PENSION POT

aayush

Hi
I have the above in one of my pension pots  and need to ask if I can use part of it as a deposit on a flat as going through a mutual separation as of my age hard to get mortgage for a unit in question
TIA

dunstonh

If you are over 55, then you can draw on the pension.  If not, then no.

aayush

I have taken the taxfree amount to bring Mortg down on the parent flat but not accept to be left to the wife 
but can I not ask the pension provider to give part to HAcor Developer as part of my deposit thus bring down the mortgage amount 

IdrisJazz

Your pension provider cannot give money to anyone else. If you are over 55 (sounds like you are) you can draw out what you want (assuming the product supports it) but it will be taxed as income. You can then do what you want with it.

But what are you going to do for retirement income if you raid your pension now?

xylophone

But what are you going to do for retirement income if you raid your pension now?

OP seems to have more than one pension pot available to him.

He might wish to obtain a state pension forecast to help with planning.

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

aayush

Hi
Can Any one advise if I where to draw down from my pension pot which I will get tax on emg code will  I be able to claim the tax back?

Mutton_Geoff

aayush said:

Hi
Can Any one advise if I where to draw down from my pension pot which I will get tax on emg code will  I be able to claim the tax back?

Of course.

molerat

Mutton_Geoff said:

aayush said:

Hi
Can Any one advise if I where to draw down from my pension pot which I will get tax on emg code will  I be able to claim the tax back?

Of course.

If there is tax to claim back.  You could end up with a tax bill.

Dazed_and_C0nfused

aayush said:

Hi
Can Any one advise if I where to draw down from my pension pot which I will get tax on emg code will  I be able to claim the tax back?

All depends what other taxable income you have.

Ayr_Rage

You need proper advice regarding tax implications and what you can actually obtain from whoever holds the pot. 

aayush

Dazed_and_C0nfused said:

aayush said:

Hi
Can Any one advise if I where to draw down from my pension pot which I will get tax on emg code will  I be able to claim the tax back?

All depends what other taxable income you have.

I am 59 and work at present salary as this is my only income at present