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Small Pot/Large Pot Rules
Mr_Colpot
Posts: 2 Newbie
Is there anywhere that clarifies the new rules regarding taking cash out of the Pots I have accumulated over the years?
All I can see in the main is references to your "Pot" but I have managed to end up with 7 pots of £70k,£30k,£8k,£6k,£4k,£2k,£1k which I am looking to cash in. I am hearing from the Companies that I will be limited to 3 small pots cumulative value of £30k, can anyone tell me what the rules are or where I can find them regarding Pot size and limits.
All I can see in the main is references to your "Pot" but I have managed to end up with 7 pots of £70k,£30k,£8k,£6k,£4k,£2k,£1k which I am looking to cash in. I am hearing from the Companies that I will be limited to 3 small pots cumulative value of £30k, can anyone tell me what the rules are or where I can find them regarding Pot size and limits.
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Comments
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The old triviality rules are largely irrelevant now as you can take your full fund values as lump sums.
Clearly, in you case, its highly unlikely that taking them all in one go is a good thing to do but its not a problem any more.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 -
Thanks dunstonh for the quick reply.0
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You might be able to save yourself a pretty sum in charges by consolidating some of those pots before you cash them in.Free the dunston one next time too.0
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