FAQs
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"What are qualifying earnings?"
These are the earnings your pension contributions are usually based on if you contribute to a pension scheme.
"How do I get my opt-out refund?"
If you’ve requested to opt out of your workplace pension scheme within 1 calendar month of being enrolled, you’ll be entitled to a refund of your contributions.
"What's the annual allowance?"
The annual allowance is a limit to the total amount of contributions that can be paid into a defined contributions scheme (like People’s Pension), as well as the total amount of benefits that you can build up in the scheme, for tax relief purposes.
"Do I need to let any other pension schemes know that I’ve flexibly accessed my pension?"
"Can I pay further contributions after taking a flexible lump sum?"
Yes, however, the annual allowance is a limit to the total amount of money you can save into your pension arrangements across all of the different schemes you belong to and receive tax relief on.
"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.
"Payments haven’t been made to my workplace pension scheme. What do I do?"
If your employer is behind with payments, we’ll initially get in touch with them to let them know that a payment is overdue.