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Managing own pension
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Not trying to hijack the thread, but what happens later down the line? The OP gets to a point where there is £100k sitting unused but in drawdown in a SIPP from age 60, but i am confused as to whether the upper age limit of 75 then applies? Does the OP need to do some tax planning to avoid taking a very large income in the tax year of the 75th Birthday?
Tax planning is important. The OP can obviously take the 25% tax free amount and fund an ISA and it might be a good idea to take bits of income each year prior to age 75 to minimize and simplify the tax situation. I'm not that familiar with the UK tax issues, but in the US it's common to take small annual distributions from retirement accounts to avoid having to take larger IRS mandatory amounts post 70 1/2 that would push you into a higher marginal tax bracket.“So we beat on, boats against the current, borne back ceaselessly into the past.”0 -
I've already taken the 25% lump sum and the 75 yr 'limit' I was unaware of nsor understand. I thought pensions would not be age restricted/penalised. I thiught it would be encouraged to plan a pension for well beyond 75, or have I misunderstood? Thanks0
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I thought pensions would not be age restricted/penalised0
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