I have a drawdown pension from Equitable and have a notification that, as I will be 75 at next birthday, I will have to make a decision. I have no final figure yet, but the capital value will be about ?15,000. I understand that I could receive I believe a lump sum on the grounds of Triviality. Would I be affected in any way if I receive compensation either before or after my 75th?
Questions And Answers
Equitable Life
asked by
Rose
posted 3 Years ago at 12:09
1-1 of 1 Answers
David Berry answered 3 Years ago at 18:34, last modified: 2 Years ago at 14:56
The triviality rules basically allow someone to cash in their pension between 55 and 75years providing the total of ALL their pensions is less than £18,000. It cannot be done after age 75yrs. You can take 25% of the value as untaxed cash the rest is returned to you less tax. THis is quite a complicated area and I would recommend speaking to an IFA to ensure you are not disadvantaging yourself in any way.
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