Moving pension to drawdown

Hudsonbutler

Hudsonbutler said:

Hi, sorry I'm useless at linking sites. I typed in which pension legislation 2020.
I'm what you call techno phobic lol.

Linton said:

My belief in a drawdown is you have your 25% lump sum, then say 12 months later if more is required,  then you take out what you need, but, this sum is subject to tax at the rate you pay,  ie there is no 25% relief,  yes. Or do you still get 25% because it's another tax year?

After the first 25% tax free all the drawdown you take is taxed under PAYE, in the same way as wages.  There is no second bite at the 25% cherry.

Hi Linton. Thanks for clearing that up. Sorry if I sound a bit thick, but if I don't ask the question, I won't learn.
Thanks