Help with pension

sabastian_a

Can somebody please help me, 

I caught the tail end of Martin Lewis show the other week when he was talking about drawing money out of your pension tax-free, he use the example with a Swiss roll, talking about taking just the Jam, which would mean that money would be tax free,
Ideally I would like to take £15,000 out of my pension but defer my pension for 12-months, I'm 65 and reach pension age in November, I have my own business,
Can somebody please advise how to draw 15 thousand from my pension tax free if possible please,
Thanks..

molerat

More details of the pension needed.  Not all pensions will allow you to take what you want flexibly.

sabastian_a

It's my state pension

Silvertabby

Then no, I'm afraid.

Martin was talking about private pensions.

molerat

Martin was not talking about the state pension but personal pensions.  You cannot take money out of your state pension, you either take it when due or defer taking it to receive an increased pension at a later date.

sabastian_a

Ok thank you...

molerat

Have you checked your state pension to see what you are going to receive ?

xylophone

Is the state pension your only pension provision?

Have you obtained a state pension forecast?

https://www.gov.uk/check-state-pension

JJC1956

Whilst we are on the subject of State Pensions, im a bit bemused that i received my state pension last April of the full £740 every 4 weeks but 2 of my friends that retired later than me, last October and this January 23 are receiving more, any reason for this? My Full NI contributions are 41 years and 9 partial

Dazed_and_C0nfused

JJC1956 said:

Whilst we are on the subject of State Pensions, im a bit bemused that i received my state pension last April of the full £740 every 4 weeks but 2 of my friends that retired later than me, last October and this January 23 are receiving more, any reason for this? My Full NI contributions are 41 years and 9 partial

Because they will have a different NI history to you.

They are going to have had a starting amount at April 2016 which was already above the standard new State Pension so could never increase that (apart from annual inflation increases).

Yours will have been at or below the standard so post 2016 contributions will have taken you to the standard amount.

JJC1956

Dazed_and_C0nfused said:

JJC1956 said:

Whilst we are on the subject of State Pensions, im a bit bemused that i received my state pension last April of the full £740 every 4 weeks but 2 of my friends that retired later than me, last October and this January 23 are receiving more, any reason for this? My Full NI contributions are 41 years and 9 partial

Because they will have a different NI history to you.

They are going to have had a starting amount at April 2016 which was already above the standard new State Pension so could never increase that (apart from annual inflation increases).

Yours will have been at or below the standard so post 2016 contributions will have taken you to the standard amount.

So if my 41 years contributions was 34 years in 2016 that makes a difference?