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Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Finance
Satisfied Customers: 4546
Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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I have 3 occupational pensions. can i cash in one of them/

Resolved Question:

I have 3 occupational pensions. can i cash in one of them/ I need some money to upgrade my property to provide facility for disbility needs- an extention for a wet room and kitchen adaptation etc. can i do this? if i can, how do i go about it?
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. Yes, you will be able to do that. The first 25% would be tax free. You would be able to take more money out but it would be taxed at ordinary income tax rates. I am sure this would help. I wish you good luck. 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,
Customer: replied 2 years ago.

Thank you but you did not answer the 2nd part of my question. How do I go abou tdoing this? Do i have o add the 3 pension port and see what constitute 25%. If his is not enough from one port can i take more from another of the 3 pensons?

regards

Expert:  Rakhi Vasavada replied 2 years ago.
Dear Friend, Yes, you will have to add the 3 pension pots. If this is not enough, you may take more from the one of the another pensions. I am sure this would help. I wish you good luck. 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,
Customer: replied 2 years ago.

what do I have to do to take the 25%? that is how do i apply fo it? please answer this advising the practical steps i need to take as i don't know at all how to go about it.

thanks

Expert:  Rakhi Vasavada replied 2 years ago.
Dear Lola,

I am sorry for bit delayed reply.

The best option would be to reach out to your plan administration customer care. They will guide you through the process and paper work.

Just reach out to them and it would be very simple for you.

Hope this helps...

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,

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