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New Rules on Small Pension Pots

Immediate changes

Are you 60 or over with one or more pension pots each worth £10,000 or less?

If so, you have the option to take up to three of these pots as small lump sums. These can be taken regardless of your total pension savings. The first 25% will be tax-free and the rest will be taxed at your marginal income tax rate. Any occupational pension schemes do not count towards this limit and you can still take one small pot from each occupational scheme you are a member of.

Are you 60 or over with total pension savings* of £30,000 or less?

If the total value of your pension savings is £30,000 or less (previously £18,000), you have the option to take the full amount as a lump sum. The first 25% will be tax-free and the rest will be taxed at your marginal income tax rate. If you are 60 or over and unsure how these changes could apply to you, please contact us using the enquiry box via this website. *The total value of your pension savings is calculated AFTER you have taken any small lump sums (see above) if applicable.

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