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Withdrawing entire SIPP fund
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To benefit from this you must have no other pensions at all. This includes any company schemes you may have had in the past.
I do have a deferred final salary company pension waiting to be taken (I stopped contributing many years ago when made redundant). Does that mean I'm ineligible to have a SIPP? Or could I have one but my company pension fund would have to be included in my lifetime allowance?0 -
I do have a deferred final salary company pension waiting to be taken (I stopped contributing many years ago when made redundant). Does that mean I'm ineligible to have a SIPP? Or could I have one but my company pension fund would have to be included in my lifetime allowance?
When calculating the limit for trivial commutation, ALL pensions except the state pension must be included.So you won't be eligible for TC.
You can still open a SIPP (or any other pension) you just can't take it in cash.
Tax free cash under 15k can be recycled into a new pension without breaking the HMRC rules.Trying to keep it simple...
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