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Withdrawing pension pot after auto-enrollment
Czara
Posts: 2 Newbie
I am 53 and being auto-enrolled shortly. I'm happy with this but plan to only work for another 5 years hopefully. Does anyone know when I will be able to draw on this pension or if I'll be able to take the whole savings out as a lump sum? If I can take the whole lump sum as cash, will it be taxable?
Thanks
Thanks
0
Comments
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I'm assuming this is a defined-contribution scheme, i.e. a pot being built up?
Benefits can be taken from age 55.
Up to 25% can be taken as a tax-free lump sum, anything beyond that is treated as income and is taxable at your marginal rates accordingly.
You can fully cash in if desired. The scheme you are in may facilitate this; otherwise it is possible to transfer to another provider who can.0
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