How to get my hands on my pension pot tax free?

funnymonkey

Good morning.
Please forgive me as I know very little on how pensions work.
I'm aged 50 now and wish to retire at 60. I have a pension pot of 90k which may grow over time but I wish to use this money to invest elsewhere to give a greater return.
I understand that 25% would be tax free but wondering if there's any method in which I can get my hands on the remaining 75% tax free, either by selling or any other way.
Thank you

Tom99

If you have no other income when you take your pension you will have your £11,500 tax allowance so take it out at that rate.

brewerdave

funnymonkey wrote: »

Good morning.
Please forgive me as I know very little on how pensions work.
I'm aged 50 now and wish to retire at 60. I have a pension pot of 90k which may grow over time but I wish to use this money to invest elsewhere to give a greater return.
I understand that 25% would be tax free but wondering if there's any method in which I can get my hands on the remaining 75% tax free, either by selling or any other way.
Thank you

You can't touch any of it until you are 55:)

tacpot12

Be wary of anyone that says there is a way to withdraw money from your pension before the age of 55. They are likely to be scamming you, and you will end up loosing all your money.

A better option for you will be to learn a bit more about investing, and improve the performance of your current pension.

AnotherJoe

Why can’t you invest it differently to the way it’s currently invested, within your pension ???

AnotherJoe

tacpot12 wrote: »

Be wary of anyone that says there is a way to withdraw money from your pension before the age of 55. They [STRIKE]are likely to[/STRIKE] will be scamming you, and you will end up loosing all your money.

A better option for you will be to learn a bit more about investing, and improve the performance of your current pension.

Fixed your typo tacpot:D

Linton

Why cant you get these greater returns from your pension? Pensions can invest in anything that an S&S ISA can and more. This may not be possible with your current provider, but you can always transfer your pension elsewhere.

Aretnap

I'm curious as to what investment you think will give you a better return than your pension? Especially since outside your pension any returns you make will be taxable.

(Hint: the following things will NOT give you a better return than your pension: Airport parking spaces, storage pods, rare earth metals, student flats, the 2:30 at Newmarket)

Triumph13

funnymonkey wrote: »

I wish to use this money to invest elsewhere to give a greater return.

Alarm bells!
It may be that we are all misjudging you and you do have a genuine use - eg you are an experienced property investor who knows their local market well, or you have just won a highly profitable contract for your family business and want this cash to fund expansion. In that case it might be a sensible move - although you can't do anything until you are 55.
Alternatively, you want the money to invest in tropical hardwood plantations that will be used to build pods to store students near airports. The technical term for the person marketing this investment to you is 'thief'.

funnymonkey

Thank you for all your replies so far.
A little more detail is probably required.
I'm really looking at finding a way to get my hands on the remaining 75% of my pension pot once I'm 55 if there is a way????
As I have my hands in other pies I will be above the taxable limit so waiting until I have no income is not an option.
Thank you so much

Linton

You cant legally get it tax free other than via your tax allowance - after the first 25% pension drawdown is treated and taxed in the same way as earned income. Which surely is only reasonable since you havent paid tax on the money going into the pot.