Can I take my Retiready Pension as a full or partial lump sum?
Updated 29 August 2016
Yes. An uncrystallised funds pension lump sum (UFPLS) is an ad hoc lump sum drawn from your uncrystallised defined contribution pension pot.
You may also be able to take smaller pension pots as cash lump sums from age 55 or earlier if you have a protected low pension age or meet the ill-health condition. You can take up to three money purchase pension arrangements of up to £10,000 as cash lump sums, no matter how much you get from other pensions.
Typically, 25% of the lump sum will be tax free with the remainder being subject to income tax. You can find out more at Your Retirement Planner.
In some cases you can be paid it as a lump sum under a rule called triviality. You have to be at least 60 and in an existing commutation period prior to 6 April 2015. You will also have to meet certain HMRC conditions.
To find out more or apply, call 03456 100 010.