Scottish Widows Pension Help

Kwoo

Hi all

I was wondering if someone was able to help / advise on my pension

I have received a letter from Scottish Widows as I am approaching my 55th birthday

I have just over £18000 (£18360) in my pension, which means i cannot lift it all in one go, as your pension needs to be £18000 or less in order to have it all at once.

I have been offered a small lump sum of around £4000 - with a small amount being paid into my account yearly

I have called scottish widows, they can back date the payments by 3 months but that leaves me at £18036 - only £36 over the threshold.

Has anyone been in this situation / can anyone help me on

Anything is appreciated

taking_stock

you need to be over 60 to take it all as a trivial pension, not 55! and it needs to be your only pension (or all pensions excl. state add up to less than £18k).
even as a trivial pension, you can take just 25% tax-free and then the rest is taxed, albeit paid as a lump sum too.

xylophone

http://www.scottishwidows.co.uk/Extranet/Literature/Doc/FP0263
might be of interest.

http://www.pensionsadvisoryservice.org.uk/personal-and-stakeholder-pensions