Multiple pension pots

Mara_uk7

I have several pension pots from previous employments, including one civil service one. Can I withdraw 25% from each of them tax free ?

kidmugsy

Your civil service one is presumably not a "pot" but a set of promised benefits - usually remarkably good benefits provided at painful cost to the taxpayer. The exception would be if you had objective reason to expect a short lifespan.

If your other pensions are money-purchase schemes (as opposed to Defined Benefit schemes like the civil service one) then you can take out the 25% from each as long as you are 55. But you'd be wise to check charges, penalties, and any advantages forgone (for example Guaranteed Annuity Rates).

dunstonh

Civil service is not a pot. Its a defined benefit. (Semantics I know but there is no pot of money there).

Can I withdraw 25% from each of them tax free ?

In most cases yes you can. In some cases no you cant. In some cases, you can have greater than 25%. 25% would apply to the majority of money purchase pensions.

in the case of defined benefit schemes, the benefits are adjusted depending on the amount of lump sum you take. The calculation is designed to have a maximum that is broadly similar to 25% but as there is no pot of money, it cant be called 25%. Taking the lump sum from these types of schemes may not be the best option. Unlike personal pensions, where it is in the majority of cases.

xylophone

http://www.civilservicepensionscheme.org.uk/members/deferred/information-for-deferred-members/

Were the other schemes Defined Benefit or Defined Contribution?

Re state pension https://www.gov.uk/state-pension/overview