Pension Query
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ForestHillier
Posts: 490
Joined: Jul 2010
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16-07-2018 01:55 PM
1 ) Can I take all my private pension in cash
2 ) Carry on working until I hit 66
3 ) Stop paying into any private pensions
If yes to above 3, would there be any tax/NI penalties - aware that i would a big sun in tax if I were to tale all pension in cash, however would there be any other penalties
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Sherwood
Posts: 1,414
Joined: Mar 2005
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16-07-2018 05:54 PM
I think the answers are as follows:-
1. Yes. But you can take 25% tax free. If you take more I think you pay at 55%. Probably makes sense to draw down in future years.
2. Yes. You can freeze your pension.
3 Yes. You can stop paying in. But your employer also stops paying in.
If you are trying to get at your money, you may need to get another job and claim your current pension.
This post was last modified: 16-07-2018 05:56 PM by Sherwood.
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Sherwood
Posts: 1,414
Joined: Mar 2005
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17-07-2018 09:33 AM
For 3 I think I should add that you are not currently paying income tax or NI on your pension contribution. Therefore, your tax and NI will increase.
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ForestHillier
Posts: 490
Joined: Jul 2010
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