Anyone around to answer a pension question?

[ssd]

Dh wants to cash in a small pension he has but not sure what sum of money he'll get

He's got a transfer value on 30 April 2019 of £3500, if he cashed it all in would he get that amount?

He's 56

We need the money

It would be very close to the amount quoted on 30 April, yes.

I read somewhere it would be treated as income and it would be taxed?

Yes it's treated as income and will be taxed appropriately. the first 25% will be tax free then the remainder will be added to his personal allowance. If he's a basic rate taxpayer he'll pay 25% on the balance and if he's a higher rate taxpayer he'll pay 40% on the balance.

Thank you

You wouldn't be getting anything close to your transfer value and as you are taking it before state pension age it will be reduced...a lot.

I was recently offered to either transfer about £6,500 to my new pension scheme or take a cash payout of roughly £350. I’m 51. Not sure if those amounts are representative of what you could expect.

OK thanks
Don't think he will cash it in then, but he's phoning them tomorrow to find out.