Pension sipp / drawdown

Tayloriw1

Hello any advice appreciated as not sure im reading it right
I earn £54500 per year and want to pay into a private pension about 50k but with tax relief id only need to pay about 36k over next 2 years ?? then add the tax relief
I then need to withdraw the 25% out at 55 ( i will finish work a year before this though, but can i then take out £12500 out and what tax would that cost me ?
Then the following year i would take rest out ( as get my final salary pension at 57 )

Mnd

That seem right to me, if you don't earn anything else then you can take up to your tax allowance 11850 and just pay income tax above that ( in not a expert though, so someone else will correct me if I'm wrong )

AlanP_2

Into a PP you need to contribute the net amount accounting for BR tax, so for 50k gross you pay in 40k and HMRC contribute 10k.

You then notify HMRC of your gross contribution and they sort out any HR relief you are due through tax code or a payment to you.

You won't get HR relief on all of it, only on the amount you would have paid 40% on.

Taking it over 2 years is perfectly reasonable but timing will depend on point in tax year you leave work and earned income so far.

May be obvious, but just in case - think about what you invest in, a 100% equity fund would be taking a big chance over just 2/3 years.