You can\u00a0withdraw some or all of the money held in a money-purchase workplace or personal pension. This is providing you are over the age of 55 and have not already begun to draw on your pension or bought an annuity.<\/p>\n
While you can still convert your pension into an annuity or invest it in a drawdown product, the new rules also enable you to withdraw the entirety of your pension, either as a lump sum or a series of withdrawals, subject to Income Tax above the first 25%.<\/p>\n
However, bear in mind that if you withdraw too much from your pension in one go, it could move you into a higher Income Tax bracket.<\/p>\n
From the age of 55:<\/strong> You may start taking a pension income before age 55 only if you are forced to take early retirement through ill health or you have a protected pension age.<\/p>\n Since April 2015 (subject to your pension scheme rules), for most pension investors aged at least 55, you will have total freedom over how you take an income or a lump sum from your pension.<\/p>\n \u2022 You can choose to take your entire pension pot as cash in one go \u2013 25% tax-free and the rest taxed as income Major shift in how you can access your pensions New rules about pensions came into effect on 6 April 2015, providing more choice for anyone who has a private or occupational money-purchase pension.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"_links":{"self":[{"href":"https:\/\/www.ashleighcourt.com\/news\/wp-json\/wp\/v2\/posts\/2130"}],"collection":[{"href":"https:\/\/www.ashleighcourt.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ashleighcourt.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ashleighcourt.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ashleighcourt.com\/news\/wp-json\/wp\/v2\/comments?post=2130"}],"version-history":[{"count":0,"href":"https:\/\/www.ashleighcourt.com\/news\/wp-json\/wp\/v2\/posts\/2130\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ashleighcourt.com\/news\/wp-json\/wp\/v2\/media?parent=2130"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ashleighcourt.com\/news\/wp-json\/wp\/v2\/categories?post=2130"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ashleighcourt.com\/news\/wp-json\/wp\/v2\/tags?post=2130"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n\u2022 You can take a pension commencement lump sum, and\/or;
\n\u2022 Start taking your pension income at any time, even if you are still working<\/p>\n
\n\u2022 Take lump sums, as and when required, with 25% of each withdrawal tax-free and the rest taxed as income
\n\u2022 Take up to 25% tax-free and then a regular taxable income from the rest. Either via income drawdown (where you draw directly
\nfrom the pension fund, which remains invested and is known as a \u2018flexi-access drawdown\u2019) or via an annuity (where you receive a secure income for life)
\n\u2022 A combination of the options<\/p>\n","protected":false},"excerpt":{"rendered":"