Accessing your money
Is there an age limit for accessing my pension pot?
There’s no deadline by which you have to make a decision. You can leave your pension pot invested and make …
I want to take my pension savings, but I don’t need financial advice, can I do this?
Yes, you don’t have to take financial advice before you take your savings – it’s entirely your choice. However, we …
How do I protect my pension income against inflation?
To protect your income against inflation, you can ask for your pension to increase in line with the Retail Price …
How often will my pension be paid?
You can normally specify the frequency of your payments – monthly, quarterly, half yearly or annually. The frequency of payments …
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 …
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 …
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 you’re …
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 …
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 scheme …
I’ve transferred a pension pot into your scheme, does a certain amount of time need to pass before I can take a small pot lump sum?
If the transfer was over 5 years ago, we can pay the lump sum. If the transfer to us was …