How many 25% tax free lump sums can be taken from a pension fund after 55

Albermarle

AlanP_2 said:

dunstonh said:

 Has the single 25% tax free lump sum rule  changed?

Not since it was introduced in 1988.

so the 25% is tax free, and when you draw your actual pension its tax free up to 11k pa? am I correct?

That is one method.  it is not the only method.

if I knew how long I gunna live it would enormous help. I got visions of putting all this money away and dying before I had chance to spend it. its not like the old days where you worked all your life and when you retired the state looked after you.

And typically died within 2 years of that.  The state has never really looked after you.  It has always taken you up to the breadline.   Although in some areas, there were some advantages.  There used to be a joke in Norfolk that when you retired, you got a pay rise as the state pension and little occupational/personal pension was more than the average earnings for the area.   

For those of us in Suffolk there are a lot of jokes related to Norfolk 

But you do raise a point worth thinking about which I thionk we lose sight of on here sometimes. For many people the SP is a major part of their retirement income, for many on here it is only a small element. There is a self selecting set of contributors on here who have an interest in pensions, investments and retirement planning, unlike probably 90%+ of the general population. 

For a couple the SP is about £17K pa guaranteed and triple locked ( for now ) so I think even for most of the contributors on here it is not small beer . Although I agree that it is unlikely to be the major part of their retirement income, like it will be for the majority .