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Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Finance
Satisfied Customers: 4545
Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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I took 25% of my pension pot in December 2012 and recieve £100

Customer Question

I took 25% of my pension pot in December 2012 and recieve £100 a month of a pension from my private pension.I am 60 on 6th March 2015 with £30,800 value in my pension pot. Is there any way I can release any more of my pension? I did not transfer to annuities.
Submitted: 3 years ago.
Category: Finance
Expert:  Rakhi Vasavada replied 3 years ago.
Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

WIth your pension pot above 30,000 and you below the age of 60, 25% is the only amount that you would be able to take out as lump sum without tax.

In my opinion, rather than withdrawing more and inviting tax liability, it would be simply better if you wait until age 60 which is just couple of months away.

I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards
Rakhi Vasavada and other Finance Specialists are ready to help you
Expert:  Rakhi Vasavada replied 3 years ago.
Dear Friend,

Thank you. I am glad that this helped.

I was pleasure assisting you. Looking forward to work with you again in future as well.

Warm Regards
Customer: replied 3 years ago.

Thank you for your reply,however, I received a letter saying because my pension pot was just over £30,000 there was nothing I could do to release any more of it.It seems to be very complicated.I really need to know whether I can release some or all of it when I am 60.

Expert:  Rakhi Vasavada replied 3 years ago.
Dear Friend,

This is what I meant if you refer to my original reply. The reply was based on the very fact that since the pot is "over" 30,000, the only option is to wait until you turn 60.

I hope this helped. I wish you good health and good times going ahead.

Warm Regards