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Drawdown or leave?
captaintee
Posts: 7 Forumite
I have a small pension that has been available for a few years each time i've opted to leave it but am I right. I am 71 the total amount available is about £14000 if I draw down the lot will I have to lose money in tax or is there another option?
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Comments
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The general rule of thumb is to leave it in the pension unless there is a justifiable reason to not do so.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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If you do not want to draw it down all at once you can draw it down a bit each year, though possibly not with your current provider. Whether that will actually make any difference to your tax depends on what your other income is and whether an extra one-off £14000 would put you into a higher tax band.0
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