Do I need professional help?

RebTech

atush wrote: »

It would be preferable to leave your pension until you actually retire (or if you plan to work until SPA then use it in the last few years)

I could start using it now AND use it in the last few years! (SPA Sept 2018.)

jamesd

RebTech wrote: »

Thanks very much for this info, but I'm not clear, do you mean taking 25% of the whole in one go (presumably investing whatever I don't need immediately), or something more complex?

Either way. You don't have to take benefits from/crystallise it all at once, you can just do it with sufficient for the 25% tax free lump sum to be the amount you need. Doing it in steps can avoid you ever going over the savings limit.

RebTech

jamesd wrote: »

Either way. You don't have to take benefits from/crystallise it all at once, you can just do it with sufficient for the 25% tax free lump sum to be the amount you need. Doing it in steps can avoid you ever going over the savings limit.

Apologies for my ignorance and I do appreciate folks' willingness to help out, but would somebody mind explaining about this savings limit?

jamesd

Sorry, I was thinking of other types of means tested benefit, not WTC. The ones that cut benefits when your savings exceed a certain value. So not applicable to your situation.