Flexible lump sums

Are there any restrictions on taking a tax-free lump sum (flexi-access drawdown or UFPLS) with The People’s Pension?

There are a few things you need to consider when taking a flexible lump sum with The People’s Pension. When …

View full answer

If I take a flexible lump sum, how am I taxed?

With this option you spread your tax-free cash across all withdrawals you take from your pension savings. Usually, 25% of …

View full answer

Can I take some or all of my 25% tax-free cash up front and leave the rest invested?

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

View full answer

Can I pay further contributions after taking a flexible lump sum?

Yes, however, the annual allowance is a limit to the total amount of money you can save into your pension …

View full answer

Can I only access part of my pension pot?

If you’re age 55 or over (or earlier if you’re retiring due ill health), and you have more than £10,000 …

View full answer

Can I take as many flexible lump sums as l like?

You can take one lump sum a tax month. For example, from 6 May to 5 June. We don’t charge …

View full answer

I’ve a protected pension commencement lump sum (PCLS) which means I can take more than 25% of my pot as tax-free cash. What happens if I take this as a flexible lump sum?

If you use your savings for a flexible lump sum payment (UFPLS) with us: You’d lose this higher entitlement as …

View full answer

Can I cash in my pension pot?

Yes, your normal minimum pension age, you can take your whole pension pot and use it however you want. However …

View full answer

Can I take my whole pot with The People’s Pension as a lump sum and how much would I be taxed?

Yes, usually 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