NRA60/Trivial Commutation Lump Sum

[hantsman]

Just received my forms for my NR60 for next May 2021 payment, I have 3 options,

1. Full pension
2. 25% tax free + remaining pension
3. My Trivial Commutation Lump Sum (20,000) To give up all future pension benefits.

I fully understand the first 2 options, the 3rd one is understood despite the odd name given to it by HRMC,

I am not in receipt of any pensions at the moment but I have a deferred final salary pension payable at 65, its well over the allowed capital value of £30,000 allowed by HRMC.

The question is am I allowed (If I want to) To take the Trivial Lump sum? I don't think I can, probably Robert T may advise, I'm asking HMRC as well.

[freespeech]

Just received my forms for my NR60 for next May 2021 payment, I have 3 options,

1. Full pension
2. 25% tax free + remaining pension
3. My Trivial Commutation Lump Sum (20,000) To give up all future pension benefits.

I fully understand the first 2 options, the 3rd one is understood despite the odd name given to it by HRMC,

I am not in receipt of any pensions at the moment but I have a deferred final salary pension payable at 65, its well over the allowed capital value of £30,000 allowed by HRMC.

The question is am I allowed (If I want to) To take the Trivial Lump sum? I don't think I can, probably Robert T may advise, I'm asking HMRC as well.

https://www.trivialcommutation.co.uk/pa ... and%20over.

[RobertT]

The link Freespeech has provided answers your question!

I believe you have to inform the RMPP and RMSPS of any other pensions you have when applying for your RM pension. I think it's called the 'lifetime allowance declaration' or something similar.

Therefore as your other pension will take you over the £30k limit, the ability to take your NRA60 as a trivial commutation lump sum, isn't really an option in practice.

[derekm]

How long have you been with Royal Mail