Benefits secured

Question 1

Does a trivial commutation or small pot trigger a BCE?

Answer 1

No

Question 2

What is the maximum value of all RPS rights that allows an individual to take a trivial commutation?

Answer 2

£30k

Question 3

What is the maximum value of an individual pension that an individual can take a small pot from?

Answer 3

£10k

Question 4

What is the maximum number of small pots payments that can be made from non-occupational schemes?

Answer 4

3

Question 5

What death benefits do HMRC allow for scheme pensions?

Answer 5

Survivors/dependants pension
Guarantee period up to a max of 10 years
Capital protected lump sum

Question 6

In what situation could an annuity trigger the MPAA?

Answer 6

If it’s a flexible annuity

Question 7

What is the difference between an enhanced and an impaired annuity?

Answer 7

Enhanced is underwritten based on general medical questions, whereas impaired is individually underwritten based on a specific medical condition.