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Flexible lump sums

Can I cash in my pension pot?

Yes, from age 55 (the government proposes to increase this to age 57 from 2028), you can take your whole pension …

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Can I take my whole pot with The People’s Pension as a lump sum?

  Yes, from age 55, you can take your whole pension pot and use it however you want. However there …

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I want to take a lump sum from my pot. How do I avoid as much tax as possible?

  We are not able to give advice.  However, you can stagger your pension withdrawals over several tax years rather …

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Do I need to let any other pension schemes know that I’ve flexibly accessed my pension pot?

  Yes. Within 91 days of receiving notification from us, you must tell the scheme administrator of any other pension …

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I’m over 55 and want to take a lump sum from my pension pot to give to my children now. Can I do this?

Yes – you can do this, but we recommend that you seek financial advice about any inheritance tax implications. You …

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If my pension pot doesn’t count for inheritance tax purposes, is it best to try to keep it intact and spend my other savings first?

  Many wealthier savers are likely to do this. They will live off other non-pension investments and capital whilst leaving …

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Do you let me know if my pension pot is running out of money?

  Yes, we’ll write to you after you’ve taken a flexible lump sum letting you know how much of your …

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If I decide to access my pension pot, will my state benefits or housing benefits be affected?

  The amount of money that you take from your pension pot could affect any state or housing benefits that …

View full answer >>

Can I only claim part of my pension pot?

If you’re age 55 or over (or earlier if you’re retiring due to incapacity), you can take out lump sums …

View full answer >>

Can I claim just the 25% tax-free lump sum up front and leave the rest invested?

If you want to take a tax-free sum but leave the remainder of your pot invested, you’ll need to designate …

View full answer >>
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Flexible lump sums

Can I cash in my pension pot?

Yes, from age 55 (the government proposes to increase this to age 57 from 2028), you can take your whole pension …

View full answer >>

Can I take my whole pot with The People’s Pension as a lump sum?

  Yes, from age 55, you can take your whole pension pot and use it however you want. However there …

View full answer >>

I want to take a lump sum from my pot. How do I avoid as much tax as possible?

  We are not able to give advice.  However, you can stagger your pension withdrawals over several tax years rather …

View full answer >>

Do I need to let any other pension schemes know that I’ve flexibly accessed my pension pot?

  Yes. Within 91 days of receiving notification from us, you must tell the scheme administrator of any other pension …

View full answer >>

I’m over 55 and want to take a lump sum from my pension pot to give to my children now. Can I do this?

Yes – you can do this, but we recommend that you seek financial advice about any inheritance tax implications. You …

View full answer >>

If my pension pot doesn’t count for inheritance tax purposes, is it best to try to keep it intact and spend my other savings first?

  Many wealthier savers are likely to do this. They will live off other non-pension investments and capital whilst leaving …

View full answer >>

Do you let me know if my pension pot is running out of money?

  Yes, we’ll write to you after you’ve taken a flexible lump sum letting you know how much of your …

View full answer >>

If I decide to access my pension pot, will my state benefits or housing benefits be affected?

  The amount of money that you take from your pension pot could affect any state or housing benefits that …

View full answer >>

Can I only claim part of my pension pot?

If you’re age 55 or over (or earlier if you’re retiring due to incapacity), you can take out lump sums …

View full answer >>

Can I claim just the 25% tax-free lump sum up front and leave the rest invested?

If you want to take a tax-free sum but leave the remainder of your pot invested, you’ll need to designate …

View full answer >>