Pampam Posted March 23, 2015 Share Posted March 23, 2015 Hello you clever bunch ,has anybody got a clue about whether you can cash in a small pension that you are already drawing on ? I have a minute private one that pays £2.00 A YEAR! And another that pays ten pound a month (bhs) to be honest i could do with having neither as they are not worth anything but the paperwork that comes with them is ridiculous ,i heard pensions were changing and wondered if it would incude such as these ? Cheers pp:) Link to comment Share on other sites More sharing options...
Guest pelmetman Posted March 23, 2015 Share Posted March 23, 2015 It appears so ;-) ............. http://www.theguardian.com/politics/2015/mar/14/george-osborne-pensions-giveaway-annuities-older-voters-pensioners Link to comment Share on other sites More sharing options...
Tracker Posted March 23, 2015 Share Posted March 23, 2015 But not until after April 2016 as I understand it? Unless we get get a change of government that scraps it before then? Link to comment Share on other sites More sharing options...
Guest pelmetman Posted March 23, 2015 Share Posted March 23, 2015 Tracker - 2015-03-23 9:07 AM But not until after April 2016 as I understand it? Unless we get get a change of government that scraps it before then? If I've understood it correctly then everyone with an annuity will be able to cash it in at anytime? :-S ....... So my thinking is live of the income from the annuity until about 70 ish then cash it in and spend it all on beer and skittles :D ..............better than letting the insurance company keep it B-) ............ Link to comment Share on other sites More sharing options...
Tracker Posted March 23, 2015 Share Posted March 23, 2015 pelmetman - 2015-03-23 2:38 PM If I've understood it correctly then everyone with an annuity will be able to cash it in at anytime? :-S ....... If I've understood it correctly, new claimants who have reached the appropriate age can opt to take the cash in one lump instead of starting an annuity from April 2015, and existing claimants who are already taking an annuity income can opt to take cash in place of the income for the rest of their lives from April 2016? Link to comment Share on other sites More sharing options...
Brian Kirby Posted March 24, 2015 Share Posted March 24, 2015 But, the dosh will be taxed which, depending on whether it is taxed as income for the present F/Y, might take off the shine a bit. After all, the annuity was bought with the proceeds from your pension fund, which should have been enjoying some growth over the years you contributed. As an aside, I'd be interested to see how full an account of the sum to be paid out is presented. I somehow doubt, cynic that I am, that it will be completely transparent. :-( Link to comment Share on other sites More sharing options...
Pampam Posted March 31, 2015 Author Share Posted March 31, 2015 These areworth just hundreds each and one a few thousand (maybe two) so id rather just cash em in ill let you know what happens pp:) Link to comment Share on other sites More sharing options...
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