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Closing a pension
sevenhills
Posts: 5,938 Forumite
I opted out of SERPs 20+ years ago, with a private pension with the Prudential.
A couple of years ago I withdrew £35k to purchase my house, leaving £6.5k still in the pension.
If I had withdrawn the full amount, I would have gone into the 40% tax bracket.
I have what I believe is enough pension provision for when I am 67, so I am wanting to spend the £6.5k on a vehicle and a little of it for a mortgage payment.
Is there any advantage of leaving a few hundred pounds in the pension, I am 57 years old.
Its value was £6,270 in Jan, its now valued at £6,555; I am thinking about buying a vehicle at Easter time.
A couple of years ago I withdrew £35k to purchase my house, leaving £6.5k still in the pension.
If I had withdrawn the full amount, I would have gone into the 40% tax bracket.
I have what I believe is enough pension provision for when I am 67, so I am wanting to spend the £6.5k on a vehicle and a little of it for a mortgage payment.
Is there any advantage of leaving a few hundred pounds in the pension, I am 57 years old.
Its value was £6,270 in Jan, its now valued at £6,555; I am thinking about buying a vehicle at Easter time.
0
Comments
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Is there any advantage of leaving a few hundred pounds in the pension, I am 57 years old.
a few hundred? no.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 -
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