The first quarter (25%) will be tax-free. The remaining three quarters (75%) will be added to the rest of your income and taxed in the normal way. However, there are things to take into consideration if you are thinking about doing this, get in touch today to make sure you’re not losing money through bad investments and fees.
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Taking money out of your pension pot(s) before age 55 could leave you with an unwanted tax bill. Speak with an Approved Advisor to talk about your options.
This is dependant on the size of your Pension pots as there are different rules for different sizes. An Approved Advisor will help you weigh out your options to get you the best outcome when cashing in your Pensions.
When you open your pension pot you can usually choose to take some of the money in the pot as a cash lump sum. As of April 2015, it has been possible to take your entire pension pot as a cash sum but you should be aware of the tax treatment.
Pension payments are made for the rest of your life and can possibly continue after death with your spouse. Lump sum payments give you more control over your money. Although there can be risks. Speak with an Advisor to talk about your options.
It has been suggested that you should try to save around 15% of your pre-tax income into your pension every year, during your working life.
Advisors will typically charge between 0.5%-5% of the asset in question. Your pension advisor will always be up front and honest about their fees so there won’t be any nasty surprises later.
We’ll use this information to match you with a local Approved Adviser with the right experience to help.
The Adviser will contact you directly. Your initial consultation is free with no obligation.