Take cash - Guernsey

Withdraw up to 100% of your pension fund.*

*Subject to maximum limits

  • Access the full value of your pension fund to do as you wish
  • No requirement to use your pension fund to provide a retirement income
  • Depending on your age you may able to claim the maximum 30% tax-free lump sum
  • And take the balance of your fund as a further lump sum, net of income tax.
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Triviality

You may be able to claim your pension as a single lump sum at any age, either on retirement or ceasing service with the plan's sponsoring employer, if the fund value does not exceed £15,000. Up to age 49, the lump sum is payable net of the standard rate of income tax; if you are aged 50 or over, the lump sum is payable net of income tax at half the standard rate.
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Full Commutation

If you are aged 50 or over, you can take up to 30% of your pension fund as a tax-free lump sum (subject to the maximum current limit of £203,000); you can then claim the balance of your pension fund as a further lump sum, net of the standard rate of income tax if the value is no greater than; £50,000 or £100,000 if you have a guaranteed retirement income of at least £20,000 pa.
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Tax-free lump sum

You may be able to claim 30% of your pension fund tax-free.

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Is there a maximum limit on the number of pension arrangements or the aggregate amount that can be claimed under Triviality?

There is no limit on the number of arrangements you can claim under triviality but the aggregate amount claimed cannot exceed £35,000, net of the maximum tax-free lump sum commutation.

Is there a maximum limit on the number of pension arrangements or the aggregate amount that can be claimed under Jersey's Small Pot provision?

There is no limit on the number of arrangements you can claim under the Small Pot provision, however, there is an  aggregate overall lifetime limit of £50,000.

Who is responsible for calculating and making payment of income tax on Triviality and Small Pot claims?

It is the responsibility of the Trustee of the pension arrangement to calculate and deduct the income tax before making payment.

Do I have the right to claim my pension fund under Triviality or Small Pot option?

Only if these options are specifically stated in the rules of your pension arrangement. Not all pension arrangements have updated their rules to incorporate the current Triviality or Small Pot provisions and there is no obligation on the pension providers or Trustees of the pension arrangement to do so.

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