Use savings before drawing down

Albermarle

booveedoo said:

Scrounger said:

NannaH said:

If you don’t want to trigger the MPAA then living on savings is the only option,  you could also take the other 25% tfls of course. 

'Small pots' is another option - eg by arranging some partial transfers (of < £10k).

Scrounger

Thanks, but pension pot is a lot greater than 10k. Would have been a good option, or is there a "workaround"?

 Hargreaves Lansdown will split off three small pots from your main pot, so you can take up to £30K without it triggering MPAA ( or affecting your Lifetime allowance ). Personally I often wonder why they do this, or are allowed to do it, as it is clearly against the spirit of the small pots rule.
Alternatively if one of your current pensions allows partial transfers, you could start a new pension and transfer over £10K. and then withdraw it as a small pot. However not all providers offer 'small pot ' withdrawals and some are not keen on people transferring pensions and then withdrawing them again in a short period of time and there maybe a penalty charge.
Anyway if MPAA is not going to be an issue, it probably is not worth worrying about.