Cashing in a full salary pension

Beside_The_Seaside

Hi All
I would like some advice please if anyone can help.
My dad worked at the same company all his working life (42 years).
He has a fully salary pension. His pot is worth £300.000.
His company paid out £75000 of his pension pot two years ago and he retired fully last year.
He can draw is old age pension from June this year.
He has been told he can cash his full pension pot from April next year, we were wondering if anyone knew how much tax he would have to pay if he did cash in the whole lot.

I have tried looking it up but I find it very confusing.

Thank you for any help

xylophone

Do you mean that your father has a Final Salary Pension?

He took his tax free pension commencement lump sum two years ago (by commutation- see here)?
https://www.barnett-waddingham.co.uk/comment-insight/blog/2014/08/06/what-is-commutation/


He is now drawing his occupational pension?

jem16

Beside_The_Seaside wrote: »

He has been told he can cash his full pension pot from April next year, we were wondering if anyone knew how much tax he would have to pay if he did cash in the whole lot.

You appear to be describing a final salary pension which your Dad has taken benefits from in the form of a tax-free lump sum and a monthly pension. This a Defined Benefit pension and is not subject to the new rules that came into force for Defined Contribution pensions in April of this year.

So basically your Dad doesn't have a pension pot so no he can't cash it in.