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

xylophone

Once you are 55 you will be able to access the 25% PCLS - if you take out the remainder, it will be taxed as income in the tax year that you draw it.

Malthusian

I believe there is a jurisdiction or two where you can move abroad, transfer the pension to a Qualifying Recognised Overseas Pension Scheme, and draw the pension without HMRC applying tax in the UK or your new homeland applying tax at their end. Portugal has been mentioned in the past, but I have no idea if the rules have changed since, so you can do your own research (or better, pay a professional tax adviser experienced in advising HNW jet-setters).

The main thing to bear in mind is that you will certainly have to actually move outside the UK and stay there for a number of years.

What is the investment you think will get you a better return and why can't you invest in it within the pension wrapper?

Tiger_Moth

Triumph13 wrote: »

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'.

That's Brilliant:rotfl:

camelopardis

It is possible to have a protected retirement age in some pensions below the age of 55 (eg: I have a defined contribution pension with a protected age of 50)

lisyloo

camelopardis wrote: »

It is possible to have a protected retirement age in some pensions below the age of 55 (eg: I have a defined contribution pension with a protected age of 50)

Does that type of pension allow you to cash it all in?

AnotherJoe

funnymonkey wrote: »

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

That isnt what you posted originally. You said you wanted to get better investment returns, which leads to the question you haven't answered, what better investment returns are available to you outside a pension that are not available within?

AnotherJoe

lisyloo wrote: »

Does that type of pension allow you to cash it all in?

Dont see why not but you'd have to pay tax on it same as everyone lse.

camelopardis

thats correct - it has exactly the same rules as any other pension - only difference is I can draw it from age 50

kidmugsy

funnymonkey wrote: »

As I have my hands in other pies

That is pretty funny, monkey.

kidmugsy

AnotherJoe wrote: »

what better investment returns are available to you outside a pension that are not available within?

He can buy a pie shop.