Pension Withdrawal

How You Can Cash in Your Pension

There is the possibility to retrieve your pension funds even if you’re not retiring!
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There is the possibility to retrieve your pension funds even if you’re not retiring!

It’s time to start planning your retirement! The Pension Withdrawal section is an excellent place to start. You don’t want your pension to give you sleepless nights! Discover more about drawdown and the essential tax facts, including how the pension lifetime allowance and money purchase annual allowance work.

Pension Withdrawal Basics

Simply put, here are a few basics on how to withdraw your pension.

How You Can Withdraw Money from Your Pension Fund

Find out how you can access your pension and how you can withdraw.

Can I Cash in My Pension?

Find out what the rules are when accessing your state, personal, and workplace pensions. There are specific rules about age and withdrawal methods that are important to note.

Pension Lifetime Allowance

Just in case you are unfamiliar with lifetime allowance, find out about it. There is currently legislation on lifetime allowance, which can impact pension saving.

What is a Deferred Pension?

Learn what a deferred pension is. There are also benefits when you delay taking your workplace, personal assistance, and the State Pension.

What is Income Drawdown?

But wait, let me tell you something. Be smart and know what income drawdown is. You can use it to access your pension from the young age of fifty-five. PensionBee can inform you about that.

When Can I Claim My Pension?

It turns out it’s also a good idea to know the different rules around claiming your workplace, personal, and State Pension.

The Pension Withdrawal Rules

Taking an Early Pension

You might be hoping for an early pension. There will be a few things to note about that, so have a look into that as well.

Income Drawdown Charges

Your pension provider may charge you some drawdown fees when you are trying to access your pension. They will also charge fees for administration and withdrawal.

How Does Pension Drawdown Tax Work?

Your pension provider may charge you tax on 75% of your savings. The tax is calculated using your yearly income and your tax rate.

Emergency Tax on Pensions

Lump-sum pension withdrawals may be subject to emergency tax. How does it work? How can you reclaim your overpayments from HMRC? You need to read up about that.

Early Pension Release Rules

Early pension release is something that you need to know about as well. Read up on the rules and consequences of withdrawing your pension money before 551.

Money Purchase Annual Allowance

Do you know what the money purchase annual allowance (MPAA2) is? It can impact your pension contributions, so have a look at that.

Common Questions:

How Much of My Pension Can I Withdraw?
Can I Cash in My Pension Early?
Is Pension Drawdown A Good Idea?
Can I Take 25% Of My Pension Tax-Free Every Year?

How Much Can You Release?

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How Much Can You Release?

Most people are using Equity Release as a means of retaining the use of their house while also obtaining a lump sum or a steady stream of income. Get matched with an expert and check your eligibility for equity release options.
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