Advise needed for small pension pot of £9k

haveabreak

Hello

In mid October I will be 66. I have a small pension about £9k. My provider has stated I can take 25% tax free, so £2,250. This leaves behind £

Grumpy_chap

Is that within the constraints of "small pots" rules?

mrklaw

whats the question?

what other income or pension pots do you have?

you would likely just take the lot out using UFPLS, £2250 would be tax free, £6750 would be taxable. Whether you pay tax on that or how much tax you pay depends on what your other income is.

If nothing else it could be £0 tax

if its 20% tax it’d be 6750*0.8=5,400 net so 2250+5400=7,650 total

If its 40% tax it’d be 6750*0.6=4,050 net or 2250+4050=6,300 total

QrizB

See OPs full question here:

https://forums.moneysavingexpert.com/discussion/6683732/advise-needed-for-small-pension-pot-of-9k-please-ignore-previous-post