How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Rakhi Vasavada Your Own Question

Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Finance
Satisfied Customers: 4526
Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
43581946
Type Your Finance Question Here...
Rakhi Vasavada is online now

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: 2 years ago.
Category: Finance
Expert:  Rakhi Vasavada replied 2 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, Financial Advisor
Category: Finance
Satisfied Customers: 4526
Experience: Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
Rakhi Vasavada and other Finance Specialists are ready to help you
Expert:  Rakhi Vasavada replied 2 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 2 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 2 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

What Customers are Saying:

 
 
 
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W
< Previous | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
 
 
 

Meet The Experts:

 
 
 
  • Rakhi Vasavada

    Rakhi Vasavada

    Financial Advisor

    Satisfied Customers:

    1806
    Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
< Previous | Next >
  • http://ww2.justanswer.com/uploads/RA/rakhi.v/2012-7-3_14374_RakhiVasavadaL.64x64.jpeg Rakhi Vasavada's Avatar

    Rakhi Vasavada

    Financial Advisor

    Satisfied Customers:

    1806
    Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
  • http://ww2.justanswer.com/uploads/MS/MsAM/2012-6-9_16426_anna.64x64.jpeg Anna's Avatar

    Anna

    Teacher, writer, biologist

    Satisfied Customers:

    270
    Great research skills, variety of work experiences, teaching experience.
  • http://ww2.justanswer.com/uploads/PD/pdheslin/2012-6-6_232056_pambig.64x64.jpg pdheslin's Avatar

    pdheslin

    Consultant

    Satisfied Customers:

    51
    20+ years of internet site creation and search engine optimization. Dozens of search tools at my disposal.
  • http://ww2.justanswer.com/uploads/BL/blueflowers1063/2013-10-10_35834_KimHolidays1.64x64.jpg Kim D.'s Avatar

    Kim D.

    Consultant

    Satisfied Customers:

    27
    Researcher 20+yrs in small and large institutions
  • http://ww2.justanswer.com/uploads/NU/nursescare4u/2013-3-31_03429_JApic.64x64.jpg findinganswers's Avatar

    findinganswers

    Internet Researcher

    Satisfied Customers:

    22
    Internet Researcher, Nurse for over 17 years, and can find answers for you!
  • http://ww2.justanswer.com/uploads/PR/ProMBA/2012-6-7_154051_beach.64x64.jpg ProMBA's Avatar

    ProMBA

    Internet Researcher

    Satisfied Customers:

    3
    I'm an owner of three businesses, with both undergraduate and graduate business degrees from top tier universities.
 
 
 

Related Finance Questions