pensions

[HAKKI]

i am 54 on 31/7, i will have a small pension from a company i worked with for a few years with an estimated amount of �1300 pa. can i take a lump sum on retirement with no monthly pension? i have heard people talking about such arrangements for small pensions.

[daz200]

I think the arrangement is that if your total pension pot from all your private pensions add up to �15,000 or less then you can get it as a lump sum.

However I think your pot from this pension is probably about �26,000 - 20 multiplied by �1,300.

The powers that be assume you will live for 20 years after retirement,so I suspect the answer to your question is probably no.Although you will be able to take up to 15% as a lump sum!