withdraw cash from your pension pot (‘uncrystallised funds pension lump sums’).take a whole pension pot worth up to £10,000 as a lump sum.invest the money in a fund that lets you make withdrawals (‘draw down’)ĭepending on your scheme, you may have other options.You’ll then have 6 months to start taking the remaining 75 per cent - you can usually: In most schemes you can take 25 per cent of your pension pot as a tax-free lump sum. You should ask your pension provider what options they offer. You can decide how you take money from your pension pot. Generally, the older you are when you take your pension the higher the payments you'll receive because your life expectancy is shorter. research the best deal on a regular payment (buying an ‘annuity’).When planning your retirement income, you should: You’ll get the rest as a guaranteed amount each year. You may be able to take some money as a tax-free lump sum if you’re in a defined benefit pension scheme - check with your pension provider. You’ll need to decide how to take your money if you’re in a defined contribution pension scheme. You can find out more information on the types of workplace pension scheme Defined contribution schemes How you get money from your pension depends on the type of scheme you’re in. Defined benefit and defined contribution schemes In some circumstances you can take your pension early. Most pension schemes set an age when you can take your pension, usually between 60 and 65.
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