stranded pots

kidmugsy

The months have rolled by - does anyone have any experience to report of getting small (<£2k) pension pots paid out as lump sums?

xylophone

http://www.pensionsadvisoryservice.org.uk/news/2012/april/new-rule-for-cashing-in-small-pension-pots
Have you seen this?

molerat

xylophone wrote: »

http://www.pensionsadvisoryservice.org.uk/news/2012/april/new-rule-for-cashing-in-small-pension-pots
Have you seen this?

OP is asking for personal experiences and not the rules.

kidmugsy

molerat wrote: »

OP is asking for personal experiences and not the rules.

True, but I'm still grateful for the link.

If nobody has experience to report, has anyone got anything to report about which companies are set up to permit withdrawal of stranded pots and which aren't?

mania112

kidmugsy wrote: »

which companies are set up to permit withdrawal of stranded pots and which aren't?

Any of them, so long as your circumstances permit the withdrawal (over 60, pension under £2k, pension is a personal pension)

kidmugsy

mania112 wrote: »

Any of them, so long as your circumstances permit the withdrawal (over 60, pension under £2k, pension is a personal pension)

Thank you, mania. Do you happen to know anything about their charges for this service?

mania112

kidmugsy wrote: »

Thank you, mania. Do you happen to know anything about their charges for this service?

There shouldn't be a charge per se, but there may be outstanding charges not yet taken so the value may be less than the current fund value - all depends on the structure of your plan.

I've not ever done this with stranded pots (on behalf of a client) so I could be completely wrong!