just watched this having stumbled across your other videos.... will be watching the rest in short order, and checking out the website - kudos for making a complex process simple to understand. Now I just need to work out when I want to retire!
Hi Pete. I will reach 60 next year. If I have a pension pot of £350k, I can take 25% of this (£87,500) totally tax free and leave the balance in the pension fund. Is this correct? In the following tax year can I take another 25% tax free, again leaving the balance in the pension fund, and so on until I have taken all of the pension fund?
No, Peter. In taking the first lot of £87,500 you have fully crystallised your fund and that’s your one bite at the cherry for tax free cash. The balance would then be in drawdown. That video is very old, mind. There are more recent ones about pension benefits.
@@MeaningfulMoney Thank you Pete. So the best bet would be to leave it as long as possible before taking the 25%.; With regards to the following drawdown amounts. If I keep it to under the single person’s tax allowance, then I take it that this would be tax free ? Do you have links to your more recent videos please. Thank you.
The Citizens Advice Bureau pensions webpage on income drawdown talks about consulting a financial advisor before taking income drawdown, and mentions some kind of ongoing reviews. I may be wrong, but there seem to be lots of different types of financial advisor. Is a financial advisor mandatory? And what type of pensions/financial advisor would be suitable for a person with simple affairs, who is lean FI and semi-retired, and from 55 will be FI and beyond?
Drawdown can be complicated, so you will be well-served by taking good advice, but you're right - it can be hard to find. Try to look for a financial *planner* - such a person will help you establish a plan for how much you need to take, and when, and also help build the investment approach to give the pot the best chance of lasting.
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just watched this having stumbled across your other videos.... will be watching the rest in short order, and checking out the website - kudos for making a complex process simple to understand. Now I just need to work out when I want to retire!
You made Phased retirement very simple, thanks
the CII just confused me, great post
Hi Pete.
I will reach 60 next year. If I have a pension pot of £350k, I can take 25% of this (£87,500) totally tax free and leave the balance in the pension fund. Is this correct?
In the following tax year can I take another 25% tax free, again leaving the balance in the pension fund, and so on until I have taken all of the pension fund?
No, Peter. In taking the first lot of £87,500 you have fully crystallised your fund and that’s your one bite at the cherry for tax free cash. The balance would then be in drawdown.
That video is very old, mind. There are more recent ones about pension benefits.
@@MeaningfulMoney
Thank you Pete.
So the best bet would be to leave it as long as possible before taking the 25%.;
With regards to the following drawdown amounts. If I keep it to under the single person’s tax allowance, then I take it that this would be tax free ?
Do you have links to your more recent videos please.
Thank you.
The Citizens Advice Bureau pensions webpage on income drawdown talks about consulting a financial advisor before taking income drawdown, and mentions some kind of ongoing reviews. I may be wrong, but there seem to be lots of different types of financial advisor. Is a financial advisor mandatory? And what type of pensions/financial advisor would be suitable for a person with simple affairs, who is lean FI and semi-retired, and from 55 will be FI and beyond?
Drawdown can be complicated, so you will be well-served by taking good advice, but you're right - it can be hard to find. Try to look for a financial *planner* - such a person will help you establish a plan for how much you need to take, and when, and also help build the investment approach to give the pot the best chance of lasting.
@@PeteMatthew Thanks Pete.