Cashing in trivial pensions

Amyj

I have a Sainsburys pension trivial cash in value £8696 and personal pension trivial cash value £10610. If these are over the trivial cash in threshold is there any way of reducing them or is their value likely to decrease or the threshold increase in the future

Loughton_Monkey

You can only 'cash them in' as trivial if you are 60. If you are 60, without any other pension provision, then I guess you must be quite poor!

In order to do that, however, you are going to have to take some action to reduce their value by about £1,300. In my view, you can only effectively do this by seeking out a provider (maybe a high street bank would be good) who can give you 'bad advice', or find out some old-fasioned uncompetitive provider who still charges a 5% up-front charge for funds.

But most questions here are about increasing one's wealth. Not decreasing it.

Good luck.

trina2010

if you are planning to do the above and are of age to do so then time will be of the essence, in April the threshold will be reducing to £15,000.

jem16

trina2010 wrote: »

if you are planning to do the above and are of age to do so then time will be of the essence, in April the threshold will be reducing to £15,000.

No it won't. The link with the Lifetime Allowance is being removed and triviality of pensions remains at £18k.

http://www.pensionsadvisoryservice.org.uk/workplace-pension-schemes/final-salary-schemes/cashing-in-pensions-(triviality)#2012change

McKneff

You really should start a new thread, this one is nearly a year old.