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Small sum pension pot question
Malchester
Posts: 1,102 Forumite
I understand from research elsewhere that if you have a defined contribution pension pot of less than £10000 you can withdraw the value regardless of any other pensions (acknowledging the tax free lump sum and tax to be paid implications). This is from my present employer and I am considering retiring later this year age 61 I have two defined benefit pensions, one LGPS which I am now taking as it became payable when I reached 60. The other is deferred but I would take it, at a slightly reduced rate when I retire. In my circumstances, with a mix of pensions, is my assumption in my first sentence correct? Thanks in anticipation.
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Comments
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Yes. More info (in case anyone else reading would like it): https://www.pensionsadvisoryservice.org.uk/about-pensions/retirement-choices/the-right-choice-for-me/taking-a-small-pension-as-a-cash-lump-sum0
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