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Hope someone can advise on this.

 

A friend had 3 tiny pensions which in total were worth around £10k so any income would be minimal. He discovered that they could be taken as lump sums under triviality rules and took one out about 18 months ago. Recently he decided to take out the rest and got some figures from the other 2 companies, and at this point realised that they should all have been taken out within 12 months.

 

Is there anything he can do to take out the remaining pensions as lump sums (obviously taxable apart from 25%), or will it have to be invested in an annuity?


 

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Alliance & Leicester Moneyclaim issued 20/1/07 £225.50 full settlement received 29 January 2007

Smile £1,075.50 + interest Email request for payment 24/5/06 received £1,000.50 14/7/06 + £20 30/7/06

Yorkshire Bank Moneyclaim issued 21/6/06 £4,489.39 full settlement received 26 January 2007

:p

 

Advice & opinions given by Caro are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

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Have contacted TPAS about this so now waiting for a response, which they say will be within 20 working days.

 

http://www.pensionsadvisoryservice.org.uk/


 

What's Best for You?

 

 

The Consumer Action Group is a free help site.

Should you be offered help that requires payment please report it to site team.

 

Alliance & Leicester Moneyclaim issued 20/1/07 £225.50 full settlement received 29 January 2007

Smile £1,075.50 + interest Email request for payment 24/5/06 received £1,000.50 14/7/06 + £20 30/7/06

Yorkshire Bank Moneyclaim issued 21/6/06 £4,489.39 full settlement received 26 January 2007

:p

 

Advice & opinions given by Caro are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

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as far as I am aware, if he has not drwn on any of the remaining pension plans, usually you can from age 60, you can take up to 50% as a lump sum tax free, the rest as an income once converted to an anuity.

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Thanks ray. TPAS have confirmed it can't be taken under the triviality rules,but I thought it was only 25% could be taken as a lump sum.

 

I've got a guide off MSE about annuitys as it looks like that's how it's got to be.


 

What's Best for You?

 

 

The Consumer Action Group is a free help site.

Should you be offered help that requires payment please report it to site team.

 

Alliance & Leicester Moneyclaim issued 20/1/07 £225.50 full settlement received 29 January 2007

Smile £1,075.50 + interest Email request for payment 24/5/06 received £1,000.50 14/7/06 + £20 30/7/06

Yorkshire Bank Moneyclaim issued 21/6/06 £4,489.39 full settlement received 26 January 2007

:p

 

Advice & opinions given by Caro are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

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maybe its all changed since I did mine!

had 7 different plans. some personal some company which I took with me when I moved companies.

in fact still got seven incomes.

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maybe its all changed since I did mine!

had 7 different plans. some personal some company which I took with me when I moved companies.

in fact still got seven incomes.

 

You may well be right. I've clearly got research to do. Thanks for your input.


 

What's Best for You?

 

 

The Consumer Action Group is a free help site.

Should you be offered help that requires payment please report it to site team.

 

Alliance & Leicester Moneyclaim issued 20/1/07 £225.50 full settlement received 29 January 2007

Smile £1,075.50 + interest Email request for payment 24/5/06 received £1,000.50 14/7/06 + £20 30/7/06

Yorkshire Bank Moneyclaim issued 21/6/06 £4,489.39 full settlement received 26 January 2007

:p

 

Advice & opinions given by Caro are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

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Hello Caro.

 

I'm pleased that TPAS were able to give you an answer, even though it wasn't the one you wanted. I've heard good things about them.

 

My knowledge on lump sums from pensions isn't very up to date, but I think it may depend on the type of pension. Are we talking personal pensions or company ones please?

 

HB


Illegitimi non carborundum

 

 

 

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Looks like you're right about the type of pension HB.

 

The larger pension was transferred in the 80's from a company pension scheme following voluntary redundancy. It's an Individual Transfer Plan with no other contributions and no GMP (guaranteed minimum pension), so it can be taken as a tax free lump sum!!

 

Paperwork ready to go and quotes requested from the last pension.

 

My friend will just accept a 25% lump sum and look at the options for the pension available. It's so small it's probably not worth shopping around for an annuity even if any provider would be interested.

 

Many thanks for the advice ray and HB. :-)


 

What's Best for You?

 

 

The Consumer Action Group is a free help site.

Should you be offered help that requires payment please report it to site team.

 

Alliance & Leicester Moneyclaim issued 20/1/07 £225.50 full settlement received 29 January 2007

Smile £1,075.50 + interest Email request for payment 24/5/06 received £1,000.50 14/7/06 + £20 30/7/06

Yorkshire Bank Moneyclaim issued 21/6/06 £4,489.39 full settlement received 26 January 2007

:p

 

Advice & opinions given by Caro are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

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