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Trivial pensions after 6 April 2006
ljhhuk
Posts: 46 Forumite
Someone told me that if your total pension fund is under a certain amount - 15000? - you can take all of it as a lump sum. Is this true?
Better a pebble given out of love than a diamond given out of duty.
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ljhhuk wrote:Someone told me that if your total pension fund is under a certain amount - 15000? - you can take all of it as a lump sum. Is this true?
Yes, if the sum total of ALL your pensions (other than state ones) is 15k maximum and you are aged over 60. 25% of the amount will be tax free, the rest will have tax deducted at your appropriate rate, as is normal with pensions.Trying to keep it simple...
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