Basic Pension tax advice

tenpin369

Hi
My pension fund isn't huge but I looking at my options. It's a DB scheme and I have an estimate of £120,000 as CETV. My intention is to transfer this to a fund to provide a variable income and continue working. I am over 55.
With all due respect to those who read this, I am not seeking advice on the pros and cons of transferring a DB pension.
The burning question is - what element of the CETV is taxable?
Many thanks.
DC

Linton

The CETV money moves as a lump sum from your DB pension to your private pension tax free. From there 25% is tax free and the remainder you draw down is taxed as income.

tenpin369

Thanks Linton
That seems clear.
The transfer is not a taxable event but the withdrawals from the fund are?
DC

xylophone

You intend to transfer to a DC arrangement?

http://www.scottishwidows.co.uk/Extranet/Literature/Doc/FP0519

MPAA reducing

http://www.scottishwidows.co.uk/Extranet/Literature/Doc/FP0617

Linton

tenpin369 wrote: »

Thanks Linton
That seems clear.
The transfer is not a taxable event but the withdrawals from the fund are?
DC

Correct..........