We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Pension Fund With Royal London
Terry9999999
Posts: 38 Forumite
I have a large pension fund with Royal London, clearly I can withdraw 25% tax free but how can I legally withdraw the remainder or transfer to another fund avoiding legally paying tax.
I would imagine the answer is can't but does anyone know?
I would imagine the answer is can't but does anyone know?
0
Comments
-
how can I legally withdraw the remainder or transfer to another fund avoiding legally paying tax.
Those are two different things. i.e. withdraw the remainder or transfer it. Which is that you are looking to do?
Transfer doesnt create tax as you are not withdrawing it. Withdrawing it would create tax if the amount is above your personal allowance.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Move to portugal?0
-
In addition to saying exactly what you want to do, you may also want to clarify whether you want to "avoid legally paying tax" or "legally avoid paying tax" which are two very different things
0 -
You can remove £12500 per year without paying tax (or whatever the personal allowance is these days)0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.4K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.4K Work, Benefits & Business
- 601.2K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards