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A + B into C

thebullsback
thebullsback Posts: 639 Forumite
Part of the Furniture 100 Posts Combo Breaker
in Pensions, annuities & retirement planning
just wondering if I have two pension pots say A and B and I take the 25% Tax free cash out of both could I then Transfer the remaning pots into a personal Sipp C and then would I be able then to take 25% Tax free out of C.
Or has mr Taxman got this coverd ?
Keep in your thoughts the poor Beasts of burden around the World and curse All who do them harm.

Comments

  • robber2
    robber2 Posts: 559 Forumite
    Part of the Furniture 500 Posts Name Dropper
    Not going to work,



    Sorry


    Rob
  • marlot
    marlot Posts: 5,000 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    thebullsback wrote: »
    ..Or has mr Taxman got this coverd ?
    Of course.

    The funds transferred to C are already 'crystallised', so no further tax free lump sum is available.
  • thebullsback
    thebullsback Posts: 639 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    ah well ......back to the Drawing Board
    Keep in your thoughts the poor Beasts of burden around the World and curse All who do them harm.
  • 232607
    232607 Posts: 158 Forumite
    Hold on till after the election.
    If labour get in you may get away with it once Diane Abbott has done the maths. 😳
  • thebullsback
    thebullsback Posts: 639 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    I can imagine the interest rates if that happens
    Keep in your thoughts the poor Beasts of burden around the World and curse All who do them harm.
  • Albermarle
    Albermarle Posts: 30,453 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    You can of course transfer the pots A + B as they are to a SIPP C and then take the 25% tax free cash from C .
    This would probably be a better way from an admin point of view as it is can be easier to transfer uncrystallised money than crystallised money with some providers as far as I know.
This discussion has been closed.
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