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Consolidate your pension pots
- Created:
- 12 March 2008
- Written by:
- Moira O'Neill
The government has announced changes that will allow people to take very small benefits from occupational pension schemes as a lump sum, meaning that they won't have to buy annuities with them.
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The new rules will look at occupational schemes in isolation and allow benefits to be paid as a lump sum where the value is below £2,000. So, if you have £2,000 in a scheme from a previous employer but £100,000 in a more recent scheme, you could take the small pot as a lump sum while drawing an income from the larger pot.
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