pension advice

deary65

Could some kind member of the forum please confirm that all pensions are subject to the triviality rules prior to the 6th of april,I have a pension quotation from abbey life.After contacting them on the phone, they have said that the pension can ‘t be cashed in under the triviality rules which frankly I don’t believe .could some one here advise please. I have uploaded a copy of the quotation.
ii Abbey Life
Client Services Division
PO Box 4896 Bournemouth BH8 8XB
Telephone (0845) 6023 603 Textphone (for deaf callers only) (0845) 6000 355

Retirement Benefits Quotation for Retirement annuity Contracts Ref:
These quotations are given as an aid to comparing the effects of different pension types purchased by
your
non-protected rights retirement
Plan Number: Policyholder:



Policy Detail
Date of Quotation:02 March 2006
Date of Birth:22 May 1951
Current Retirement Fund Value:£1,307.06
Normal Retirement Date:22 May 2016
Proposed Retirement Date:2 March 2006
Quotation
Your current Retirement Fund Value of £713.93 could provide
Either (a) A Tax-Free Cash Sum of: Plus a reduced pension of:£178.48 +£16.54 per annum gross

Or (b) A Full Pension of:£22.06 per annum gross £713.93
Or (c) An Open Market Option of:£713.03
Or (d) A Tax-Free Cash Sum of :£178.48 an open market option of: £535.45
[Or (e) A Tax-Free Cash Sum of:£178.48
Plus a taxable lump sum of:£535.45
This value can only be used to purchase a Pension with another approved Pension provider of your choice.
The pension quoted is based on the following assumptions:
Conversion to Pension Pension
Single life basis, payable annually in advance without proportion.
Guaranteed for 05 years, and lifetime thereafter.
The pension will remain level.
Members age at retirement of 54 years. ________________________________
Important Notes
1. This contract has no cash in value at any time.
2. None of the amounts contained in this quotation are guaranteed. The actual benefits will be based on the pension rates and bid prices of units prevailing at your chosen pension commencement date or the date upon which all necessary documentation is received at Abbey Life Head Office, if this is later.
This quotation forms an integral part of the Key Features which provides details of the Abbey Life Personal Pension Annuity Plan.
A ^£ ry
ol'aiwlr*ning purpose
E&OE Abbey Life Assurance Company Limited
Registered Number 710383
Authorised and regulated by the Financial
Services Authority
A member of the Lloyds TSB Group

dunstonh

Could some kind member of the forum please confirm that all pensions are subject to the triviality rules prior to the 6th of april,I have a pension quotation from abbey life.After contacting them on the phone, they have said that the pension can ‘t be cashed in under the triviality rules which frankly I don’t believe .could some one here advise please. I have uploaded a copy of the quotation.

Triviality rules only apply on funds less than 1% of the lifetime limit (meaning funds less than 15k in the coming year). However, you have to be at least aged 60 to qualify.

redzak

the rules change in april but at the moment if the pension your policy will secure is less than £260 per annum then it can be commuted now.