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2nd Pension Pot
christoph53
Posts: 1 Newbie
I recently turned 60 and started receiving an NHS pension. I claimed a 25% tax free lump sum at that time. I am now considering taking early retirement from my full time job and cashing in a second personal pension pot with a well known insurer. Am I able to take a 25% lump sum from that pension pot tax free as well?
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Comments
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As far as I am aware you can cash in 25% of each pension pot tax free. I am a newbie but I have read a lot of posts, somebody else will reply to your question.0
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Yes you can.
Whether it is appropriate to do so is another question entirely.I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.0 -
christoph53 wrote: »I recently turned 60 and started receiving an NHS pension. I claimed a 25% tax free lump sum at that time.
Not such a good choice. You would have been better with the higher pension and taking only any automatic lump sum.I am now considering taking early retirement from my full time job and cashing in a second personal pension pot with a well known insurer. Am I able to take a 25% lump sum from that pension pot tax free as well?
You can do this, yes. Is it a good idea, possibly.0 -
Yes, you can. And perhaps should have earlier instead of raiding your NHS pension by taking such a large lump sum.0
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