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stumpy

Cashing In Small Sipp Pension

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Hi there,

I have a SIPP showing around 10k.

Am i able to cash this in. I am 63 and am trying to consolidate my money.

When i look at the costs i don't see the point tbh as i could use a good holiday at the moment.

Thanks

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Is it above or below £10k (this is important)?

If it is above £10k, what other pension assets do you have if any? (Don't need details, just "I have some" or "I don't have any").

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Hi there,

I have a SIPP showing around 10k.

Am i able to cash this in. I am 63 and am trying to consolidate my money.

When i look at the costs i don't see the point tbh as i could use a good holiday at the moment.

Thanks

Did you make a decision on this. I was watching the tread just in case it gave me a little information or insight into what the rules surrounding SIPP's are.

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Did you make a decision on this. I was watching the tread just in case it gave me a little information or insight into what the rules surrounding SIPP's are.

If the fund value is less than £10k then anyone aged 60 or more can "cash it in" (which in reality means take is as a lump sum, 25% of which is tax free and the rest is taxed as income). This can be done without reference to any other pension benefits the individual may hold. Someone deciding to do this should speak to the pension provider and refer to "stranded pots" rules.

If the fund value is more than £10k then it may still be possible to "cash it in" but it's going to depend on the value of other pension benefits held and some other things too, so it's more complicated.

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