We have already covered triviality commutation for cashing in small defined benefit pension schemes. Watch: Trivial Pension Cash In
Triviality rules can be used where your defined benefit or defined contribution/money purchase occupational pension scheme is being wound up.
Winding Up Trivial Lump Sum Rules:
Lifetime allowance (the maximum you can accrue in pensions throughout your lifetime) – you must have some remaining lifetime allowance to able to use Triviality Commutation on Winding Up, but any lump sum paid out to you does not use up that same lifetime allowance.
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