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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
over 55 pension drawdown
tony_kilbryde
Posts: 1 Newbie
I had a pension pot of £40,000 with aviva, when i reached 55 I asked for my 25% (£10,000) tax free allowance. In the end I had to put the whole amount into drawndown before taking the 25%.
this now means I have now got £30,000 sat in a drawdown account doing nothing, I also have no pension and if I used the £30,000 for anything at all I will be taxed on it.
Why couldn't the remaining £30,000 have stayed in the pension ? what else can I do with it?
Tony.
this now means I have now got £30,000 sat in a drawdown account doing nothing, I also have no pension and if I used the £30,000 for anything at all I will be taxed on it.
Why couldn't the remaining £30,000 have stayed in the pension ? what else can I do with it?
Tony.
0
Comments
-
How old are you now?
Are you employed?
If so, does your employer offer a pension scheme?0 -
If it's in drawdown, then you should be to invest the remainder in funds if that's what you want to or at the very least transfer it to a scheme that does allow you to invest.
Before investing, you need to check that you wont need more cash in the near future.0 -
this now means I have now got £30,000 sat in a drawdown account doing nothing
Why is it doing nothing?
it is in a pension.Why couldn't the remaining £30,000 have stayed in the pension ?what else can I do with it?
Who is it with now?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
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards