taking money from private pension

Hunnie1977

HI
Please can you help w re the above 
Am aged 60 and want start to take monies from my private pension but want to know how much and which will keep with my tax bracket 
As well as keeping money a side for my sons future from other pension provider 
Both on monthlly basis 

DE_612183

First 24% is tax free.

Everything else will depend on your other income as it gets classed as income.

dunstonh

You are missing a whole load of information for anyone to give any useful information.   In particular figures and type of pension.    Give us more detail please.

Hunnie1977

dunstonh said:

You are missing a whole load of information for anyone to give useful information, particularly figures and the type of pension.    Please give us more detail.

Hi
I have 2 private plans both frozen at present  as not have money to top them as I gone through  mutual separation and had to move 17 miles from my son but commute to work each 17 miles 
as we do not know what is around the corner

MallyGirl

You are still working - that affects the suggestions people might make. 40% tax payer? Have you taken any pension income out yet?
Do you understand about the MPAA and its implications?
Have you checked your state pension forecast?
Frozen DC pension - you just mean it is not actively being contributed to? It will still be invested and growing.
Are the values of these pensions enough to support your retirement needs? Raiding them while still working is not usually the best plan

Hunnie1977

Dear Mally Girl
I have taken the 25% tax free to clear a few debts 
please advise about MPAA an what are the implactions 
Am still working not get state pennsion till 67 
As not know what is round the corner and not want to leave pot toHMRC as the taken in enoungh in tax from years of work 
Am aware that pp is not best with draw before the reteierment age but cost of living going up but some compies not see that 
plus i am now paying maintence to x and son 

MallyGirl

If you take a single penny of taxable income from a DC pension this (MPAA) will limit future contributions to pensions to an annual £10k. You haven't given any figures to indicate whether this would be an issue.
Any taxable income would be added to your current salary so could be taxed at 40% now (no salary info to be more detailed on this) when leaving it to retirement could have it taxed at 20%.
If you have taken the 25% tax free then HMRC are going to take their share of the rest at your prevailing tax rate. No escaping that.
Have you checked your state pension forecast?

Hunnie1977

MallyGirl said:

If you take a single penny of taxable income from a DC pension this (MPAA) will limit future contributions to pensions to an annual £10k. You haven't given any figures to indicate whether this would be an issue.
Any taxable income would be added to your current salary so could be taxed at 40% now (no salary info to be more detailed on this) when leaving it to retirement could have it taxed at 20%.
If you have taken the 25% tax free then HMRC are going to take their share of the rest at your prevailing tax rate. No escaping that.
Have you checked your state pension forecast?

was think of amount 200.00 a month from both providers 

You’ll reach State Pension age on 23 March 2031.

Your State Pension age is 67 years.

Find out more information about the new State Pension.

You can get a forecast or statement of how much State Pension you may get.

Pension Credit

You might get Pension Credit if you’re retired and on a low income.

You’ll reach the Pension Credit qualifying age on 23 March 2031.

Your answers

Start again

What would you like to calculate?

State Pension age - including Pension Credit qualifying age

Change What would you like to calculate?

What is your date of birth?

23 March 1964

Change What is your date of birth?

Part ofPlan your retirement income: step by step

Show all steps

1. Step1:Check when you can retire, Show this section

2. andCheck how much pension you could get, Hide this section

   1. Find out how much State Pension you could get (your forecast)
   2. 
      

DE_612183

Hunnie1977 said:

MallyGirl said:

If you take a single penny of taxable income from a DC pension this (MPAA) will limit future contributions to pensions to an annual £10k. You haven't given any figures to indicate whether this would be an issue.
Any taxable income would be added to your current salary so could be taxed at 40% now (no salary info to be more detailed on this) when leaving it to retirement could have it taxed at 20%.
If you have taken the 25% tax free then HMRC are going to take their share of the rest at your prevailing tax rate. No escaping that.
Have you checked your state pension forecast?

was think of amount 200.00 a month from both providers 

You’ll reach State Pension age on 23 March 2031.

Your State Pension age is 67 years.

Find out more information about the new State Pension.

You can get a forecast or statement of how much State Pension you may get.

Pension Credit

You might get Pension Credit if you’re retired and on a low income.

You’ll reach the Pension Credit qualifying age on 23 March 2031.

Your answers

Start again

What would you like to calculate?

State Pension age - including Pension Credit qualifying age

Change What would you like to calculate?

What is your date of birth?

23 March 1964

Change What is your date of birth?

Part ofPlan your retirement income: step by step

Show all steps

1. Step1:Check when you can retire, Show this section

2. andCheck how much pension you could get, Hide this section

   1. Find out how much State Pension you could get (your forecast)
   2. 
      

That isn't the forecast - you have to click on the forecast link to see the details.

Hunnie1977

You can get your State Pension on 23 March 2031

Your forecast is £221.20 a week, £961.83 a month, £11,

Hunnie1977

You can get your State Pension on 23 March 2031

Your forecast is £221.20 a week, £961.83 a month, £11,541