Trivial Pensions

If the value of your pension fund is relatively small you may be permitted to have your pension fund paid directly to you as a lump sum.

Jersey Members

You may elect to receive your pension fund as a lump sum on the grounds of triviality once you have attained age 60.

Your benefits in The Occupational Retirement Plan may be considered to be trivial if the total value of your pension fund together with any other pension benefits taken under triviality do not exceed £30,000.

Under the triviality option you may receive 30% of your pension fund tax free and the balance of the lump sum payment is subject to income tax at half the standard rate.

Guernsey Members

If the value of your pension fund is relatively small you may be permitted to have your pension fund paid directly to you as a lump sum on retirement or leaving service subject to the agreement of the Trustee.

Your benefits in The Occupational Retirement Plan may be considered to be trivial if the total value of your pension fund does not exceed £15,000;

or

If you are aged 50 or over and the aggregate value of all your pension funds (personal and occupational) including any previous trivial commutations, does not exceed £30,000.

Any lump sum payments made under the triviality option will be subject to income tax at:

  • the full standard rate if payment is made prior to attaining age 50.
  • half the standard rate if payment is made at age 50 or after.

Your options at Retirement include:

Contact us

Rossborough Financial Services Limited

Email: enquiries@rfsl.co.uk

Jersey

Phone: 01534 500662
Fax: 01534 732262

PO Box 332, 41 La Motte Street
St Helier, Jersey JE4 9YA

Guernsey

Phone: 01481 241534
Fax: 01481 241535

PO Box 127, Rossborough House
Bulwer Avenue, St Sampsons 
Guernsey GY1 3HG

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