Budget 2014 Small Pension Pots
Published / Last Updated on 24/03/2014
Budget 2014 Small Pension Pots
£2,000 Small Pots Limit Increased to £10,000
From 27 March 2014, the government will increase the amount for small individual pension pots that can be taken as a lump sum regardless of total pension wealth from £2,000 to £10,000.
The government will increase the number of small pension pots that can be taken as lump sums from 2 to 3.
£18,000 Combined Pension Pot Limit Increased to £30,000
From 27 March 2014, the government will allow people with defined contribution pension wealth more flexibility to access their savings by increasing the total pension wealth that people can have before they are no longer entitled to receive lump sums under trivial commutation rules to £30,000, subject to their pension scheme rules.
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