Collective plan small pot lump sum .

[jchewitt1967]

Hi , if I retire soon and my pot in the collective plan is under £10k can I take it in it's entirety as a "small pot" lump sum ? . I read somewhere that if you pension is so small upon retiring then you maybe entitled to ask for the entire pot to be taken as a taxable lump sum without any annuities ( monthly income). Does anyone know the rules of leaving the collective plan now to retire? Thanks all .

[RobertT]

You can't take your RMCPP 'pot' as cash directly from the scheme, but you can get a transfer value and move one or all elements(pension, lump sum & AVC's) to a personal pension and access them from there.

All the details are available in the Handbook, on the scheme website: https://rmcollectiveplan.com/

You can usually take all personal pensions in their entirety, whatever their value. The only benefit of it being a small pot is you won't trigger the MPAA:
https://www.moneyhelper.org.uk/en/pensi ... -in-one-go

[Jaggs]

Hi , if I retire soon and my pot in the collective plan is under £10k can I take it in it's entirety as a "small pot" lump sum ? . I read somewhere that if you pension is so small upon retiring then you maybe entitled to ask for the entire pot to be taken as a taxable lump sum without any annuities ( monthly income). Does anyone know the rules of leaving the collective plan now to retire? Thanks all .

In all the material I've read about the collective plan I've not seen anything about taking it as a small pot commutation which is something that is available with some defined benefit schemes.

[Delbhoy]

in terms of collective plan statement it tells you what figures you might get yearly or a one off lump sum.

[Jefferson Starfish]

in terms of collective plan statement it tells you what figures you might get yearly or a one off lump sum.

It's what you'll get yearly and lump sum.

[Delbhoy]

in terms of collective plan statement it tells you what figures you might get yearly or a one off lump sum.

It's what you'll get yearly and lump sum.

must have read it wrong

[jchewitt1967]

Hi thanks for the reply. I meant taking EVERYTHING in the pot without a monthly/ yearly payment., as the pot valve is probably under £10k I heard that you don't need to have an annuaty ( lump sum plus monthly income) but not all pension providers allow it. There is a rule called small lump sum rules that allows this to happen.

[RobertT]

The answer is exactly the same as when you asked last month!

See my post up thread.