Early Access to Pension Savings – LITRG comments
Our response to this consultation focuses on a single area – the ability to cash in small pension pots for a lump sum (a process known as ‘trivial commutation’). By definition, this is an area likely to impact most on those pensioners with the lowest means.
The problems can be broken down into two areas, each of which we consider in more detail in our response:
- complexity and inflexibility of the law itself; and
- practical problems, such as lack of guidance and sources of advice and HMRC processes in obtaining a tax refund.
The consultation document can be found on the HM Treasury website.
LITRG responsen be found by using the link.
Contact : Kelly Sizer (please use form at http://www.litrg.org.uk/ContactUs)