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II SIPP: cash account withdrawal
monaymadlol
Posts: 509 Forumite
Hi -- when I set up my ii sipp, I was feeding into my the cash account on the platform whilst I waited for the tax relief to be paid, and continue to feed into it. It took a few months before I then chose my monthly investments and monthly drip fed into there from the cash account.
As a result , I've got cash built up there.
Am I allowed to withdrew some of that back into my bank account, with or without penalty, given it will also include the tax relief in there?
T I A
As a result , I've got cash built up there.
Am I allowed to withdrew some of that back into my bank account, with or without penalty, given it will also include the tax relief in there?
T I A
0
Comments
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Not unless your older than 551
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Are you over 55?monaymadlol said:Am I allowed to withdrew some of that back into my bank account, with or without penalty, given it will also include the tax relief in there?
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No I'm not. Ok - I'll just pause my cash transfers in til that money in the cash account has been exhausted. Thnx0
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Why ? The money is already in the pension, and you can presumably afford the continuing payments you already make. Just invest the spare money within the pension now and continue as is.monaymadlol said:No I'm not. Ok - I'll just pause my cash transfers in til that money in the cash account has been exhausted. Thnx0 -
You could invest it in a money market fund if you want to leave it 'cash like'I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
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