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withdrawing from drawdown pension can any one help?
Comments
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Even though I found this on the gov.uk website? :-(
Yes."Cash from a defined contribution pension scheme
You may be able to withdraw cash directly from your pension pot if you’re in a defined contribution pension scheme. You can either withdraw:
your whole pension pot - 25% is tax free
That's what you have taken already.smaller cash sums - 25% of each sum is tax free
These are called ‘uncrystallised funds pension lump sums’ (UFPLS)."
So now you can't use that.
You crystallised the whole pot when you took your 25%. You don't get another 25% with each withdrawal from already crystallised funds.0 -
Ok, thanks.
Just one more Q. I dont know if it is capped or flexible drawdown.
It says that the fund value is already in drawdown.
The maximum income I can take is £4469 to be reviewed again in 2017.
This was from the statement from November.
Does anyone know what this means?
thanks again.0 -
Ok, thanks.
Just one more Q. I dont know if it is capped or flexible drawdown.
It says that the fund value is already in drawdown.
The maximum income I can take is £4469 to be reviewed again in 2017.
This was from the statement from November.
Does anyone know what this means?
thanks again.
That sounds like capped drawdown to me. However this was obviously done before the pension changes this month.0 -
Do you know if I can take cash from this now, or will I need to swap to a flexi drawdown?0
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The most tax efficient approach is to only take your personal allowance out each year. You can also then put £2880 pa back into a pension, which then gives you another £3600 to take back out later, with 25% of that being tax free.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
I agree with gadget. Keep all of your money with no tax.
Draw up to 10,600 and keep drawing up to PA each year until it is gone and pay NO Tax at all.0
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