Pension Withdrawing at 57

JO07LES

I have 4 pension pots, can I draw 25% tax free from all of them when I reached the eligible age?
Thanks for advising

MallyGirl

You can if they are in modern products that support flexible access. Whether you should is a different question. If you deplete the pensions by 25% at such an early age then what are you going to live off in retirement? Do you need this PCLS for something?

Exodi

Hopefully this decision doesn't stem from budget speculation, as many others posted recently have. I appreciate the rumour mills have been operating at full steam lately.

Unless you had something you intended to spend it on (e.g. paying off a mortgage), given that PCLS is very likely to be over your annual ISA allowance, you would be taking cash you don't need from a tax-free growth environment and putting it in a taxable account.

QrizB

JO07LES said:

I have 4 pension pots, can I draw 25% tax free from all of them when I reached the eligible age?
Thanks for advising

Note that minimum pension age is currently 55, not 57. When you can get access will depend on your date of birth.

Brenster

QrizB said:

JO07LES said:

I have 4 pension pots, can I draw 25% tax free from all of them when I reached the eligible age?
Thanks for advising

Note that minimum pension age is currently 55, not 57. When you can get access will depend on your date of birth.

My pension currently states the date i can access is on my 58th Birthday (I am currently 45), will this date remain the same, no matter what happens to the state pension age? as someone said it is set 10 years before, for example if state pension age increased to 70, my private pension will them become accessible at 60?

MallyGirl

Brenster said:

QrizB said:

JO07LES said:

I have 4 pension pots, can I draw 25% tax free from all of them when I reached the eligible age?
Thanks for advising

Note that minimum pension age is currently 55, not 57. When you can get access will depend on your date of birth.

My pension currently states the date i can access is on my 58th Birthday (I am currently 45), will this date remain the same, no matter what happens to the state pension age? as someone said it is set 10 years before, for example if state pension age increased to 70, my private pension will them become accessible at 60?

That depends on what sort of pension it is. A straightforward DC pension will have a date but I would expect you to be bound by legislation at the time. A DB pension will have its own scheme rules

QrizB

Brenster said:

QrizB said:

JO07LES said:

I have 4 pension pots, can I draw 25% tax free from all of them when I reached the eligible age?
Thanks for advising

Note that minimum pension age is currently 55, not 57. When you can get access will depend on your date of birth.

My pension currently states the date i can access is on my 58th Birthday (I am currently 45), will this date remain the same, no matter what happens to the state pension age?

In your previous thread from 2021, you said you could access it at 57.

https://forums.moneysavingexpert.com/discussion/6258218/filling-the-gap-tax-efficiently

If your minimum pension age has changed since then, it might change again.

Brenster

Thanks, you are correct I suppose if it has changed, then this mean it will change in line with legislation on State Pension Age at the time......god know what that will be with the way things are going !