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Pensions
hayleydaley
Posts: 69 Forumite
From my recent posts. Can I take one pension cash lump sum this year then the others each new tax year.
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Comments
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Haven't seen the other posts but if you mean PCLS, you can take as many as you have different pensions, all in the same tax year.The questions that get the best answers are the questions that give most detail....0
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hayleydaley wrote: »From my recent posts. Can I take one pension cash lump sum this year then the others each new tax year.
You can take them all in one tax year if you want.
However if you're trying to mitigate tax and have no other income to use up your personal allowance, then yes taking them in different tax years will help.0 -
Isn't that precisely what this is for?
https://www.pensionwise.gov.uk/
Phone calls are by appointment, apparently.
Ideally, you want to have a weekend appointment, free up to one hour. Unless they call you, when your appointment comes up.
Do come back and tell us how useful it was.0 -
But what about tax implications and the life time allowances0
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Phoned them up about as useful as a chocolate tea pot. They gave me the number of cab. I phoned them aswell said they would not look through my paperwork. So still non the wiser0
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LTA is about putting in not taking out.The questions that get the best answers are the questions that give most detail....0
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Just to recap
Stakeholder pension. 28,000
Final salary. 24,000
Final salary can take pension of 1671pa or cash lump 7838 with a pension of 1175 pa
Would it be possible to take one in each tax year so as not to go into the 40% band
I have retired no income.0 -
Thanks for the feed back.
I think you will find this interesting.
BBC Radio 4, Moneybox. 12:00 Saturday 28th March 2015.
They did a Pension Special. You can listen using BBC iPlayer.
They reckon it costs £1,000 to do a decent job of working it all out for one person. I do find the comment "it's probably worth it for a person with a £100k pension pot" amusing.0 -
They reckon it costs £1,000 to do a decent job of working it all out for one person. I do find the comment "it's probably worth it for a person with a £100k pension pot" amusing.
It probably is. I find around 4 out of 5 pensions are worth transferring to modern alternatives and resulted in a cost savings usually running into many tens of thousands of pounds after advice charge. Doing nothing and not paying £1000 can actually cost you more.I 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 -
hayleydaley wrote: »I have retired no income.
When is your State Retirement Pension due? How much will it be?Free the dunston one next time too.0
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