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Executive Pension Plan pre 2006
Gpxgeezer
Posts: 2 Newbie
Hi; wonder if anyone can help I have a pre 2006 S/Life Executive Pension Plan and I am told that if I have details of three salary incomes pre 2006 then there is a possibility that I could withdraw more than 25% of my pension pot tax free. I have this information however as I am director of my own company salary's were kept low and the rest of my income taken as dividends during this period. Does anyone know if the salary affects the calculation of the available tax free pension calculation.
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Comments
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I have this information however as I am director of my own company salary's were kept low and the rest of my income taken as dividends during this period. Does anyone know if the salary affects the calculation of the available tax free pension calculation.
Worst case scenario you still get 25%. That is not a problem. Its a case of whether you can get more than that. Which is why they ask for the salary information. They will run the salaries through their calculator and if it comes out allowing you more than 25% then you can take the higher amount. If it comes out lower, then you still get 25%.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 -
Hi Yes
Thanks for that your right of course, just wondered if it was worth digging out details of my other taxable income which weren't large amounts to declare. Since it was a long time ago this info is well buried.0
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