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  • FIRST POST
    • martinthebandit
    • By martinthebandit 26th Nov 17, 10:41 AM
    • 3,496Posts
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    martinthebandit
    Three small old pension pots
    • #1
    • 26th Nov 17, 10:41 AM
    Three small old pension pots 26th Nov 17 at 10:41 AM
    I have three old pension pots with three different providers non of which have more than a couple of hundred quid in them.

    I am 61 and in receipt of a reasonable pension and no longer employed so Iím not currently paying into one.

    My question is what should (or can) I do with the three small pots?
    Politics -
    from the words Poli, meaning many
    and tics meaning blood sucking parasites


    (thanks to Kinky Friedman (or Larry Hardman) for the quote}
Page 1
    • xylophone
    • By xylophone 26th Nov 17, 11:20 AM
    • 25,371 Posts
    • 14,967 Thanks
    xylophone
    • #2
    • 26th Nov 17, 11:20 AM
    • #2
    • 26th Nov 17, 11:20 AM
    no longer employed so I!!!8217;m not currently paying into one.
    Even with no relevant earnings, you could still pay up to £2880 into a pension and receive tax relief of £720.






    https://www.pensionsadvisoryservice.org.uk/content/publications-files/uploads/Taking_small_pensions_Detailed_SPOT008_V1.5.pdf
    • martinthebandit
    • By martinthebandit 26th Nov 17, 1:31 PM
    • 3,496 Posts
    • 6,017 Thanks
    martinthebandit
    • #3
    • 26th Nov 17, 1:31 PM
    • #3
    • 26th Nov 17, 1:31 PM
    Even with no relevant earnings, you could still pay up to £2880 into a pension and receive tax relief of £720.






    https://www.pensionsadvisoryservice.org.uk/content/publications-files/uploads/Taking_small_pensions_Detailed_SPOT008_V1.5.pdf
    Originally posted by xylophone
    Thanks, Iíll look into that, are there any other options for me to consider?
    Politics -
    from the words Poli, meaning many
    and tics meaning blood sucking parasites


    (thanks to Kinky Friedman (or Larry Hardman) for the quote}
    • xylophone
    • By xylophone 26th Nov 17, 1:46 PM
    • 25,371 Posts
    • 14,967 Thanks
    xylophone
    • #4
    • 26th Nov 17, 1:46 PM
    • #4
    • 26th Nov 17, 1:46 PM
    The fact sheet linked above explains what can be done with accessing these small pots from each of the providers.

    Otherwise you might consider opening a SIPP with HL say and making a £2880 contribution and also asking HL to consider a transfer in of the small pots?

    You might wish to continue to contribute your £2880 until age 75.
    • Coco's mum
    • By Coco's mum 30th Nov 17, 12:08 PM
    • 1 Posts
    • 0 Thanks
    Coco's mum
    • #5
    • 30th Nov 17, 12:08 PM
    • #5
    • 30th Nov 17, 12:08 PM
    Hi,

    Bit of a newbie here, so apologies if this is a stupid question - what's the difference between this (trivial commutation) and drawing your small pensions down?

    Thanks
    • Linton
    • By Linton 30th Nov 17, 12:49 PM
    • 9,384 Posts
    • 9,519 Thanks
    Linton
    • #6
    • 30th Nov 17, 12:49 PM
    • #6
    • 30th Nov 17, 12:49 PM
    Hi,

    Bit of a newbie here, so apologies if this is a stupid question - what's the difference between this (trivial commutation) and drawing your small pensions down?

    Thanks
    Originally posted by Coco's mum
    1) If you drawdown money beyond the 25% tax free lump sum the maximum annual contribution into your DC pensions whilst getting tax relief is reduced from £40K to £4K, Trivial commutation does not affect the £40K limit.

    2) Many pension schemes do not support drawdown but will allow trivial commutation.
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