Using pot towards shares

johnnyren

Hi
I'm 55 yrs or and a year ago took my pension pot which is at present invested as I am still working in my job ,  my company runs a share save scheme yearly which allows me to invest a maximum of 300 pounds into it monthly 
Just not long before pandemic the shares
were around 34_pounds per share, now they are at 27 pounds ,   after 3 or 5 yrs whatever money I save will allow me to purchase shares at 21 pounds and then sell them if I want at the market price at that time ,  I'm hoping that the amount will be back upwards of 35 pounds then ,      I feel this is a good opportunity to make a reasonable profit but can't afford the 300 pounds from my monthly wage,    would it be a good idea to take the 300 a month from my pot ?   I haven't touched it yet ,     or would there be complications ?    
                                                       Thanks 

El_Torro

Since you are 55 years old you can take what you want out of your pension. Just remember that 75% or more of the money you take will be taxable. It may be better to wait until you are no longer working before you take any money out of your pension, so you pay less tax.

Up to you to decide if this is worth the risk. Personally I think that your pension is most likely invested across many companies and sectors, so is in a safer place than buying shares in one company (that might go bust).

johnnyren

El_Torro said:

Since you are 55 years old you can take what you want out of your pension. Just remember that 75% or more of the money you take will be taxable. It may be better to wait until you are no longer working before you take any money out of your pension, so you pay less tax.

Up to you to decide if this is worth the risk. Personally I think that your pension is most likely invested across many companies and sectors, so is in a safer place than buying shares in one company (that might go bust).

Thanks for the reply

Notepad_Phil

As this would appear to be a DC pension then don't forget that depending on how you take the money you could be restricted to how much combined you and your company can put into your DC pensions from then on (£4000 per year) - https://www.moneyadviceservice.org.uk/en/articles/money-purchase-annual-allowance

xylophone

I'm 55 yrs or and a year ago took my pension pot which is at present invested 

Can you explain the above? How exactly did you "take" it?

Tealblue

xylophone said:

I'm 55 yrs or and a year ago took my pension pot which is at present invested 

Can you explain the above? How exactly did you "take" it?

Looking at OP's other posts, I think 'take' means 'transferred DB pension to DC arrangement'.