Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Spjm
    • By Spjm 10th Sep 17, 9:17 AM
    • 1Posts
    • 0Thanks
    Spjm
    Lump Sum when you have 2 pensions
    • #1
    • 10th Sep 17, 9:17 AM
    Lump Sum when you have 2 pensions 10th Sep 17 at 9:17 AM
    I have been offered a tax free lump sum of £120k from my final salary pension and I have £50k in a HL Sipp. If I take both pensions at the same time and only take £70k lump sum from my final salary pension can I take all the £50k from my sipp tax free. If that is possible how do I do this please. Many thanks.
Page 1
    • ffacoffipawb
    • By ffacoffipawb 10th Sep 17, 10:38 AM
    • 2,387 Posts
    • 1,555 Thanks
    ffacoffipawb
    • #2
    • 10th Sep 17, 10:38 AM
    • #2
    • 10th Sep 17, 10:38 AM
    I have been offered a tax free lump sum of £120k from my final salary pension and I have £50k in a HL Sipp. If I take both pensions at the same time and only take £70k lump sum from my final salary pension can I take all the £50k from my sipp tax free. If that is possible how do I do this please. Many thanks.
    Originally posted by Spjm
    No, this is not possible as the SIPP is a standalone pension not related to your other pension scheme.
    • bigadaj
    • By bigadaj 10th Sep 17, 11:35 AM
    • 10,694 Posts
    • 6,984 Thanks
    bigadaj
    • #3
    • 10th Sep 17, 11:35 AM
    • #3
    • 10th Sep 17, 11:35 AM
    I have been offered a tax free lump sum of £120k from my final salary pension and I have £50k in a HL Sipp. If I take both pensions at the same time and only take £70k lump sum from my final salary pension can I take all the £50k from my sipp tax free. If that is possible how do I do this please. Many thanks.
    Originally posted by Spjm
    Why do you want the money, can you take pension instead of the lump sum and if so how much pension would you get.

    Pensions are all held separately, so you can take 25% of the sipp, the rest will be taxed as earnings. If you take more than the 25% from the sipp then that restricts what you can put into a pension in future.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

179Posts Today

1,761Users online

Martin's Twitter