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Lump sum

uncle-albert
uncle-albert Posts: 11 Forumite
Fourth Anniversary Photogenic First Post Name Dropper
edited 31 October 2022 at 10:10AM in Pensions, annuities & retirement planning
Hi. I'm taking pension number 1 this year and i intend taking a tax free lump sum. If i decided to take pension number 2 a few months later, am i able to take another lump sum tax free?

Thanks

Comments

  • HappyHarry
    HappyHarry Posts: 1,896 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Yes - providing you are not exceeding your lifetime allowance when doing so.
    I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.
  • dunstonh
    dunstonh Posts: 121,219 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Each pension has tax free cash entitlement in isolation of the others (caveat on linked schemes).
    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.
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