Taking pension pot early

liamvad

Hi,I am 65 in July,I have a small pension built up with the Co Op,its worth less than £17,000,do I have to wait until July to take this? as I could really do with the money now,is it possible to take it earlier,and how do I do this?Many thanks.

mania112

Give Co-Op a ring and they'll be happy to help you.

liamvad

mania112 wrote: »

Give Co-Op a ring and they'll be happy to help you.

I did!!!! Seemed reluctant to give me any info,but when I pushed further,they agreed I could and said they would send the forms,just wait and see now.Thanks.

Perelandra

Do you have any other pensions and/or other retirement provisions?

Thrugelmir

liamvad wrote: »

I did!!!! Seemed reluctant to give me any info,but when I pushed further,they agreed I could and said they would send the forms,just wait and see now.Thanks.

What info did you want. They cannot offer you advice as to whether this a good or bad decision.

liamvad

Thrugelmir wrote: »

What info did you want. They cannot offer you advice as to whether this a good or bad decision.

I was not asking for any other info than can I take it earlier,they seemed reluctant to even tell me that!...simple question I would have thought,why would I ask anything else?

liamvad

Perelandra wrote: »

Do you have any other pensions and/or other retirement provisions?

No..............................

xylophone

No..............................

State Pension? https://www.gov.uk/state-pension-statement

http://www.hmrc.gov.uk/pensionschemes/small-pen.htm

The triviality limit does not include state pension.

Are you/do you expect to be in receipt of means tested benefits? You might need to consider any rules relating to capital/income?

liamvad

xylophone wrote: »

State Pension? https://www.gov.uk/state-pension-statement

http://www.hmrc.gov.uk/pensionschemes/small-pen.htm

The triviality limit does not include state pension.

Are you/do you expect to be in receipt of means tested benefits? You might need to consider any rules relating to capital/income?

Hi xylophone,already got pension statement,will NOT be claiming ANY benefits at all,as my wife works,and I intend to carry on working,just want to get this lump sum early so I can pay off debts,and feel better,the pension pot would only give me a tiny add on.Many thanks.

atush

If you do take this as a LS, 75% of it will be taxed as income.

So it would make sense to take it after you stop working, in the next tax year. For instance you could stop working April 1st, and take the LS on April 10th. That way it would be taxed only on 2750 (assuming you have no other income that year).