Winding-up lump sum

This is what you could get if your employer ever decides to wind up (close) their workplace pension scheme.

So if you’re a member, it could take up to 18 months to get things sorted. But in that time the Trustee of the pension scheme should be able to provide you with the transfer value of your pension savings, so you can move your money into another pension scheme. (Perhaps a personal pension, or another workplace pension you may have.)

Or you may be able to just get a winding-up lump sum instead. There’s no minimum age you have to be for this, but there are HMRC limits on how much you can get. The first 25% is tax free and the rest is taxed at the highest rate you pay.

Find out more from The Pensions Advisory Service »