Pension Cash Out London
The earliest age at which you can get pension cash out is now 55 – but your own scheme’s rules may demand that you take it later or suffer penalties.
After the 2014 budget the earliest age at which you can extract up to £30,000 gross from your pension under triviality rules – with 75% being subject to tax – is age 60.
When you retire you can normally get up to 25% of your pension out as cash tax free, but changes in the April 2014 budget means that this may no longer be wise…talk to us before you do anything!!! This means that far from getting cash out leaving it in may become the preferred option for a whole variety of tax and investment reasons.The only way to access the remainder of your pension fund was to take a taxable income usually in the form of an annuity; but under measures introduced in the March 2014 budget wef April 2015 that too has become more flexible.
This means that far from getting cash out leaving it in may become the preferred option for a whole variety of tax and investment reasons. An annuity will provide a guaranteed income for the rest of your life. But there are other options. The amount of income a provider offers you will depend on the value of your pension fund, the options you take with your Annuity Advice and your personal status such as gender and age. The alternative is Pension Income Drawdown this may well become the preferred means of extracting retirement income. There are a wide variety of options so when you start thinking about taking an income from your pension fund seek Facts & Figures’ expert advice before making any decisions. You may be eligible for an impaired life annuity if you are unwell or a smoker.
Facts & Figures are London based pension experts and there are many different types of pension, follow the links to find out more or Contact Us now for further information.