Tax efficient

scotslad

Have 800k in various pots.
what would be the most tax efficent way to get around £2500 a month with no other income 

am 56 year old 

Marcon

scotslad said:

Have 800k in various pots.
what would be the most tax efficent way to get around £2500 a month with no other income 

am 56 year old 

Do you mean in pension pots, or other savings vehicles as well?

Is the £2,500 a month net or gross?

scotslad

Marcon said:

scotslad said:

Have 800k in various pots.
what would be the most tax efficent way to get around £2500 a month with no other income 

am 56 year old 

Do you mean in pension pots, or other savings vehicles as well?

Is the £2,500 a month net or gross?

Yes after tax. Taking from pension only

artyboy

Well assuming you have a full TFLS allowance and a full personal tax allowance, then UFPLS would seem to be the way to go, someone else can do the exact sums but about a £33,000 annual withdrawal (ideally in March to avoid being overtaxed and having to reclaim) would net you about £30k, which you could then stick in an instant access savings account and spend your £2,500 a month from.

plus you'd get a bit of extra interest for treats...

Newbie_John

If it was outside of pension then you can buy gilts for example TG50:
https://www.yieldgimp.com/gilt-yields

if it's already in pension then you can just withdraw £2500 a month

Doonhamer

You could put it all into flexi access drawdown and take out £2700 per month, with 25% of it tax free and using your £12,570 tax free allowance on the rest you would have £2,500 per month net