Cashing in my pension

If you’re receiving a small pension in the Scheme (roughly £400 per year or less), you might be able to swap it for a one-off cash lump sum. This is known as a Trivial Commutation or trivial lump sum.

If your Scheme pension when converted to a lump sum (known as the capital value) is:

  • Less than £10,000 - You may be able to take it as cash, regardless of the value of your pension savings in any other schemes. You can take a maximum of three pensions in this way.
  • More than £10,000 - You may still be able to take your pension as cash, but only if the total value of all your pension savings (except any State Pension) is less than £30,000.

Please be aware…

The Trustee always needs to make sure that your pension is paid in line with the Scheme Rules. This can sometimes mean that even though you might meet HMRC requirements your pension cannot be taken as a cash lump sum.