Help please

boredknight

Hello everyone - I need some help please. Over my career I have taken out a few small pensions which matured when I reach 60 last year. In most cases I took a 25% cash payment plus a reduced annuity.
I am confused regarding the recent budget. From April 2015 will I be able to completely cash in these small pensions??

Many thanks for any help - you'll make an old man very happy!!

Your_Hero

boredknight wrote: »

Hello everyone - I need some help please. Over my career I have taken out a few small pensions which matured when I reach 60 last year. In most cases I took a 25% cash payment plus a reduced annuity.
I am confused regarding the recent budget. From April 2015 will I be able to completely cash in these small pensions??

Many thanks for any help - you'll make an old man very happy!!

No you cannot because you have already drawn the pension so the budget changes do not affect you. If you have any pensions that you have not taken benefits from then it may be possible.

atush

You dont have pensions, you have annuities.

If you had not taken them early, you could have used the new rules.

greenglide

and, of course, you didn't have to take the annuity route.

Did you use the open market option to get the best rates?

You could have used capped drawdown or possibly flexible drawdown if you had £20,000 of pensions income (typically Final Salary scheme in payment).

But it is too late now.