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  • FIRST POST
    • Tight Fart
    • By Tight Fart 4th Dec 17, 7:52 AM
    • 15Posts
    • 0Thanks
    Tight Fart
    Can you only buy a drawdown from pension money?
    • #1
    • 4th Dec 17, 7:52 AM
    Can you only buy a drawdown from pension money? 4th Dec 17 at 7:52 AM
    A friend of mine is 59, no pension and about to divorce with no assets apart from their house.
    He's expecting to rent as he won't have enough funds to buy. (£100-150k)
    Could he put his money into a drawdown pot?
Page 1
    • anselld
    • By anselld 4th Dec 17, 8:31 AM
    • 5,427 Posts
    • 4,993 Thanks
    anselld
    • #2
    • 4th Dec 17, 8:31 AM
    • #2
    • 4th Dec 17, 8:31 AM
    He can put it in a savings or investment account and draw it whenever he wants.

    He cannot put it into a pension (at least not all at once) due to contribution limits.
    • dunstonh
    • By dunstonh 4th Dec 17, 11:06 AM
    • 89,880 Posts
    • 56,556 Thanks
    dunstonh
    • #3
    • 4th Dec 17, 11:06 AM
    • #3
    • 4th Dec 17, 11:06 AM
    You can draw an income from most tax wrappers. ISAs, onshore/offshore bonds, unwrapped etc.
    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 an Independent Financial Adviser local to you.
    • LHW99
    • By LHW99 4th Dec 17, 12:41 PM
    • 992 Posts
    • 850 Thanks
    LHW99
    • #4
    • 4th Dec 17, 12:41 PM
    • #4
    • 4th Dec 17, 12:41 PM
    Although even with ISA's there are annual limits on contributions.
    • dunstonh
    • By dunstonh 4th Dec 17, 1:08 PM
    • 89,880 Posts
    • 56,556 Thanks
    dunstonh
    • #5
    • 4th Dec 17, 1:08 PM
    • #5
    • 4th Dec 17, 1:08 PM
    £100k-150k should be easy enough to avoid tax for most people using a combination of pension, ISA and unwrapped. Obviously, circumstances will dictate what is best and we dont know those circumstances.
    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 an Independent Financial Adviser local to you.
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