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Triviality

For small pots, there will be the ability to cash in small pots provided the value is less than £10,000 and the total value released is less than £30,000. Individuals in this bracket will still be allowed to continue to make tax-relievable contributions of £40,000 a year.

This is because the small pots are not counted towards an individual’s lifetime allowance of £1.25m. There is no limit on the amount of small pots that can be cashed in under trust-based schemes.

This option allows savers to consolidate tiny pots into small pension pots to then cash them in.

These are lump sum payments made up of 25 per cent tax free lump sum and 75 per cent taxed income.

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