I have a private pension.
If I start to drawdown from the pension pot before I take any tax free allowance can I take that tax free allowance afterwards?
Thank you
AiY
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Tax Free Cash After Drawdown Starts
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- Lemon Half
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- Lemon Half
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- Lemon Slice
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Re: Tax Free Cash After Drawdown Starts
If you found an answer that isn't "no" then I would be interested!
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- Lemon Slice
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Re: Tax Free Cash After Drawdown Starts
Isn't the answer to take the tax free cash from part of the pension thereby crystalising that part then taking drawdown from that part leaving the remainder untouched.
If you've already started drawing down then the above is academic.
If you've already started drawing down then the above is academic.
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- Lemon Pip
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Re: Tax Free Cash After Drawdown Starts
Laughton wrote:If you've already started drawing down then the above is academic.
Not sure I follow that?
I started drawing down from my Sippdeal eSIPP donkey's years ago, but last month a page on the website I'd never visited revealed an as-yet-uncrystallised part I'd overlooked. Needing some cash just then, I asked for and was given 25% of it tax-free by way of 'pension commencement lump sum'.
TSC
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- Lemon Half
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Re: Tax Free Cash After Drawdown Starts
TwmSionCati wrote:Laughton wrote:If you've already started drawing down then the above is academic.
Not sure I follow that?
I started drawing down from my Sippdeal eSIPP donkey's years ago, but last month a page on the website I'd never visited revealed an as-yet-uncrystallised part I'd overlooked. Needing some cash just then, I asked for and was given 25% of it tax-free by way of 'pension commencement lump sum'.
If you've been adding to your pension since the original crystallisation then the new money has gone into an uncrystallised pot. Either that or you didn't crystallise it all originally.
(The "page on the website I'd never visited" didn't exist until a few weeks ago. See viewtopic.php?f=17&t=30746)
Scott.
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