Pension maturity

ThePirates

My wife had a small pension fund which matures in July when she turns 55.
She doesn't work. The pot is £13k.
Can she access the whole amount tax free or will she have to pay tax on 75% of it? 
Any help appreciated!

DE_612183

Depends on what other income she has for the Financial Year 2025-26

25% will be tax free - the other 75% will depend on the above - if she has no other income then she can use her tax free allowance - but may have to reclaim back from HMRC.

Albermarle

It is unlikely it will mature when she is 55.
I think you meant at 55 she can withdraw from it if she wants to, which is not quite the same thing.

ThePirates

DE_612183 said:

Depends on what other income she has for the Financial Year 2025-26

25% will be tax free - the other 75% will depend on the above - if she has no other income then she can use her tax free allowance - but may have to reclaim back from HMRC.

Not working so no other income.
Thanks

Brie

If taking it all in one year puts it into paying tax territory then she should look at taking it over 2 years.  

eskbanker

Brie said:

If taking it all in one year puts it into paying tax territory then she should look at taking it over 2 years.  

But even if she transfers marriage allowance, 75% of the whole pot, with no other income, won't go into tax territory?