FAQs
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"What affects the amount of my projected retirement value?"
Pensions are long-term savings. Your projected retirement value takes into account the following key assumptions.
"How often will my pension be paid?"
You can normally specify the frequency of your payments – monthly, quarterly, half yearly or annually.
"Do I need to let any other pension schemes know that I’ve flexibly accessed my pension?"
"Will taking my pension affect my State Pension?"
Your State Pension is based on your National Insurance contribution history and is separate from any of your private pensions.
"If I take a flexible lump sum, how am I taxed?"
With this option you spread your tax-free lump sum across all withdrawals you take from your pension savings.
"Are there any restrictions on taking a tax-free lump sum with us?"
Find out more about taking your tax-free lump sum with People’s Pension.
"Are there charges for withdrawing my pension savings?"
No. We don’t charge if you decide to access your pension.
"How do I take my pension savings as a small pot lump sum?"
If you’re over your normal minimum pension age, and have £10,000 or less saved in your pension when you choose to access it, you may be able to take it as a ‘small pot lump sum’.
"I’ve only got £200 in my pension – how do I cash it in?"
If you’re over your normal minimum pension age, and have £10,000 or less saved in your pension when you choose to access it, you may be able to take it as a ‘small pot lump sum’.