FAQs
Showing 9 of 31 results
"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.
"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’.
"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.
"What’s the money purchase annual allowance (MPAA)?"
This term refers to the limit on the amount you can save into your pension each tax year and get tax relief on.
"If I decide to access my pension savings, will my state or housing benefits be affected?"
The amount of money that you take from your pension could affect any state or housing benefits that you’re entitled to.
"When can I take my pension?"
Under HM Revenue & Customs (HMRC) rules, pension savings cannot normally be taken until your normal minimum pension age.
"I’m moving overseas – how do I take my pension?"
Whether you’re moving abroad temporarily or permanently, you’ll still need to be old enough under UK pension rules to access your money (currently age 55).
"Can I access my pension savings early?"
Normally you can only access your pension before your normal minimum pension age if you’re in ill health.
"Can I transfer the credit on my account to my bank account?"
Your account balance may be in credit – either due to a refund of contributions for employees that have opted out, or due to an overpayment.