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Trivial pension
lds123
Posts: 5 Forumite
I have requsted my pension with Scottish Widows to be paid as lump sum due to triviality. Does any one know how long they take to action payment?
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Comments
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They will send you the forms normally within 10 days and then once you return those, its upto 10 days again.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.0
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Thank you for quick reply. They have already seen my birth certificate and returned it. They have also confimed receipt of CA1550 form. So can I expect it to take 10 more days?0
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more or less, yesI 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.0
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I have requsted my pension with Scottish Widows to be paid as lump sum due to triviality.
Is that the best excuse to use as a way around the 25% max lump sum rule then ?Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
!!!!!!_here wrote: »Is that the best excuse to use as a way around the 25% max lump sum rule then ?
Probably the only one. Even then the rules about triviality are enforced (without googling, I think it only applies if the pot is less than £25000 or so). Then the excess above the 25 per cent is taxed.
terryw"If you can bear to hear the truth you've spoken
Twisted by knaves to make a trap for fools"
Extract from "If" by Rudyard Kipling0 -
Triviality is only available if all your pensions are valued under 1% of the lifetime allowance. The 25% is tax free but the other 75% is taxable.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.0
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