Pension Fund With Royal London

Terry9999999
Terry9999999 Posts: 38 Forumite
10 Posts Name Dropper
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?


Comments

  • dunstonh
    dunstonh Posts: 119,300 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
     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.
  • Move to portugal?
  • Malthusian
    Malthusian Posts: 11,055 Forumite
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    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 :smile:
  • Mickey666
    Mickey666 Posts: 2,834 Forumite
    1,000 Posts Photogenic First Anniversary Name Dropper
    You can remove £12500 per year without paying tax (or whatever the personal allowance is these days)
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