irelandseye
Registered User
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- 4
Hoping someone far more knowledgeable than I can help! I have a small personal pension maturing this week (I'll be 60) and I'm working in the public sector and intend to stay working until age 65. I'll have about 25 years in the public sector at that stage.
Ideally I would take all the money in the pension fund (about 22k) now, as a tax free lump sum (25%) and taxable lump sum (75%) but as far as I understand it, that's not open to me.
My options seem to be (a) transfer the full amount to buy an additional year on my public sector pension - no tax-free lump sum facility and I'd have to pay 5% to the (UK) insurance company I've invested with; or (b) take a tax-free lump sum of 25% and invest the rest in an AMRF; or (c) tax-free lump sum 25% and buy an annuity with the rest, which I definitely don't want.
Does anyone know if there's ANY way in which I can legally get all the money now? Or if I can get the 75% as a (taxable) lump sum once it transfers from an AMRF to an ARF, or is there a maximum annual withdrawal limit? Bottom line, I want to get hold of as much of the money as possible as soon as possible to meet outgoings. Seems to complicate matters that I want to do this now with personal pension maturing, and won't actually be retiring until age 65.
Any info/advice/comments much appreciated, it's a totally unknown area to me. Will probably talk to a financial advisor but no idea how to find an independent one.
Thanks everyone.
Ideally I would take all the money in the pension fund (about 22k) now, as a tax free lump sum (25%) and taxable lump sum (75%) but as far as I understand it, that's not open to me.
My options seem to be (a) transfer the full amount to buy an additional year on my public sector pension - no tax-free lump sum facility and I'd have to pay 5% to the (UK) insurance company I've invested with; or (b) take a tax-free lump sum of 25% and invest the rest in an AMRF; or (c) tax-free lump sum 25% and buy an annuity with the rest, which I definitely don't want.
Does anyone know if there's ANY way in which I can legally get all the money now? Or if I can get the 75% as a (taxable) lump sum once it transfers from an AMRF to an ARF, or is there a maximum annual withdrawal limit? Bottom line, I want to get hold of as much of the money as possible as soon as possible to meet outgoings. Seems to complicate matters that I want to do this now with personal pension maturing, and won't actually be retiring until age 65.
Any info/advice/comments much appreciated, it's a totally unknown area to me. Will probably talk to a financial advisor but no idea how to find an independent one.
Thanks everyone.