Other Pension Queries...

[icecreamicecream]

Sorry if im being a total pest ,but I have another pension from around 30 years ago.Its only worth about £8000 would I be able to phone them up and ask for the entire amount?

[ubasses]

Yes, from next week you can if you are over 55. 25% will be tax free.

[Buenchico]

No, but from next year you'll be able to sell your annuity:
https://www.gov.uk/government/news/pension-freedoms-to-be-extended-to-people-with-annuities

[Buenchico]

Oh, hang on. I thought that you were already in receipt of that pension. (If so, my answer still applies. If not, Ubasses post applies).

[ubasses]

Forgot to say, as long as it is not a Company defined benefits pension.

[icecreamicecream]

No,Chico it is still with the pension company,but I was told that any pensions under £10000 would be available tax free to claim any time I liked(under some kind of minor policies type scheme).

[ubasses]

That was the rule up till end of this tax year, but only if all your pensions added together were below the limit. From 6th April you can withdraw all your money from your pension sheme/s as long as they are not DBS. Be careful with the tax situation though.

[fiction-factory]

If I remember though your other income would mean you may be taxed at 40 or 45% initially. (sometimes it's charged at 45% and you then have to claim any overpayment back)