PRIVATE PENSION

ratscabies

I AM 61 YEARS OLD AND HAVE TAKEN EARLY RETIREMENT I HAVE A PRIVATE PENSION .
I KNOW I CAN TAKE 25% TAX FREE BUT AS I NOW HAVE NO INCOMECAN I TAKE £12,570
TAX FREE AS WELL OR DOES IT NOT WORK LIKE THAT.MANY THANKS IN ADVANCE

artyboy

Yes you can. And no need to SHOUT!

sammyjammy

ratscabies said:

I AM 61 YEARS OLD AND HAVE TAKEN EARLY RETIREMENT I HAVE A PRIVATE PENSION .
I KNOW I CAN TAKE 25% TAX FREE BUT AS I NOW HAVE NO INCOMECAN I TAKE £12,570
TAX FREE AS WELL OR DOES IT NOT WORK LIKE THAT.MANY THANKS IN ADVANCE

When you took early retirement what were you planning to live on until state pension age?  

Cobbler_tone

Nice.
When you say 'no income' I assume you will have income of your private pension. I guess the decision is whether you need your tax free lump sum or whether you want to enhance you pension for a guaranteed higher pension to get you to state pension age.
You will have £12,570 (subject to anything else going on) tax free allowance.

DE_612183

ratscabies said:

I AM 61 YEARS OLD AND HAVE TAKEN EARLY RETIREMENT I HAVE A PRIVATE PENSION .
I KNOW I CAN TAKE 25% TAX FREE BUT AS I NOW HAVE NO INCOMECAN I TAKE £12,570
TAX FREE AS WELL OR DOES IT NOT WORK LIKE THAT.MANY THANKS IN ADVANCE

You can take the 25% no problem.

You can also take £12570 as well in a TAX YEAR - so if for example you retired today, and you've already earned over £12570 since April - then you will NOT get another £12570.

When did you retire?

How much income have you had ( from all sources ) since April 24 to the date you retired?

ratscabies

thanks for all the replies