CAN I STILL GET UP TO 25% TAX FREE?

NOT_THE_TAXMAN

Hi

I have been retired for 4 years now, and did not take all my 25% tax free allowance when I started to take monthly payments from this pension scheme.  Now that I have reached state pension age, I have stopped taking monthly payments, and would like to know if I can somehow get the remaining 25% tax free allowance which I have not touched.

My provider is a nightmare to deal with so some sanity from this forum would be very welsome.

Thanks in advance

dunstonh

and would like to know if I can somehow get the remaining 25% tax free allowance which I have not touched.

Any uncrystallised funds you have left can be used for the 25% tax free cash providing you do not exceed the lump sum allowance (the maximum tax free cash entitlement).

Marcon

NOT_THE_TAXMAN said:

Hi

I have been retired for 4 years now, and did not take all my 25% tax free allowance when I started to take monthly payments from this pension scheme.  Now that I have reached state pension age, I have stopped taking monthly payments, and would like to know if I can somehow get the remaining 25% tax free allowance which I have not touched.

My provider is a nightmare to deal with so some sanity from this forum would be very welsome.

Thanks in advance

What sort of pension is this: a defined benefit pension, a defined contribution scheme in phased drawdown or an annuity?

eastcorkram

Really going to depend on what sort of scheme it is. All you've called it, is 'this scheme' .

NOT_THE_TAXMAN

eastcorkram said:

Really going to depend on what sort of scheme it is. All you've called it, is 'this scheme' .

Its a drawdown pension.  I took payments for 3 years - each of which gave me 25% as tax free, the rest was taxed.  Hopefully that helps.

ColdIron

Do you have any uncrystallised money left? If not you can't take tax free money twice

Marcon

NOT_THE_TAXMAN said:

eastcorkram said:

Really going to depend on what sort of scheme it is. All you've called it, is 'this scheme' .

Its a drawdown pension.  I took payments for 3 years - each of which gave me 25% as tax free, the rest was taxed.  Hopefully that helps.

If you still have uncrystallised benefits left in the scheme, then you can take 25% of the current value of those, subject to not exceeding the Lum Sum Allowance of £268,275 from all your (non-state) pensions.

NOT_THE_TAXMAN

Marcon said:

NOT_THE_TAXMAN said:

eastcorkram said:

Really going to depend on what sort of scheme it is. All you've called it, is 'this scheme' .

Its a drawdown pension.  I took payments for 3 years - each of which gave me 25% as tax free, the rest was taxed.  Hopefully that helps.

If you still have uncrystallised benefits left in the scheme, then you can take 25% of the current value of those, subject to not exceeding the Lum Sum Allowance of £268,275 from all your (non-state) pensions.

How do I know if its "crystallised" or not please ?

dunstonh

NOT_THE_TAXMAN said:

Marcon said:

NOT_THE_TAXMAN said:

eastcorkram said:

Really going to depend on what sort of scheme it is. All you've called it, is 'this scheme' .

Its a drawdown pension.  I took payments for 3 years - each of which gave me 25% as tax free, the rest was taxed.  Hopefully that helps.

If you still have uncrystallised benefits left in the scheme, then you can take 25% of the current value of those, subject to not exceeding the Lum Sum Allowance of £268,275 from all your (non-state) pensions.

How do I know if its "crystallised" or not please ?

By looking at your statement or online access.  Or by asking the provider.

Some providers do not use the generic terms uncrystallised or crystallised.   
They may use phrases like drawdown or post-retirement or income release to indicate a crystallised fund.     
For uncrystallised, you may see phrases like pre-retirement or accumulation.

molerat

NOT_THE_TAXMAN said:

Marcon said:

NOT_THE_TAXMAN said:

eastcorkram said:

Really going to depend on what sort of scheme it is. All you've called it, is 'this scheme' .

Its a drawdown pension.  I took payments for 3 years - each of which gave me 25% as tax free, the rest was taxed.  Hopefully that helps.

If you still have uncrystallised benefits left in the scheme, then you can take 25% of the current value of those, subject to not exceeding the Lum Sum Allowance of £268,275 from all your (non-state) pensions.

How do I know if its "crystallised" or not please ?

The provider will be able to tell you or their on line portal may give the information on the split.  Who is the the provider, someone here may know how their particular systems work.

NOT_THE_TAXMAN

molerat said:

NOT_THE_TAXMAN said:

Marcon said:

NOT_THE_TAXMAN said:

eastcorkram said:

Really going to depend on what sort of scheme it is. All you've called it, is 'this scheme' .

Its a drawdown pension.  I took payments for 3 years - each of which gave me 25% as tax free, the rest was taxed.  Hopefully that helps.

If you still have uncrystallised benefits left in the scheme, then you can take 25% of the current value of those, subject to not exceeding the Lum Sum Allowance of £268,275 from all your (non-state) pensions.

How do I know if its "crystallised" or not please ?

The provider will be able to tell you or their on line portal may give the information on the split.  Who is the the provider, someone here may know how their particular systems work.

Provider is Willis Tower Watson