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    • Muscle750
    • By Muscle750 27th Aug 17, 2:02 PM
    • 876Posts
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    Muscle750
    Pru 25% tax free question
    • #1
    • 27th Aug 17, 2:02 PM
    Pru 25% tax free question 27th Aug 17 at 2:02 PM
    Ill be 55 at christmas and am planning to take the 25% tax free lump sum from my Pru pension, Ive spoke to them to see what the figures are etc althou i realise this can change to a small degree etc. I will ask them however just wondered do i have to wait till im actually 55 and then apply or can i submit any forms etc say a month before and then cut the processing time etc.
Page 1
    • xylophone
    • By xylophone 27th Aug 17, 2:12 PM
    • 22,881 Posts
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    xylophone
    • #2
    • 27th Aug 17, 2:12 PM
    • #2
    • 27th Aug 17, 2:12 PM
    You need to ring the Pru, advise when you wish to access your pension and ask how soon you need to submit your application for payment at the date you require.
    • dunstonh
    • By dunstonh 27th Aug 17, 3:59 PM
    • 89,501 Posts
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    dunstonh
    • #3
    • 27th Aug 17, 3:59 PM
    • #3
    • 27th Aug 17, 3:59 PM
    Ill be 55 at christmas and am planning to take the 25% tax free lump sum from my Pru pension
    Most pru plans do not support drawdown and require a transfer to another plan.

    I will ask them however just wondered do i have to wait till im actually 55 and then apply or can i submit any forms etc say a month before and then cut the processing time etc.
    Seeing as you are likely to need a pension transfer, you could start it earlier.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • Alexland
    • By Alexland 27th Aug 17, 5:18 PM
    • 233 Posts
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    Alexland
    • #4
    • 27th Aug 17, 5:18 PM
    • #4
    • 27th Aug 17, 5:18 PM
    Also be aware as soon as you start drawing any off your pension then there are much tighter limits on future contributions to try and stop you recycling the money back into the scheme.
    • kidmugsy
    • By kidmugsy 27th Aug 17, 6:23 PM
    • 9,614 Posts
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    kidmugsy
    • #5
    • 27th Aug 17, 6:23 PM
    • #5
    • 27th Aug 17, 6:23 PM
    Also be aware as soon as you start drawing any off your pension then there are much tighter limits on future contributions to try and stop you recycling the money back into the scheme.
    Originally posted by Alexland
    That's true if the OP draws a penny more than 25%. But if he draws just the 25% then the only restrictions that might affect him are the rules against Recycling of Pension Lump Sums. These won't affect him if he continues to make his usual contributions.
    • Muscle750
    • By Muscle750 27th Aug 17, 8:37 PM
    • 876 Posts
    • 266 Thanks
    Muscle750
    • #6
    • 27th Aug 17, 8:37 PM
    • #6
    • 27th Aug 17, 8:37 PM
    I havent contributed to this pension for over 5 years as ive been ploughing it into my company pension instead. Ill ring the Pru again this week to clarify whats what etc and ill post it on here in case anyone else wants to know etc.
    • Keeping Motivated
    • By Keeping Motivated 14th Sep 17, 9:54 AM
    • 3,537 Posts
    • 11,676 Thanks
    Keeping Motivated
    • #7
    • 14th Sep 17, 9:54 AM
    • #7
    • 14th Sep 17, 9:54 AM
    Hi Id be interested to hear how you are going on with this
    3-6 Mth EF #24 - £6000/£6000 Next Target £3790/£6000
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