If you have £10,000 or less in your pension pot, you may be able to cash in the whole lot from age 55 (or age 57 from 2028).
- You can cash in any number of occupational pension pots in this way, (like The People’s Pension).
- You can cash in up to three personal pension EasyBuild and EasyBuild S2P (older pension schemes provided by our parent company B&CE) count as separate pots.
- Unlike flexible lump sums or flexi-access drawdown, a small pot lump sum won’t reduce your annual allowance (for tax relief on money you save into your pension in the future).
- HMRC have complex rules on whether you can or can’t take a small pot lump sum. If you’re claiming a small pot lump sum with us, you can start the process in your Online Account, and we’ll let you know if there’s any reason you can’t go ahead.