You can now take the full amount from your pension if your total pension value is under £30,000 from any number of pensions, which currently has an age restriction.
This has changed from the previous triviality rules whereby you could only do this if in total the pot sizes combined were less than £18,000 or £2,000 from an Occupational pension ( see later reference). This is of course subject to tax, with at least 25% being tax free and the balance being added to your income and taxed accordingly.
The small pot rule applies to any pension worth £10,000 or less again with the option of taking a tax free lump sum and the remaining value being added to your income and taxed.
To meet with one of our Independent Financial Advisors in Medway, please call 01634 564664.