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New rules for trivial lump sum announced

13 March 2008

The government has announced changes which will allow people to take very small benefits from occupational pension schemes (i.e. company pension schemes) as a lump sum.

In his first budget, chancellor Alistair Darling said the new rules would look at one scheme in isolation and allow benefits to be paid as a lump sum where the value of those benefits is below £2,000 - allowing people to take very small benefits in one occupational pension scheme as a lump sum under the triviality rules while receiving an income from another, larger, pension pot.

The new rules will not apply to private pensions, such as a personal pension scheme.

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