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Group Personal Pension Plan

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Due to covid year my work has ended and my Group Personal Pension Plan has become paid up.  On enquiring about cashing it in for full amount as a small pot, I was told it is of an R.S. type which they could not explain the meaning of.  I have previously cashed in 3 other small pot pensions from elsewhere a few years ago within the 1 yr rule. I  was told  in 2016/17 that these would not affect taking the small pot from this plan.  Today they have been told me cannot take it as a small pot pension as it is a defined contribution type. Yet within same company another advisor said this was still able to be done regardless. Who is right.  An IFA also said I could take it as a small pot pension.  Is the fact that it has become paid up since January that they are now saying I cant cash it under small pot rule? Who do I believe.

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  • Croeso69
    Croeso69 Posts: 252 Forumite
    100 Posts Name Dropper Photogenic
    susanna1 said:
    Due to covid year my work has ended and my Group Personal Pension Plan has become paid up.  On enquiring about cashing it in for full amount as a small pot, I was told it is of an R.S. type which they could not explain the meaning of.  I have previously cashed in 3 other small pot pensions from elsewhere a few years ago within the 1 yr rule. I  was told  in 2016/17 that these would not affect taking the small pot from this plan.  Today they have been told me cannot take it as a small pot pension as it is a defined contribution type. Yet within same company another advisor said this was still able to be done regardless. Who is right.  An IFA also said I could take it as a small pot pension.  Is the fact that it has become paid up since January that they are now saying I cant cash it under small pot rule? Who do I believe.
    Is it this 'RS' plan?

    https://www.bocpensions.co.uk/rs/deferred
  • dunstonh
    dunstonh Posts: 119,641 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    n enquiring about cashing it in for full amount as a small pot, I was told it is of an R.S. type which they could not explain the meaning of.

    I have never heard of a type "RS".   It must be some internal classification such as that mentioned above by Croeso69

     Today they have been told me cannot take it as a small pot pension as it is a defined contribution type.

    The small pots rule ONLY applies to defined contribution schemes.   You are allowed to use it three times on individual plans and an unlimited number of times with occupational pensions.    Triviality is the set or rules that covers DB schemes.  There is no small pots rule with DB schemes.    So, someone is getting confused.

    GPPPs are able to be taken under the small pots rule.  They are also able to be taken as UFPLS.  The RS plan (as linked above) confirms it allows  "taking your savings as cash"


    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.
  • Thankyou so much.  So at least I know that I can take the pot regardless of the person who said I could not. 
  • My concern was that as Group personal pension plan through my emoployer, once i left the job did it become a personal penison plan meaning that as a DC I could only take it if I was within the 3 pot rule which I have already used up. Reading your responses indicates to me that this is why the IFA clarified one persons agreement that I can take the whole pot regardless of its size. Thankyou
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