FAQs
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"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?"
"What happens when an Eligible employee reaches State Pension age?"
Once an employee is auto-enrolled with an Eligible status, their auto-enrolment status doesn’t change, even if they reach State Pension age, or their earnings drop.
"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 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’.
"How does flexi-access drawdown work with People’s Pension?"
To access your pension savings via flexi-access drawdown, you must be 55 or over and have a minimum of £10,000 in your pension (or £2,000 if you’ve already taken money before).
"Are there charges for withdrawing my pension savings?"
No. We don’t charge if you decide to access your pension.
"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.
"Can I cash in my pension?"
Yes, when you reach your normal minimum pension age, you can take your whole pension and use it in any way you want. However, there could be large tax implications and therefore it may be more tax efficient to take the money in stages, leaving the rest invested.