This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.


Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Assigning Pension policies into own name and ceasing to be trustees

Posts: 5
Joined: Sat Dec 01, 2018 11:40 am

Assigning Pension policies into own name and ceasing to be trustees

Postby jed1 » Sat May 11, 2019 11:41 am

We are (husband and me) trustees of our Company's Pension Scheme (XL plus) and we are the only members of the scheme. Company has now been closed, we are retired (since June 2018) , aged 63 and 62.
Amounts in the Scheme are small £80,000 for husband and £50,000 for me. We stopped paying in aged 60.
We have a form to assign the scheme into our own names and stop being trustees. Is this a good idea.?
We can have flexible drawdown and as we have little to no income, could draw down almost up to the personal tax free amount each tax year from our pensions. My husband thinks we are best to consult a financial adviser but I think the amounts in our scheme are too small.

Return to “Savings & Investments, Pensions & Retirement”