Pension cannot be classed as trivial because of the Pension Pot calculations from my current Pensions .

I am now going to retain it until aged 75 years as a small Life Policy .