We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Can you only buy a drawdown from pension money?
Tight_Fart
Posts: 77 Forumite
A friend of mine is 59, no pension and about to divorce with no assets apart from their house.
He's expecting to rent as he won't have enough funds to buy. (£100-150k)
Could he put his money into a drawdown pot?
He's expecting to rent as he won't have enough funds to buy. (£100-150k)
Could he put his money into a drawdown pot?
0
Comments
-
He can put it in a savings or investment account and draw it whenever he wants.
He cannot put it into a pension (at least not all at once) due to contribution limits.0 -
You can draw an income from most tax wrappers. ISAs, onshore/offshore bonds, unwrapped etc.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
-
Although even with ISA's there are annual limits on contributions.0
-
£100k-150k should be easy enough to avoid tax for most people using a combination of pension, ISA and unwrapped. Obviously, circumstances will dictate what is best and we dont know those circumstances.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.4K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.4K Work, Benefits & Business
- 601.2K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards