Accessing your money
Can I access my pension pot tax free if I’m a non-taxpayer?
You have the option to take usually 25% of the pension pot as tax-free cash. The remainder is added to …
I’ve confirmed on your claim form that I’m a controlling director of an employer using The People’s Pension, or connected to such a person. Can I claim a small cash lump sum?
Anyone who is a controlling director of an employer using The People’s Pension, or connected to a controlling director (such …
My employer has gone into administration, can I take a small pot lump sum?
Under HM Revenue & Customs (HMRC) rules, no benefits can remain in an occupational pension scheme (such as The People’s …
I’ve only got £200 in my pension pot – how do I cash it in?
If you’re over your normal minimum pension age, and have £10,000 or less saved in your pension pot when you …
How do I nominate a beneficiary?
It’s simple to do. Just log in to your Online Account and fill in the details. And if your circumstances …
Are there any time limits that death lump sum benefits need to be distributed by?
There are no time limits as such. However, if you die before age 75, HM Revenue & Customs state that …
Is tax payable on a death claim?
If you die before you’re 75, your beneficiaries can normally receive your pension savings as a tax-free lump sum, as …
If I die and haven’t completed a beneficiary form, what would happen to my pot?
It helps the Trustee if you nominate a beneficiary as they’ll know who you’d like to be considered for payment …
What happens to my pension pot if I die?
You can make sure your loved ones and/or a favourite charity receives your retirement savings if you die before you …
I’ve named a beneficiary but I’ve been told that my nomination isn’t legally binding on the Trustee. If the Trustee decides not to pay out my pot to my beneficiary, who else would they pay it out to?
The payment of a fund on death is at the absolute discretion of the Trustee. In the event of your …