Few quick questions

bury_2

Hi,

Does anybody know the following information:

is the amount you can take tax free from a pension 25%?

Is the earliest you can take the pension now 55?

If the amount is under 15k can you take the lot tax free and not buy an aunity?

Thanks

duckhunter

bury wrote:

Hi,

Does anybody know the following information:

is the amount you can take tax free from a pension 25%?

Is the earliest you can take the pension now 55?

If the amount is under 15k can you take the lot tax free and not buy an aunity?

Thanks

1. Yes usually although some old contracts will allow you to take more.
2. No not until 6 April 2011 when the age will be 55, it's 50 at present.
3. No, the total of all pension schemes must be within 1% of the Lifetime allowance (curently 1.5m so £15k at present). You don't get the lot tax free. 25% is Tax Free. The rest will be taxed at your usual rate.

EdInvestor

No not until 6 April 2011 when the age will be 55, it's 50 at present.

55 from April 2010, AFAIK

duckhunter

well spotted, long day at work:D