Taking money from your pension pot

Outeast1000

I am due to retire in March 2024 and I should have 7k - 8k in my work place Aviva pension pot by then  . It  is not much but it is still better than nothing

My question is can I take all that money in one go when I retire all do I have to take it in small parts ?

Also do the amount of savings that you have when you retire affect how much you get in your state pension ?

Thank You

dunstonh

My question is can I take all that money in one go when I retire all do I have to take it in small parts ?

You can take it all in one go.   Ask Aviva for a small pots claim form.

Also do the amount of savings that you have when you retire affect how much you get in your state pension ?

No. The state pension is not means tested.  

eskbanker

Outeast1000 said:

Also do the amount of savings that you have when you retire affect how much you get in your state pension ?

As above, no, but other factors do, such as the number of qualifying NI years you've paid, so if you haven't already, then get a forecast at https://www.gov.uk/check-state-pension

Albermarle

My question is can I take all that money in one go when I retire all do I have to take it in small parts ?

25% will be tax free. The rest is taxable but whether you actually pay any tax will depend on other income .

Probably Aviva will take tax off anyway but you can claim it back if necessary.

elouise01582

If the value of your Aviva workplace pension is less than £10,000 when you take it then you can officially take it as a small pot - that is what it's called - although Aviva call it a small lump sum. One quarter is tax-free and the other three-quarters is taxed at the basic rate (20%).  If you are a non-taxpayer you could reclaim the tax - if you are a higher/additional rate taxpayer you would owe additional ta to HMRC.