Re:- Norwich Union PPP - Can I surrender this?

Roberto66

I currently have a Norwich Union with-profits guaranteed Personal Pension Plan which is worth approx £3000. At this moment in time I`m trying to raise some funds and would like to know if there is any means or loopholes to enable me to cash this policy in (i.e transfer etc).
This is a retirement plan with the retirement date being Jan 2031.
When looking at my annual benefit statement it states that under the terms of my pension policy, it is not possible for you to have your contributions returned.
Any advice would be much appreciated, thanks in advance!

EdInvestor

You cannot extract any cash from a pension until you reach the age of 55, when you can take out 25%.

If this pension is the only one you have apart from the state pensions, when you get to age 60 you would be able to get it in cash under the "trivial commutation" rules, which allow this if all pensions are worth 15k or less.

Quiksilver_1

Hi I work in the industry and you might be able to surrender the policy under the new trivality rules. I have posted a link to a factsheet but in basic terms you need to be 60-75 and for all your arrangements to be less then 1% of the LTA of £1.5 Million, in other words £15,000. You will get 25% tax free and the balance taxed at your marginal rate.

http://aday.scoteq.co.uk/planholder/downloads/gen07353.pdf

I guess with the retirement age being set to 2031 you might have a problem. Still might be of use to some other users.