Cashing in pensions while working
Hi I have no idea where to start so...
Will be 55 next month and can access a couple of pension pots...one is approx £14k lump sum plus about £450 per month and another is £7k lump sum only..was planning on continuing to work and I earn about £32k per annum.
I really want to cash these in to pay off some debt and to do up the house ( i will still have another, main pension pot which i wont touch until im 65).
Does anyone know how this works, what tax I would pay for instance?
Would I pay tax on the monthly 450 and would I pay tax on both the 7k and the 14k pot separately or together and would my salary factor in...apologies, I have no idea where to start.
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