Untouched Pension Pot

andy6247

I have a pension pot of £1.45m protected. I will not be drawing this pension as I have sufficient income including, state pension, a small pension and rental income. I am aged 73 and assuming I reach 75 a massive chunk of the £1.4m will be taken in tax but if I die before 75 the letters of wish beneficiary's (two sons) get the lot tax free. I do not and never have had a financial advisor.  Is there anything thing I can do to minimize the tax

chiefie

No offence but I think you can afford one 🥳

Albermarle

As the saying goes - only two things are certain in life - Death & Taxes .

Marcon

A bit late in the day, but quite possibly. Get some proper advice (i.e. paid for) based on a full understanding of your financial situation. 

dunstonh

I have a pension pot of £1.45m protected.

Which protection?

I do not and never have had a financial advisor.  Is there anything thing I can do to minimize the tax

What have you been doing over the last 14 years to mitigate the issues?

mark55man

I believe the advice is to try and draw as much as you can at Basic Rate tax, as that is more efficient than leaving it in the pot and getting clobbered with the LTA test when you are 75

I don't know what protection "protection" gives you as doesn't apply to me, but the posters above are the A Team of advice.  To be fair though, coming onto a board primarily populated by professionals and gifted amateurs (not me) and saying you haven't seen the point of financial advice might rub a few people a little the wrong way - especially when you are relying on them even at this late stage be able to suggest paths that would save you a considerable amount