25% tax free on drawdown query

Mick70

Hi
as some posters know i currently receive a final salary pension (triggered at 50 as had protected rights and was forced out of the scheme after over 30 years contributions).
I am still working and building up a DC Pot 

my query is, come retirement (hopefully in 3 years) , as I will be receiving a final salry pension , i take it i can still take 25% tax free when i drawdown from my DC pot each year ?

thank you
mick

Albermarle

Mick70 said:

Hi
as some posters know i currently receive a final salary pension (triggered at 50 as had protected rights and was forced out of the scheme after over 30 years contributions).
I am still working and building up a DC Pot 

my query is, come retirement (hopefully in 3 years) , as I will be receiving a final salry pension , i take it i can still take 25% tax free when i drawdown from my DC pot each year ?

thank you
mick

Yes, although there is a maximum amount you can withdraw tax free overall, since the last budget. ( approx £268K)
This will include any tax free lump sum you already have taken with the DB pension.
If you did not take the lump sum it is not currently clear whether you can take the full  £268K from other pensions ( assuming they are large enough) 

Mick70

I received an £80k tax free lump sum with the db , which even now is just standing in a bank acc
on that assumption i will work out that can still access approx £180k tax free from dc pot , although that will be irrelevant as the pot wont be big enough to access that much 
thanks for your answer ,  again

Mick