ChatterBank3 mins ago
Group Personal Pension Plan - cancelling
4 Answers
This is fairly similar to a question below, but with one small difference.
For about 5 years I contributed to a Group Personal Pension Plan (with Aegon), but these contributions stopped when I was made redundant, about 4 years ago. Those contributions were small and the plan value is only about £6000 - the resulting pension might pay for one cheap pizza per week!
As this plan is effectively dormant, is there anything I can do to (as the man said) take the money and run?
For about 5 years I contributed to a Group Personal Pension Plan (with Aegon), but these contributions stopped when I was made redundant, about 4 years ago. Those contributions were small and the plan value is only about £6000 - the resulting pension might pay for one cheap pizza per week!
As this plan is effectively dormant, is there anything I can do to (as the man said) take the money and run?
Answers
Best Answer
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For more on marking an answer as the "Best Answer", please visit our FAQ.Not before age 55.
At 55 you (or alter) you can takeup to 25% in cash as a tax free lump sum and use the rest to give an income for life. However if this is your only pension, or your total pension pot is below the figure regarded as trivial (you'd need to look up the threshold), you can take it all as cash in one go after age 55.
This is all based on current rules
At 55 you (or alter) you can takeup to 25% in cash as a tax free lump sum and use the rest to give an income for life. However if this is your only pension, or your total pension pot is below the figure regarded as trivial (you'd need to look up the threshold), you can take it all as cash in one go after age 55.
This is all based on current rules
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