private pension

dumican

I have three small private pension pots totalling £30000 which if combined would still only give me a miserly pension.My question is should i tell porkies and cash each pension as a trivial pension and not tell the tax man and hope to get away with it?As our mps would say,i am doing it within MY rules.hopefully i will be in OZ before they found out;) just joking of course> heading for botany bay!!!! sorry about that,was just having a rant about how OUR mps can make up their own rules for their pensions whilst at the same time cutting everyone else,s pensions and entitlements.calmed down now,rant over.

Aegis

Not that this really needs to be said, but no, you really shouldn't.

dunstonh

My question is should i tell porkies and cash each pension as a trivial pension and not tell the tax man and hope to get away with it

HMRC can fine you up to £3000 for incorrect trivial commutation as well as you having to pay unauthorised payment tax of upto 55%. You also give the HMRC an in to look at your overall affairs.

You would be a fool to do any fraudulent transaction when its logged against your NI number. The HMRC computer simply adds up the percentage of lifetime allowance you have used (based on the info supplied by each pension company) and it then spits it out to your tax office to then instigate an investigation.

Plus, HMRC insist the pension providers treat any trivial commutation payment as month 1 earnings and that brings higher rate tax into it.

Loughton_Monkey

As long as you disclosed your correct NI number when contributing to the pensions [as you must have done to get tax relief], then they will know.

Hopefully, they will bring back capital punishment for such offenses so that nobody has to pay to keep you in Botany Bay.

If you use QROPS, then you might be able to do what you want legally after 5 years or so.

Bigsmak

dumican wrote: »

I have three small private pension pots totalling £30000 which if combined would still only give me a miserly pension.My question is should i tell porkies and cash each pension as a trivial pension and not tell the tax man and hope to get away with it?As our mps would say,i am doing it within MY rules.hopefully i will be in OZ before they found out;) just joking of course> heading for botany bay!!!! sorry about that,was just having a rant about how OUR mps can make up their own rules for their pensions whilst at the same time cutting everyone else,s pensions and entitlements.calmed down now,rant over.

How old are you anyway?