We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
How long after opening a pension plan can I cash it in?
hope_to_retire_soon
Posts: 1 Newbie
Hi All,
Does anyone know if there are time limts of drawing pensions? I am thinking of putting my earnings that attract 40% tax into a pension and taking a lump sum of 25% and drawing down the rest as quickly as possible. I am a 57 year old male.
thanks
Does anyone know if there are time limts of drawing pensions? I am thinking of putting my earnings that attract 40% tax into a pension and taking a lump sum of 25% and drawing down the rest as quickly as possible. I am a 57 year old male.
thanks
0
Comments
-
Hi
You can take pension benefits immediately once you are over the age of 55.
Once the tax free lump sum is taken you can then draw an income using a variety of options e.g. annuity, income drawdown (capped or flexible), fixed term annuity, phased retirement, scheme pension....I must have missed a couple of options.
The Canny SaverAlways looking for a good deal on my savings, generally risk averse, but always interested in new ideas and new ways of doing things.0 -
How long after opening a pension plan can I cash it in?
1 second. Indeed, there are immediate vesting pension plans for that very purposeI am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.9K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards