Trivial Commutation of Pensions

jagg1

I was paying into 5 small personal pensions all with the Pru but taken out at different times and presumably with a different set of 'terms and conditions' (presumably then different 'schemes'.
They pay £56 pa, £254 pa, £308 pa. £906 pa & £2800 pa
I started drawing on these pensions a few years ago. I have now reached 60 and believe there are is some government legislation about Trivial Commutation as long as your total pension pot value isn't over £18,000.
With all 5 included the value would be over this but I was thinking of just commuting the 3 smaller ones. I read somewhere that as long as they were in different schemes I could just choose to commute some of these. I am not sure exactly how you would define 'scheme' ? A
Does anyone know if it will be possible to commute some of my pensions....

Mojisola

jagg1 wrote: »

I have now reached 60 and believe there are is some government legislation about Trivial Commutation as long as your total pension pot value isn't over £18,000.

With all 5 included the value would be over this but I was thinking of just commuting the 3 smaller ones. I read somewhere that as long as they were in different schemes I could just choose to commute some of these. I am not sure exactly how you would define 'scheme' ?

You've answered your own question.

jagg1

Worded badly perhaps.
Some of the things I have read implied that if the total pension pot that you were to commute (ie total of just the three) was under the limit..

Mojisola

jagg1 wrote: »

Worded badly perhaps.
Some of the things I have read implied that if the total pension pot that you were to commute (ie total of just the three) was under the limit..

No, all your pensions added together must be under the limit.

jagg1

Thanks for the reply