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can anyone answer this please.
daniel80
Posts: 233 Forumite
If someone has a pension pot of just under 30k from a previous employer is he allowed to take this as cash. Age 57. Thanks for any help.
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Comments
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Under current rules you cant take a pension as cash until you are 60. If you were 60 for a pension of just under £30K even under the rules from April this year you could only take it as cash if it was the only pension you had.
The rules will be changed significantly from April 2015. Under current proposals you will be able to take it as cash from age 55 but this has yet to be put through parliament.
Whether its a good idea to do this depends on your circumstances and what you plan to do with the money.0 -
Also remember that if it is taken as a lump sum you will pay income tax on it at your highest marginal rate0
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