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Pension Query
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ForestHillier


Posts: 490
Joined: Jul 2010
Post: #1
16-07-2018 12:55 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: 1,347
Joined: Mar 2005
Post: #2
16-07-2018 04:54 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 04:56 PM by Sherwood.

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Sherwood


Posts: 1,347
Joined: Mar 2005
Post: #3
17-07-2018 08:33 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
Post: #4
18-07-2018 09:59 AM

Thank you Sherwood

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