Funding my daughter 2nd degree

Angelica123

Bosun888 said:

The pension pot is not massive about 150K, so I'm limited on what I can draw down. I'm still contributing to it and could increase contributions. I'm 55 so still a little bit of time.

It would be useful if you could answer eskbanker's questions above. On face value, you are expecting to drawdown a HUGE proportion of your pension to fund this while not leaving much to last you. 

Looking into what financial help is available is your first

Could your daughter move back in with you? You mention that she's been working to feed herself and pay bills. If she moves back home then that money could go to university fees instead. An option to consider is whether she could ask for deferred entry and spend a year working (living at home) to save up some money to at least pay the first year. 

Albermarle

Bosun888 said:

The pension pot is not massive about 150K, so I'm limited on what I can draw down. I'm still contributing to it and could increase contributions. I'm 55 so still a little bit of time.

Although £150K at 55 is above average, it is not high if you are looking for any sort of decent income in retirement, and/or retire before state pension age.
From a technical angle you could withdraw 25% tax free - so about £37K. If you withdraw any taxable income ( so the 75% left) it will be added to your current income, and you will pay tax on it and it may even push you into the next tax bracket. Even more important you will then be restricted to adding a maximum of £10K pa to your pension every year. That includes your contributions, tax relief and your employer contributions.
Depending on the pension provider you could probably not have to take all the 25% tax free, just a portion of it. Or maybe take it in stages.

xylophone

Depending on the pension provider you could probably not have to take all the 25% tax free, just a portion of it. Or maybe take it in stages.

The OP might be able to crystallise £40,000 in each of three years and just take the £10,000 tax free in each year, leaving the rest 

invested.

https://techzone.abrdn.com/public/pensions/Practical-guide-using-drawdown