John Brown Posted March 7, 2011 Author Share Posted March 7, 2011 I am sure about the rules and this was confirmed by the form that is used the claim that particular pot of money back asks, including other questionsAre you over 60Are you in receipt of any other pension including any lump sums and what were the values of the funds expressed as a percentage of your lifetime allowanceHave you cashed in any other pension funds and what were the values of the funds expressed as a percentage of your lifetime allowanceThey ask you then to add all the above plus the value they give your fund as a percentage.........................They then ask you to confirm that the total value is less than 1%No questions relate to existing, but not yet used, pension funds. My logic is that you can't put a value on a fund thats up and down by the dayThe Taxman, on the phone, goes through the same checklist when you ask for a P53 Refund Form to be sentClearly people do try to get round the rules and you are warned that you face a £3000 fine if you try to cheat the systemI hope I am right and you two are wrong !John Link to comment Share on other sites More sharing options...
Rabbie Posted March 7, 2011 Share Posted March 7, 2011 I am going on information given by Friends Provident. They did ask about unused Pension funds and these are included AFAIK. I will be seeing my IFA shorly and will get him to confirm what the real situation is. Link to comment Share on other sites More sharing options...
Russethouse Posted March 7, 2011 Share Posted March 7, 2011 I think the rules re % etc are explained in the link I gave above :http://www.pensionsadvisoryservice.org.uk/workplace-pension-schemes/final-salary-schemes/cashing-in-pensions-(triviality) Link to comment Share on other sites More sharing options...
cooperlola Posted March 8, 2011 Share Posted March 8, 2011 Your link comes up "page not found", R/H. Link to comment Share on other sites More sharing options...
Rabbie Posted March 8, 2011 Share Posted March 8, 2011 THis Q and A from that site seems to answer the question Q. I have personal pension plans worth £10,000 and £12,000. As they are both under £18,000 can I cash them in? A. No. As both plans together exceed 1% of the Lifetime Allowance, the maximum level of cash that can be taken is limited to 25% of the capital value. If a cash sum of more than 25% of the capital value is paid, the payment will be unauthorised and will be subject to a 40% tax charge on the member and other tax charges on the scheme. Link to comment Share on other sites More sharing options...
Russethouse Posted March 8, 2011 Share Posted March 8, 2011 No idea whats going on - http://www.pensionsadvisoryservice.org.uk/workplace-pension-schemes/final-salary-schemes/cashing-in-pensions-(triviality)If it still doesn't work try searching on the pensions advisor site for cashing in pensions triviality..... Link to comment Share on other sites More sharing options...
AnOther Posted March 8, 2011 Share Posted March 8, 2011 This link definitely works !http://www.pensionsadvisoryservice.org.uk/workplace-pension-schemes/final-salary-schemes/cashing-in-pensions-(triviality) Link to comment Share on other sites More sharing options...
Russethouse Posted March 8, 2011 Share Posted March 8, 2011 Yeah! Link to comment Share on other sites More sharing options...
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