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Notify other pensions?

[Deleted User]
[Deleted User] Posts: 0 Newbie
Fifth Anniversary 1,000 Posts Name Dropper I've been Money Tipped!
Back ground, i am in the process of cashing in three pensions pension A is the biggest and B and C are both a lot smaller, pension A has already paid out, but they told me that I have to notify B and C within 91 days or risk the wrath of HMRC, now I haven't made contributions to B for 30 years and C for 23 years, the paperwork from A suggest that I only have to notify the other two if I am making cont.

So my question is...which is it, do I have to notify or not?
Thanks in advance for any help.

Comments

  • Dox
    Dox Posts: 3,116 Forumite
    1,000 Posts Third Anniversary Name Dropper
    How are you accessing these pensions? 'Flexibly' (even if it is 'gimme the lot now'), or are you cashing in as 'small pots'?
  • In 2 cases taking the lot as cash, in the other 25% plus a small pension is the option available as its a section 32 that won't allow me to take all the cash as I have total pots over 30k.
  • Dox
    Dox Posts: 3,116 Forumite
    1,000 Posts Third Anniversary Name Dropper
    Are the two you are taking wholly as cash each under £10K?
  • No pension A has a value of £38k the other under 6k and the section 32 a total value of 11k
  • Dox
    Dox Posts: 3,116 Forumite
    1,000 Posts Third Anniversary Name Dropper
    edited 22 June 2020 at 2:16AM
    Technically you do need to notify, because you've triggered the Money Purchase Annual Allowance, meaning you can only make a maximum of £4K tax-relievable contributions each year (including any tax relief), and the administrators of any money purchase scheme(s) you belong to would need to monitor etc etc.
  • Ok thanks for that will do so.
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