Pension pot after my husband died

Rosereg

My husband age 78 has died leaving a pension pot of 70,000 and I am 74 not in go health myself what should I do with his pension take it as a lump sum or how does drawdown work

dunstonh

Sorry for your loss.

You should almost certainly not take it as a single lump sum, as that would take you into a higher rate tax. Unless you are already a higher tax payer, in which case, you could make the tax even higher.

There are lots of guides available online for dependents/beneficiary drawdown. So, rather than type out pages of details, it would be best to look some of those guides up.

There are more tax-efficient ways to deal with this money, but more details about your circumstances, needs, and any family and legacy desires would need to be known. As it stands, there isn't enough information as there are multiple options and what is best depends on your circumstances.

MEM62

Sorry for your loss.

Without an overview of your wider circumstances nobody will be able to offer you any meaningful opinion.

leosayer

The pension provider should be able to give you an explanation of how things work.

However, take care because withdrawing too much in one go could result you paying more tax than you need to.

You could trying giving pensionwise a call. It's a free government funded service:

https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise?source=pw

Sam_666

https://www.citizensadvice.org.uk/about-us/information/pension-wise/

dunstonh

You could trying giving pensionwise a call. It's a free government funded service:

It's not government-funded. It is funded by levies on regulated financial services companies.

Rosereg

Thank you all for your advice I will contact pensionwise tomorrow I appreciate your replies