Interactive Investor 25% tax free

Time2Go_25

Good afternoon,

I'm looking to take the 25% tax free available from my II Sipp. I've got as far as Step 10 on the form, which asks:

Step 10.

Taking a lump sum payment will count towards your Lump Sum Allowance (LSA) and Lump sum and Death Benefit Allowance (LSDBA). Please select whether you have taken any tax-free lump sums from a pension on or after 6 April 2024.

Taking benefits from a pension (withdrawing money) before 6 April 2024 will have counted towards your Lifetime Allowance (LTA). Please select whether you took any benefits from a pension (withdrew money) between 6 April 2006 and 5 April 2024.

Then select whether you took any benefits from a pension (withdrew money) before 6 April 2006. 

I took 25% from a Royal London Pension, eight years ago, and no longer have any paperwork from them, so I assume I just put down the actual amount of cash that 25% was worth. I also have a DB pension, but am unsure if I should include the lump sum that came with that, or if DB pensions are treated differently.

Many thanks

dunstonh

I took 25% from a Royal London Pension, eight years ago, and no longer have any paperwork from them, so I assume I just put down the actual amount of cash that 25% was worth.

it is just the monetary amount of the tax free cash that is needed. so, yes.

I also have a DB pension, but am unsure if I should include the lump sum that came with that, or if DB pensions are treated differently.

Yes, you include that.

Baggy2000

Also review whether your DB lump sum was the equivalent of 25% else you may want to first apply for transitional protection of TSA if it was the equivalent of less than 25%.