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Large and small pension pots.
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triguy58
Posts: 5 Forumite
Hi,i am a 56 years old with a private pension of 70k which i am still paying into,hopefully until retirement age;and a smaller one of 18k acquired when i opted out of serps about 25 years ago. My question is,under the new regulations could i take the smaller pot now to pay off mortgage,or would i have to wait until next april? Any advice will be much appreciated.
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Comments
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You could take 25% of the smaller tax-free, plus a taxed capped drawdown from it - or Liverpool Victoria (aka LV=) could sell you a one-year annuity. (Thinks: I wonder whether you could take the drawdown and then buy the annuity????)
Assuming that the legislation goes ahead as Osborne intends, you could clear out the rest of the small pot next year.Free the dunston one next time too.0 -
You could split the 18K pot into 2 arrangements then commute both of them under the small pots rule.0
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Thanks kidmugsy,i'll keep things simple and wait until next year.0
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