Tiny pension , can we cash it in? (1 Viewer)

[pampam]

Hello i kniw there are a lot of financial wizards on here, so im asking advice on whether we can cash in a tiny pension which is £108.36 a year thru Reassure which was originally Aegon the someone else then mutual now its Reassure ,we started getting it 15 years ago and to be honest its not worth the paperwork , is there anyway we can finish it?
(It was taken out when we were self employed sold by a very plausable FA who changed his miners pension to aegon then it was later changed back )
When i say we , its the royal we
Cheers pampam

 

[MichaelT]

If it's a private pension and you bought an annuity then no you are stuck with it nut it's guaranteed. If it's a company s heme you need to speak to the scheme trustees about options.

 

[Gaston aires]

If it’s that small you could opt for a one off yearly payment instead of monthly. Saves on the paperwork. I have smallish one like that which helps pay the tax on the main one..
Phil

 

[buntyb]

I cashed in a very small pension recently. First 25% tax free and the remaining 75% was taxed. However, check the terms of your pension or phone the pension provider.

My understanding is that you have to be aged 55 0r above to cash in.

You should able to transfer the pension to another pension, but again ask your pension provider.

I’m no financial wizard by the way. Cashing in the pension suited me as I have another pension that I save into.

Hopefully, others on here who are financial can give you some guidance.

 

[reckless]

As its been in payment for several years, its unlikely but worth contacting the scheme administrator and/or Trustee for a definitive answer. Pension rules are very complex!!

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[varaizian]

I am not one of the "financial wizards" on here but I do have a silly little pension from an education authority after 2 years working as a Technician. I asked the provider if they wanted to buy it off of me and save a lot of admin but was told that HMRC would have to approve any arrangement made. I couldn't be asked so for the past 18 years have received pay advice letters, P60s and various other bits of routine paperwork by international post; not forgetting the annual newsletter!