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Also want to cash in pension but told 'NO'
snoop12
Posts: 8 Forumite
I am a 57 year old woman. I have a small pension, under £16000, with a local government pension fund. This will give me a pension of roughly half a packet of cigarettes a month. I would like to take it all or at least some of it now. I have asked the pension fund if I can do this and they said 'no'. I have heard of various options mentioned in the newspapers and radio such as 'trivial commutations' (?) but what if anything can I do and is it entirely up to the individual pension fund to decide?
Thanks for any advice. Totally clueless.:o
Thanks for any advice. Totally clueless.:o
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Comments
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When you say under £16,000 please clarify exactly what you mean. Use the papers they've sent you if necessary.
I.e. is it a transfer value of <£16k, a pension per annum of less than £16k or (and this is important) a trivial commutation value of less than £16k.
Once you've done this forum members, especially those with experience in your scheme, can reply exactly with your options.It only takes one tree to make a thousand matches, it only takes one match to burn a thousand trees. As well, the cars are all passing me, bright lights are flashing me.
Johnny Was. Once.
Why did he think "systolic" ?0 -
One of the rules associated with trivial commutation is that it cannot be done before age 60 I'm afraid.I am an Independent Financial Adviser specialising in Pensions and Retirement Advice.
Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
I suggest you look at the explanation on the Pensions Regulator site as a starting point for understanding this.
Cashing in Pensions - Triviality"Things are never so bad they can't be made worse" - Humphrey Bogart0 -
I have asked the pension fund if I can do this and they said 'no'.
and they are correct. You cannot cash in the pension.I have heard of various options mentioned in the newspapers and radio such as 'trivial commutations' (?)
Which apply from age 60 if all your pensions are valued at £18,000 or under (a different method is used for occupational schemes which is where your comment about £16k doesnt really make sense)I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Thank you to you all for your advice.
I will look into the exact value of the pension.0 -
More importantly, look at what it will pay per year, any Lump sum, and remember it will increase each year of your life.0
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