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By *inzi L OP TV/TS
over a year ago
The Garden of Eden in Beautiful North Wales |
A couple of mine are due in about 18 months, not a lot of cash and it would probably be better as a lump sum than trying to live on it...
So, what are my options? What is the limit you can take as a lump sum and the tax there on?
I'm not looking to reinvest unless it's into a business or something that will provide an income, the rest to pay the usual debts off!
So advice on pensions and or ideas on a small business....
Over to you, I'll get my own popcorn!  |
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By (user no longer on site)
over a year ago
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"A couple of mine are due in about 18 months, not a lot of cash and it would probably be better as a lump sum than trying to live on it...
So, what are my options? What is the limit you can take as a lump sum and the tax there on?
I'm not looking to reinvest unless it's into a business or something that will provide an income, the rest to pay the usual debts off!
So advice on pensions and or ideas on a small business....
Over to you, I'll get my own popcorn! "
No one can advise you with that information. You need a financial adviser. |
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By (user no longer on site)
over a year ago
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"A couple of mine are due in about 18 months, not a lot of cash and it would probably be better as a lump sum than trying to live on it...
So, what are my options? What is the limit you can take as a lump sum and the tax there on?
I'm not looking to reinvest unless it's into a business or something that will provide an income, the rest to pay the usual debts off!
So advice on pensions and or ideas on a small business....
Over to you, I'll get my own popcorn!
No one can advise you with that information. You need a financial adviser."
 absolutely this. Please please seek advice from a specialist adviser.
Not saying it applies here but my big fear now that people can take lump sums out of their pensions is that we'll have a generation of 'poverty pensioners' in a decade or two after they've spent all of their lump sums and their remaining pension isn't enough to live on |
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By *inzi L OP TV/TS
over a year ago
The Garden of Eden in Beautiful North Wales |
"A couple of mine are due in about 18 months, not a lot of cash and it would probably be better as a lump sum than trying to live on it...
So, what are my options? What is the limit you can take as a lump sum and the tax there on?
I'm not looking to reinvest unless it's into a business or something that will provide an income, the rest to pay the usual debts off!
So advice on pensions and or ideas on a small business....
Over to you, I'll get my own popcorn!
No one can advise you with that information. You need a financial adviser."
I understand that... I just want to know the limits on withdrawing and the tax limits. |
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By *inzi L OP TV/TS
over a year ago
The Garden of Eden in Beautiful North Wales |
"A couple of mine are due in about 18 months, not a lot of cash and it would probably be better as a lump sum than trying to live on it...
So, what are my options? What is the limit you can take as a lump sum and the tax there on?
I'm not looking to reinvest unless it's into a business or something that will provide an income, the rest to pay the usual debts off!
So advice on pensions and or ideas on a small business....
Over to you, I'll get my own popcorn!
No one can advise you with that information. You need a financial adviser.
absolutely this. Please please seek advice from a specialist adviser.
Not saying it applies here but my big fear now that people can take lump sums out of their pensions is that we'll have a generation of 'poverty pensioners' in a decade or two after they've spent all of their lump sums and their remaining pension isn't enough to live on"
I'll be honest with you, it is a piss in the ocean... so better taken as a lump sum and doing something with that but I don't know the limits concerning tax!  |
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By *abioMan
over a year ago
Newcastle and Gateshead |
try speaking to pension wise....
they are a collaberation between the government, the citizen advice bureau, the pension advisory service and age uk..... to try to help decide what to do with pensions....
all free and very useful to avoid perils and pitfalls..... |
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By (user no longer on site)
over a year ago
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"A couple of mine are due in about 18 months, not a lot of cash and it would probably be better as a lump sum than trying to live on it...
So, what are my options? What is the limit you can take as a lump sum and the tax there on?
I'm not looking to reinvest unless it's into a business or something that will provide an income, the rest to pay the usual debts off!
So advice on pensions and or ideas on a small business....
Over to you, I'll get my own popcorn!
No one can advise you with that information. You need a financial adviser.
absolutely this. Please please seek advice from a specialist adviser.
Not saying it applies here but my big fear now that people can take lump sums out of their pensions is that we'll have a generation of 'poverty pensioners' in a decade or two after they've spent all of their lump sums and their remaining pension isn't enough to live on
I'll be honest with you, it is a piss in the ocean... so better taken as a lump sum and doing something with that but I don't know the limits concerning tax! "
if you phone the pension your with/were with they can advise you, I think you may have already paid tax on your pension, not 100% on that though! The pension holder is you best place to start as they will supply you with you figures you need, I think if your over 55 they may supply you with the info. Ps that drop in the ocean combined with state pension might be a little more than you expect. Good luck & Check the government pension website for advice! |
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By (user no longer on site)
over a year ago
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"Ok... As a lump sum, how much can I withdraw tax free and what are the tax bands thereafter?"
there's a calculator on the gov web site, like I said, you need to know how much you have paid in etc |
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By *icketysplitsWoman
over a year ago
Way over Yonder, that's where I'm bound |
"Ok... As a lump sum, how much can I withdraw tax free and what are the tax bands thereafter?
25% tax free. The usual tax bands apply thereafter. This was my experience."
That's my understanding too. The rest is then taxed alongside any other income in that year, so you might go into the higher tax band.
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