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How to take 25% from pension pots
handyman1963
Posts: 10 Forumite
Hello,
hopefully a straightforward question..
Background:
I've just turned 55 and wish to withdraw 25% of my accumulated pension pots of c. £200k. I have 3 pots plus a protected rights pot. I also wish to consolidate into a SIPP. I would like to get the cash as soon as possible, so..
Question: Can/should I withdraw the cash before or after consolidating the pots in a SIPP? Is it simpler this way, or,for example do I have to ask for 25% from each current provider?
Many thanks for reading and apologies in advance if I've missed a similar question being answered previously.
hopefully a straightforward question..
Background:
I've just turned 55 and wish to withdraw 25% of my accumulated pension pots of c. £200k. I have 3 pots plus a protected rights pot. I also wish to consolidate into a SIPP. I would like to get the cash as soon as possible, so..
Question: Can/should I withdraw the cash before or after consolidating the pots in a SIPP? Is it simpler this way, or,for example do I have to ask for 25% from each current provider?
Many thanks for reading and apologies in advance if I've missed a similar question being answered previously.
0
Comments
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Can/should I withdraw the cash before or after consolidating the pots in a SIPP?
It is unlikely the legacy pensions support the drawdown method you are after. So, transfer will be the likely requirement first.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 -
Consolidating first will cut the paperwork but you don't actually need to wait for all to be transferred before you can start to take the money from those that have made it. Some places have charges for each step that you might pay several times, though.0
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