FAQs
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"Are there charges for withdrawing my pension savings?"
No. We don’t charge if you decide to access your pension.
"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.
"What’s an earnings basis?"
The earnings basis describes the type of earnings used when pension contributions are worked out.
"I’ve tried to set up an account with the number you sent me but it says that I have an account already. What do I do?"
"Can I change my contribution amount online?"
If you’re currently making payments into your scheme via Direct Debit, please contact us to amend the amount you are paying in.
"Can I transfer out to a Self-Invested Personal Pension (SIPP) or a Small Self-Administered Scheme (SSAS)?"
"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.
"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.