Query on taking money from pension after retirement.

Matt_73

My Brother in law is talking about asking to take a lump from his private pension but not sure if he can do so.
I'm aware you can take lumps before you retire but he retired two years ago so he's been in receipt of his private pension since. 

Can you take lumps after retirement?

Many Thanks 👍 

Silvertabby

It depends on the pension.  If he is in a drawdown scheme, then maybe.  If it is a final salary, or if he purchased an annuity when he retired, then no. 

Albermarle

In case you are not familiar with pensions and the terminology involved , this government site could be useful.
https://www.pensionsadvisoryservice.org.uk/

Matt_73

Silvertabby said:

It depends on the pension.  If he is in a drawdown scheme, then maybe.  If it is a final salary, or if he purchased an annuity when he retired, then no. 

Thanks Silvertabby 👍 I will ask him. I know he took a lump when he retired.
As you can tell I have no clue with this stuff. 

Matt_73

Albermarle said:

In case you are not familiar with pensions and the terminology involved , this government site could be useful.
https://www.pensionsadvisoryservice.org.uk/

Thanks I'll have a read👍

Dox

Matt_73 said:

Silvertabby said:

It depends on the pension.  If he is in a drawdown scheme, then maybe.  If it is a final salary, or if he purchased an annuity when he retired, then no. 

Thanks Silvertabby 👍 I will ask him. I know he took a lump when he retired.
As you can tell I have no clue with this stuff. 

You could always suggests he asks those responsible for administering his pension scheme - might save a lot of time!