FAQs
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"Can details of my pension be disclosed to a third party?"
Details of your pension can only be given to a third party (independent financial adviser, spouse etc) where you’ve given your authority.
"Why are my projected savings lower than my current pension value?"
Your projected pension savings at retirement depends on factors such as annual contribution increases, inflation and how and when you access your pension savings.
"Where can I find my customer number?"
When your employer signed you up to People’s Pension, we’d have sent you joiner information with your customer number, either by post or by email.
"What’s the maximum amount I can pay into my pension?"
You can pay as much as you like into your pension, but there are limits to how much tax relief you can receive.
"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).
"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.
"How will accessing my pension affect my means-tested benefits?"
Withdrawals from your pension savings may have implications on your entitlement to means-tested benefits.
"If I don’t earn enough to pay income tax, how do I claim tax relief on my contributions?"
If your earnings are below the annual income tax personal allowance, because your employer deducts contributions before tax, you’ll receive a payment to your bank account from HMRC.
"What are pensionable earnings?"
The earnings used to calculate a member’s pension contributions are known as their ‘pensionable earnings’.