Zurich personal Pension plan

pinchmyself

I have a small Zurich Pension Plan that at December 2019 had a value of £31,000. I can take 25% tax free and a annuity. However I would prefer to take the whole amount to fund a home extension. I do not need the small annuity as am well covered with other investments. I understand up to £30,000 I could take this amount incremently in amounts of £10,000, however over that amount that is not possible without a large tax issue. Is there any option?

pinchmyself

In fact, I have just update the value and it is down to £30,300.00 so even more frustrating

dunstonh

You can use UFPLS to take the whole amount.  It will just trigger then MPAA rules reducing your contribution limit to £4000 a year.  Taking £10k as UFPLS would do the same.     
To avoid the MPAA, you would need to take it under the small pots rule.    I don't know but my gut feeling is that Zurich would not facilitate the split of plan into three plans to allow 3x small pot rule withdrawals to be made.

Albermarle

I can take 25% tax free and a annuity.

You need to check with them if this is the only option, or can you  do what dunstonh suggests .

If they say annuity is the only option ( possible if it is a very old plan maybe ) then you will need to transfer it to a new pension and then withdraw it,

pinchmyself

Many Thanks