How do I get my pension in cash

zagfles

Linton wrote: »

If the advice happens to be wrong, possibly because the people here didnt notice what the OP said or ask as deeply as they should have done as to the OPs circumstances, that's tough luck on the OP. There is no liability here so people's advice can be dangerous nonsense. Using an IFA provides a good level of liability coverage.

Of course mostly things are simple and the wide range of responders jointly come up with the right answer. But if you are talking about serious money that is vital to your future you may reasonably consider that isnt good enough.

Personally I'd be more confident in getting a correct answer from a consensus of the many knowledgable people here than from one individual IFA.

Of course I take the point about liability - though I do wonder how that would work in practice, particulary with taxation/benefit issues which may involve predictions of what might happen in the future.

I think the main point of a discussion board like this is that it will point people in the right direction, it will make them think about things they might not have thought of (eg perhaps IHT in this case), it will give them a starting point to investigate further. Then they can decide whether they think they need professional advice or not.

dunstonh

The OP can get that sort of "advice", or perhaps "guidance", by posting here, where people will help him for free. Like atush did, concisely covering the main taxation issues saving the OP perhaps "18k" totally free. Or by phoning pensionwise https://www.pensionwise.gov.uk

"Advice" posted on these boards is opinion and discussion. Not advice. Sometimes it will be right. Sometimes it will be wrong. Often how threads develop is that you find more info comes to light later on and early comments can be overtaken by new information. For simple things it can be easy. For more complicated things, less so.

Pensionwise do not give advice and they would not go into the personal details required to that sort of level. They give generic guidance and pointers.

No need to pay £3600 for a simple bit of tax advice. The regulars here understand taxation etc as well as any IFA.

The OP is not a regular and there is no indication that he knows the full tax situation or how to avoid it.

zagfles

dunstonh wrote: »

The OP is not a regular and there is no indication that he knows the full tax situation or how to avoid it.

Err...I was taking about the regulars here who are answering the OPs post.

Still interested in how you got "18k saving in income tax", given that the OPs plan doesn't involve paying tax at anything more than basic rate.

ETA: I suppose if he kept it in the pension, and were to die under the age of 75 then it would be inherited tax free rather than paying 20% tax on 75% of it. Worth spelling it out for the benefit of the OP don't you think?

Amolad

Is it me ... or are IFA's always trying to justify costs/liability rather than service?

mgdavid

zagfles wrote: »

.....

Still interested in how you got "18k saving in income tax", given that the OPs plan doesn't involve paying tax at anything more than basic rate.
.......

Working on the basis of the OP's post #1
2 pots = £120k
£120k minus 25% TFLS = £90k
Remainder drawn over 4 or 5 years
BR on £90k = £18k

But I think you knew that.

zagfles

mgdavid wrote: »

Working on the basis of the OP's post #1
2 pots = £120k
£120k minus 25% TFLS = £90k
Remainder drawn over 4 or 5 years
BR on £90k = £18k

But I think you knew that.

Yes as above, although I originally assumed it would be saving the OP the tax not his beneficiaries when he dies. By the sounds of it he has other investments which will use up his PA, in which case there's no prospect of him getting the 75% of the pension money out tax free except by dying.

Good that we have this board where people can get this sort of information totally free.

Amolad

Average daily earnings in the UK are barely £100 ... you gotta work hard to justify 18x that amount to convince the customer you're worth employing (even including your costs/liability)

dunstonh

Amolad wrote: »

Average daily earnings in the UK are barely £100 ... you gotta work hard to justify 18x that amount to convince the customer you're worth employing (even including your costs/liability)

That is not correct for professional jobs. However, you are mixing up turnover with income.

zagfles

Amolad wrote: »

Average daily earnings in the UK are barely £100 ... you gotta work hard to justify 18x that amount to convince the customer you're worth employing (even including your costs/liability)

Yeah but he could save the OP £18k in tax.

Oops, we've already told the OP how to do that, free of charge

Amolad

That is not correct for professional jobs. However, you are mixing up turnover with income.

What's professional? No Matter ... 18x is still a factor you have to counter?