help on new pension rules please

painterman9

Hi i am 58 and got a private pension i paid into for short while in the 80s with brittanic now pheonix the value of which is only 8.5k my question is will i be able to have the full amount in one lump sum come april this year.i know i will have to pay tax on a %.
any help please

atush

yes and no. Yes if the policy allows it, no if they dont

But if they dont, you just transfer it to someone who will? So yes

xylophone

You should be able to access it but will Phoenix require you to transfer out to enable you do do so?

You need to ring Phoenix and ask.

pinkforfloyd

If its a defined contribution pension then shouldn't be a problem if the scheme allows. You can have £2125 tax free as your lump sum but dependent on you earnings for tax year 2015-2016 you may have to pay 20% on the remainder. If your earning less than 34k per year you should only pay £1275 about tax on the remainder.