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Trivial Pension
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atlanta_2
Posts: 3 Newbie
Help !!
I have 2 small pensions. I can take one of them as a triviality pension but the according to the administrators of the other plan I cannot take it as a trivial pension because of the protected rights. Both pension pots are less than £3000. Both are from the same employer. Can anyone give advice?
atlanta
I have 2 small pensions. I can take one of them as a triviality pension but the according to the administrators of the other plan I cannot take it as a trivial pension because of the protected rights. Both pension pots are less than £3000. Both are from the same employer. Can anyone give advice?
atlanta
0
Comments
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You can take both funds as triviality. As long as your total fund in all pension schemes even if not with the same provider is below the SLA which for 07/08 tax year is £16,000.00. I do warn you though there is a fairly large tax on triviality (for around 10 grand you will receive about 7 grand after tax!) You can take your protected rights fund as a triviality payment. The only requirements are that you are between 60 and 75 and all pension funds total below 16 grand.£2009 wins - Vodkat Cocktail kit :j
Quidco: £401.37 (£15 admin fees deducted) / Piggy Points: 3000 + £100 boots vouchers / Ipoints18,3980 -
:mad: Because it has protected rights I'm unable to take the second one as a trivial pension!!!! Therefore, if I take the first one ,will I still be able take the second one,(which is worth more) at a later date?0
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Ickle_Maisie wrote: »I do warn you though there is a fairly large tax on triviality (for around 10 grand you will receive about 7 grand after tax!)
No
Basic rate tax (assuming it affects whole amount) on Trivial amopun of 10k
£2,500 TFC
+£7,500 less 22% tax = £7,500 - £1,650 = £ 5,850
= £ 8,3500
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