Draw tax free lump sum THEN move to a Sipp

Chapter73

Good afternoon

Is it possible to draw a lump sum (the tax free bit) from a ssas and then move to a SIPP, or are you better off moving the lot, then drawing the lump Sum?

Many thanks

AnotherJoe

I dont see why it would make any difference

GunJack

A S&SISA will all be tax-free on withdrawal. Where you may hit problems in putting it into a SIPP will be the limit on pension contributions depending on your salary and any other pension contributions associated with current employment. If not earning, you can only put £2880 net (£3600 gross) into a pension per year.

System

GunJack wrote: »

A S&SISA will all be tax-free on withdrawal. Where you may hit problems in putting it into a SIPP will be the limit on pension contributions depending on your salary and any other pension contributions associated with current employment. If not earning, you can only put £2880 net (£3600 gross) into a pension per year.

The OP is asking about SSAS=Small Self Administered Scheme (a type of pension) and not about S&S ISA!

GunJack

Economic wrote: »

The OP is asking about SSAS=Small Self Administered Scheme (a type of pension) and not about S&S ISA!

That'll teach me to read properly....

...or at least wake up properly first

Albermarle

I do not know about SSAS specifically but if you have a 'normal' DC pot , with no tax free cash taken , then any pension provider will be happy to take your money . Although if you then plan to immediately take the tax free cash and go into drawdown, there can be a minimum transfer amount they will accept .
If the pension is already in drawdown ( or partly) because tax free cash has already been taken , then a few providers will not accept the transfer or at least you will have to have a discussion with them rather than a quick on line transfer.