£120,000 easy access investement

SonOf

My idea was take 25% tax free and only draw £1000 a month so i dont pay any tax

in which case, you are likely doing this the wrong way. Phased drawdown would be better for you.

Albermarle

my idea for taking the whole 25% is due to the fact invested pensions in drawdown may go down as well as up

Of course it is true that pension funds can go down as well as up, especially in the short term . However in the long term the trend is that they will perform better than cash savings . The pension amount you have today is because of this. Iff it had been only invested in cash it would have been a much smaller amount .
You are likely to live on average another 30 years and long term growth in your pension funds will help ensure you can maintain a good income , so reducing it by 25% when you do not really need the money is probably a bad idea long term . Maybe if it makes you feel better take out 10%?

xylophone

this is as it stands now its still being invested ito the astra zeneca pension scheme

You are in the DC rather than the old DB Final Salary Scheme?

markbsac

final salary old fisons one DB transferred to AZ

xylophone

If your AZ is a DB scheme then I'm puzzled by the reference to drawdown.

You will take your tax free PCLS according to the rules of the scheme and will then receive a monthly pension?

xylophone

Have you obtained a new state pension forecast?

https://www.gov.uk/check-state-pension

markbsac

The lump sum and monthly pension is not as big staying in the az scheme plus i can leave all of my pension that remains to my next of kin....in other words i am in charge of my pension invested well it should grow my lump sum from az is a lot less....if i take it at 60 it only has to perform for 7 years until I get my state pension and i may not even live that long so I have 7 years to enjoy a 120k lump sum plus take a monthly pension

markbsac

xylophone wrote: »

Have you obtained a new state pension forecast?

https://www.gov.uk/check-state-pension

I'm up to the full state pension at 67 plus a small force's pension for life at 60