SIPP withdrawals

Dazed_and_C0nfused

sevenhills said:

Dazed_and_C0nfused said

But the person you were originally referring to could be upto 25% in front.

I believe that is the case, but I am not sure how much they claim in benefits and they retire in twelve months, they will receive the full state pension. They have a private pension, which I believe pays around £400 year.

If they receive the standard new State Pension and £400/year in private pension they will have plenty of Personal Allowances left over.

Irrespective of the SIPP they should get a State Pension forecast so they understand what they will actually get from that in due course.  They are under transitional rules so could easily be getting something different to what they think they'll get.

Albermarle

If they plan to do this they will need to consider which SIPP provider is best with regard to taking the payments and charges

Take note of this. A customer who deposits only £2 to £3K pa and then withdraws it all, is not a good customer for the providers. They have admin with HMRC and the fees payable by the customer may be only a few quid at most.
So check the T's and C's as they may close the account.