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Pension choices ?
Comments
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_Chris__2 said:DE_612183 said:There are a couple of comparison sites - you could try those
https://www.annuityline.co.uk/landing/?v=buy-annuity-fast&keyword=buy an annuity uk&network=g&device=c&creative=641344404950&matchtype=e&gad_source=1&gclid=CjwKCAiAjeW6BhBAEiwAdKltMkcol2CyFUj0lKVw5rQnLku3kzTwQ__IjM7nFSo16XcuDa7PSZ3PtxoCaiIQAvD_BwE#yourpension
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As your pensions are worth less than £10K each you can take them both as cash lump sums under the "small pots rule" with 25% being tax free. Contact your pension provider.
Note
- you can only take up to 3 small pots in total.
- the taxable portions will add to your income in the then current tax year and so could put you in a higher tax band depending on your other income.
The simplest way to get income would be to use a high interest savings account. If you had larger pots other options could be worth considering, however for 2X£6K I dont think they would be worthwhile.2
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