Can i take my pension fund in cash?
Can i take my pension fund in cash?"
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But it is so small, he would prefer to take the policy’s value of £3,467 as a cash lump sum. “Am I correct to assume that because my £6,311 a year, plus the £3,467, does not exceed the
lifetime allowance of £17,500, I can do this?” If the value of your pension rights is below a certain level, it may be possible to exchange them for a lump sum. This is possible only if the
total number of pensions held does not exceed the 1 per cent lifetime allowance — currently £17,500. The key word is “total” and relates to the overall value paid out during retirement.
Independent adviser Kim Barrett explains that, in John’s case, the value of his work pension scheme is about £157,775, according to HMRC calculations. “With the small annuity, it amounts to
£161,262,” says Barrett, “which is well in excess of the limit. Savers understandably become confused over this.” The maximum amount of cash John can take from his second pension pot is
likely to be 25 per cent. Contact Barretts Financial Solutions on 01279 652222, or visit www.unbiasedifa.co.uk.
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