FAQs

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’.

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.

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.

Under HM Revenue & Customs (HMRC) rules, pension savings cannot normally be taken until your normal minimum pension age.

Yes, usually from age 55, 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.

Find out more about taking your tax-free lump sum with People’s Pension.

If you’re suffering from ill health you may be able to access your pension savings earlier.

After your one month opt-out period you won’t be able to access your funds until your normal minimum pension age unless on the grounds of serious ill health (life expectancy is less than 12 months).

This term refers to the limit on the amount you can save into your pension each tax year and get tax relief on.

"I’ve only got £200 in my pension – how do I cash it in?"

"Can I cash in my pension?"

"What happens when an Eligible employee reaches State Pension age?"

"When can I take my pension?"

"Can I take all my pension money as a lump sum, and what tax would I pay?"

"Are there any restrictions on taking a tax-free lump sum with us?"

"What happens to my pension savings if I’m suffering from ill health?"

"Can I get my money back (that I’ve paid in)?"

"What’s the money purchase annual allowance (MPAA)?"