i have a pension coming up soon of a value of £5000 can i take as a lump sum i heard some-where that i can
2006-09-06 21:20:37 · 8 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
It all depends on the terms of your particular pension scheme - you need to read the small print or contact the pension scheme administrators.
2006-09-06 21:30:49 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Following changes to UK pension legislation in April 06, if your total pension funds from all sources is £15,000 or less, then you can take it as a lump sum under triviality rules.
However if you have other pension funds that will bring your total pension funds to above £15,000 then you can only take a maximum of 25% as cash (tax free) with the rest as an income.
2006-09-07 22:40:04 · answer #2 · answered by Sonny Walkman 4 · 0⤊ 0⤋
Yes, you can in theory. But I'd suggest you speak to a financial adviser who will look at your personal situation and suggest the best way to take out your pension. Ideally, you should go to one who is independent or go to 2 or 3 if possible just so you compare the advice you're given.
All the best.
2006-09-06 23:07:54 · answer #3 · answered by scallywag 4 · 0⤊ 0⤋
most pensions i know of allow you to take a percentage as alump sum the rest payed out as normal. you need to read your paperwork for all the indivdual bits and pieces of your scheme.
2006-09-06 21:30:09 · answer #4 · answered by paul m 4 · 0⤊ 0⤋
where I worked you could take a lump sum if it was less than $10,000
2006-09-06 21:26:12 · answer #5 · answered by winkcat 7 · 0⤊ 0⤋
If you can, take it to the super-casino when it's finished and put it all on red even..............i've heard it's a sure thing, don't tell anyone though they'll all be at it
2006-09-06 21:32:41 · answer #6 · answered by Matt d 2 · 0⤊ 0⤋
yah u can>>> consult any financial consultant>>>
2006-09-06 21:28:46 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Not all of it
2006-09-10 01:14:00 · answer #8 · answered by Amanda K 7 · 0⤊ 0⤋