Pension - haven't got a clue!

[TheUnquestionedAnswer]

I have been given a triviality amount I can take as lump sum but have been told by colleagues that the amount of the pension plus annual income must not exceed 50k. In my case it would, so does anyone know if I can take just a part of the triviality amount to not take me over the 50k? I've been putting off dealing with this for ages and now stressing about it as need to get the paperwork in.
Would be very grateful for someone in the know to advise. thanks

Why do you keep saying £50k is trivial? It's not trivial to many people!

Your post doesn't make much sense, but if you're in the U.K. and over 50 you can get excellent free advice from Pension Wise

www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise

Triviality is a financial term to do with pensions, it has a totally different meaning.

I assume you're talking about a trivial commutation lump sum? You can take it regardless of how much it brings your total income to, it's just that it is taxed at your marginal rate of tax so to the extent it takes you into the higher rate band you'll pay 40% tax on the bit that exceeds it. Although saying that assuming that the pension isn't yet in payment you'll get the first 25% of it tax free.

You can't just take part of it as it has to wipe out your entitlement under that arrangement.

thanks for your replies. The wording says

The capital value of your benefits indicates that HMRC may permit you to exchange your entire pension for a lump sum
Then it gives the lump sum amount, 25% of which is taxed
The ability to take your pension as a trivial cash sum depends on the value of any other benefits you may have entitlement to.

thank you and sorry it didn't make sense, I don't really know what I am talking about

Huh? I think you’ve misunderstood the meaning of triviality in this case.

Only if you have a DC pension. Triviality usually refers to DB pensions

It doesn't make sense that only 25% is taxed. Would normally be 25% taxed 75% untaxed. I suggest you give the administrators a call and they can explain all.