Pension Pot just over £10k (not quite small pot)

mat5664

I have a pension from an old employer with Aviva which last time I looked was under £10k but now currently valued at £12k. I turn 55 next year and would like to have been able to take this as a small pot so it does not trigger MPAA- except it's now over the limit.

Is there a way to split this (by transferring out) so it comes under the small pot provisions or any other way to do it?

dunstonh

Yes, some providers do allow the splitting to allow a small pots payment.

xylophone

From "Small Pension Pots still have an attraction - Scottish Widows

https://www.scottishwidows.co.uk/Extranet/Literature/Doc/FP0663


RESTRUCTURING BENEFITS
Subject to the way a scheme is structured it may be possible
to reorganise arrangements(s) in a non-occupational scheme to take advantage of the small pots rules. A client with a single arrangement of £15,000 could split this into two arrangements each worth £7,500. Another client with 100 arrangements each worth just under
£300 could consider merging them together into three larger arrangements each worth just under £10,000. It may also be possible to transfer funds internally between arrangements to meet the eligibility conditions.

mat5664

dunstonh wrote: »

Yes, some providers do allow the splitting to allow a small pots payment.

thanks - Aviva have told me this plan cannot be split - but it can be transferred out.

xylophone

Can it be transferred out and then split as above?

mat5664

no idea! that's sort of what I was asking!

xylophone

You need to transfer to a provider who will allow the split into different arrangements.

Hargreaves Lansdown are helpful on the phone - you might approach them with an initial enquiry?

mat5664

xylophone wrote: »

You need to transfer to a provider who will allow the split into different arrangements.

Hargreaves Lansdown are helpful on the phone - you might approach them with an initial enquiry?

great. thanks!