Drawdown Lumpsum

andyeyeam

How does drawdown lumpsum work? So I get my 25% tax free. Any good guides or tutorials that explain the process please?

Marcon

If you are in a DC arrangement which permits draw down, you simply drawdown your 25% tax free, then the remainder of your pot can be drawndown as you see fit (all of it taxable at your marginal rate).

Alternatively, you can decide not to take any tax free lump sum at the outset, and then 25% of each withdrawal would be tax free.

Since your question specifically asks about the 25% lump sum, not quite sure what other information you need?

squirrelpie

And the details of how all depend on your particular pension provider. So you need to contact them and/or look at their website.

AnotherJoe

andyeyeam said:

How does drawdown lumpsum work? So I get my 25% tax free. Any good guides or tutorials that explain the process please?

There not much of a process , you contact them be that online or by phone, request to take out the 25% tax free sum, There'll be a little bit of paperwork, you'll likely have to sign something, and tell them where to pay it. 

xylophone

How does drawdown lumpsum work? So I get my 25% tax free. Any good guides or tutorials that explain the process please?

This is a Defined Contribution pension? https://www.pensionwise.gov.uk/en/explore-your-options

You can book an appointment with Pensionwise.

[Deleted User]

Here you go from this very site - it actually needs updating as some of the numbers have changed https://www.moneysavingexpert.com/content/dam/mse/documents/guides/pensionguide-2017_updated.pdf

Robert_McGeddon

Have you something in mind to spend the cash on? If not, it may be preferable to keep it invested inside the pension,

Albermarle

Most of the larger providers websites explain drawdown quite well: