Withdrawing early from my pension pot.

[honeybee13]

I don't think you can draw on it before 55, unfortunately, because the government changed the rules.

 

As you say, be very wary of companies online, especially if they aren't regulated. If your current pension is with a company, you can ask them for advice, or you also have Pension Wise which has been renamed but is staffed by people who have dealt with pensions in their working lives. It's free.

 

Pension Wise: free pension guidance | MoneyHelper

WWW.MONEYHELPER.ORG.UK

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Pension Wise is a free and impartial government service that helps you understand the options for your pension pot. Get free pension guidance...

 

HB

[honeybee13]

I can see your logic, sadly the government don't.

 

Is this lump sum 25% of your pension fund, the tax-free cash part?

 

HB

[honeybee13]

Is it worth taking out money before age 55 [if you aren't seriously ill] and paying 55% tax and up to 30% of the fund in provider charges?

 

HB

[honeybee13]

I hope you're one of the lucky ones, Jason. I read this earlier.

 

‘They couldn’t even scream any more. They were just sobbing’: the amateur investors ruined by the crypto crash | Cryptocurrencies | The Guardian

WWW.THEGUARDIAN.COM

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Fuelled by hype and hysteria, the market in bitcoin and other cryptocurrencies went from an obscure niche to a $3tn industry. Then the house of cards...

 

HB

[honeybee13]

Hi Jason.

 

What I'm not clear about is where your Standard Life [very good company IMO] personal pension pot is now. You seemed to be implying that your crypto dealer had control of it, but maybe I misunderstood.

 

HB

[honeybee13]

I'm adding one last post to this thread with information from the Low Incomes Tax Reform Group. There's a lot of information, including a calculation of how someone can take £20,000 out of their pension and end up with £4,000 after charges and tax.

 

HB

 

Thinking of accessing your pension before age 55? Be very careful

WWW.LITRG.ORG.UK

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It can be tempting to try and take money from your pension to help you out financially at a difficult time. But this is not always wise. Here we consider...