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Small pension "Trivial commutation"
pampam
Posts: 435 Forumite
My friend is 51 years old and has a very small pension fund a previous employer. She worked part time fir the firm for 2 years.
I have read something about Trivial commutation but I dont know if this will apply to her.
Any advice appreciated
Thanks
Pam
I have read something about Trivial commutation but I dont know if this will apply to her.
Any advice appreciated
Thanks
Pam
0
Comments
-
Under trivial commutation you can cash in a pension where the total of all pensions is less than 1% of the Lifetime Allowance. The Lifetime Allowance for 2007/8 is £1.6m.
However it has to be all pensions and not just one.0 -
Thanks a lot for that.
I dont think she will be able to cash it in as she now works part time for Tescos and has joined their pension scheme
Thanks again
Pam0 -
Plus trivial commutation is only available after age 60.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
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