Scrappy little pension; what to do.

[Louis Balfour]

I have a "main" pension in a SIPP. But I also have a little Aviva pension with sub-£10k in it that is a legacy from a job I had many years ago.

I am north of 55 now.

For reasons of tidiness, can I just close the pension and pay the sum into my bank account? If I did, would it have any impact upon my SIPP pension?

I have no need to draw on the SIPP at this time.

Aviva, who is the pension company, is going to call me in a few weeks. But does anyone know the answer please?

[Stay in Bed Instead]

Yup.

Tell Aviva that you wish to crystallise the fund as a Small Pot Commutation. 25% will be tax free and 75% will be taxed at 20% under PAYE. You may end up paying more tax, or indeed receiving a tax refund, depending on your overall income for the tax year.

The Small Pot Commutation will not trigger the reduced pension contribution allowance.

[Louis Balfour]

Many thanks.

[Phooey]

Louis Balfour said:

I am north of 55 now.

I would say closer to South of 60 than North of 55.

[Louis Balfour]

Phooey said:

I would say closer to South of 60 than North of 55.

At least I have all my hair.

[condor]

Stay in Bed Instead said:

Yup.

Tell Aviva that you wish to crystallise the fund as a Small Pot Commutation. 25% will be tax free and 75% will be taxed at 20% under PAYE. You may end up paying more tax, or indeed receiving a tax refund, depending on your overall income for the tax year.

The Small Pot Commutation will not trigger the reduced pension contribution allowance.

Thanks - I've got 3 little pensions too. was wondering what to do with them.

[Stay in Bed Instead]

condor said:

Thanks - I've got 3 little pensions too. was wondering what to do with them.

That's lucky, three time is the maximum permitted.

[Phooey]

Louis Balfour said:

At least I have all my hair.

I'll deffo give you that one mate. I don't like the way you style it to get it to come out your nose and ears too though.

I just ask for the golfers haircut nowadays - starts a fairway back.

[Louis Balfour]

Phooey said:

I'll deffo give you that one mate. I don't like the way you style it to get it to come out your nose and ears too though.

I would say you should see my arse, but I realise that you actually have.

[Phooey]

Louis Balfour said:

I would say you should see my arse, but I realise that you actually have.

Luckily not. There was some guy blocking the view. I had to tell the kids you were giving him a piggy back.

[Groat]

Phooey said:

Louis Balfour said:

I would say you should see my arse, but I realise that you actually have.

Luckily not. There was some guy blocking the view. I had to tell the kids you were giving him a piggy back.

Hmmm. So let me get this right.

You AND your kids are out dogging and you've arranged to watch some random plugging Louis' stinker doggy style, and you tell them it's daddy's friend and HIS friend playing at piggy back.....

How exactly are you going to explain this to the Headmaster when the kids start demonstrating this new version of piggy back to their chums in the playground the next day?

(or will the Head just think it's normal conduct in the woke age)?

[Phooey]

Groat said:

Hmmm. So let me get this right...

Let me explain..

I know LB on a personal (non-sexual) level. We both go to the same branch of David Lloyd, where he is often found loitering around shower cubicles. It still haunts me to this day.

[Louis Balfour]

Phooey said:

Groat said:

Hmmm. So let me get this right...

Let me explain..

I know LB on a personal (non-sexual) level. We both go to the same branch of David Lloyd, where he is often found loitering around shower cubicles, to avoid me in the locker area when I am trying to engage men in conversation whilst playing tents with my towel.

FTFY.