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Pension unlocking
theboystoodon
Posts: 1 Newbie
I have got 11K in a legal & general personal pension. I am 54 is there any way I can this money out?
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Comments
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No. You cannot access the money under triviality rules until you are aged over 60.
At this time you can only commence benefits and take 25% of the value as a lump sum (the remaining 75% can provide an income or be left invested). If you do this, you will not be able to take the lump sum under triviality after 60.
Triviality assumes that all your pensions are worth less than 1% of the lifetime allowance. So, not just the L&G pension but any works pension or other pensions except state.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 -
No, you can't take your money out.theboystoodon wrote: »I have got 11K in a legal & general personal pension. I am 54 is there any way I can this money out?0
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