Trivial pension pot lump sum at 55

sidleyllan

Hi there,

My pension with Zurich (personal Pension) starts in a few months time on my 55th Birthday. I started it at 28 and elected 55 retirement age.

My question is that the pot is only worth approx £14,800:00 and is classified as a trivial amount (no other pension plans just this one) so can I take all of it at this age as a lump sum or do I have to wait until 60 years old for this.

There are so many rules regarding this matter, I'm a tad confused.

Any help gratefully received .

Thanks

sidleyllan

atush

AFAIK, you have to wait til 60?

dunstonh

My pension with Zurich (personal Pension) starts in a few months time on my 55th Birthday.

it doesnt have to. The selected retirement date on person pensions can be anything between 55 and 75. You dont have to take it at 55.

My question is that the pot is only worth approx £14,800:00 and is classified as a trivial amount

It is not classed as trivial as triviality only applies from age 60.

There are so many rules regarding this matter, I'm a tad confused.

Its quite simple. No other pensions, aged 60 or over and less than £18,000.

sidleyllan

Thanks for the help. Got to wait til 60 before cashing in all pension.

Cheers:beer:

McKneff

not neccesarily, it may be worth over 18K by then.


What will you live on if you don't have a private pension. Good luck with living solely on the state pension.

mania112

Well £15k isn't going to make much difference is it?!

Eric_the_half_a_bee

By the time you're 60, it might work out to around an extra 10% on your state pension.

Will 10% for the rest of your life make much difference, or not?