Minimalising tax

CARPMAN

I can now take my pension aged 55 and have around 120k in the pot .I will be using it for a house move and purchase at some point  .I need around 70k of it and was wondering is there a way of getting hold of it say over the next year and minimiliing the tax.A financial advisor said he can help but his fees were 3k and dont trust them as i was had over in the past.

Dazed_and_C0nfused

It mainly depends on what other taxable income you have.

You might reduce the tax payable by spreading it over the current and next tax year.  But equally this could cost you more in tax.

Without more information it's all guesswork.

ratechaser

First question - is this a DC or DB pension? The point about a FA (or IFA?) wanting 3k is making me think it could be a DB one that you are looking to transfer out and 120k is the CETV rather than a 'true' pot that you can draw down on immediately...

sheslookinhot

Do you have any other pension provision ? Leaving a pension pot with only £50k, at 55, could leave you poorly in event of redundancy, early retirement or indeed normal retirement at say 65. That’s ignoring the tax implications on getting 70k.

dunstonh

A financial advisor said he can help but his fees were 3k and dont trust them as i was had over in the past.

Use a different adviser then.  (and avoid FAs but use an IFA)

I need around 70k of it and was wondering is there a way of getting hold of it say over the next year and minimiliing the tax

Yes if you are quick.  Although it may already be too late.

CARPMAN

its a flexible personal pension dynamic lifestyle.I dont need to take it all but presume i have to if drawing on it?

CARPMAN

I am clueless about these things and prob why i got bad advice a few years ago 

xylophone

What options does your pension provider offer for taking the pension?

Albermarle

CARPMAN said:

its a flexible personal pension dynamic lifestyle.I dont need to take it all but presume i have to if drawing on it?

Normally you should not have to take it all, but if it is an old pension it will be less flexible on what can be done then a new one.
As above find out from the provider what possibilities they offer. 

CARPMAN

It's with Aegon and they no longer offer advice or options .They said I need to contact a indipendant  advisor I guess that's what i nwe'd to do thank you for replys