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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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HelloI have 3 pensions. 2 with previous employers. my

Customer Question

Hello
I have 3 pensions. 2 with previous employers. my current one is with the civil service. I believe the current changes to pension will not apply to my civil service pension. Is this true?
I am thinking of cashing in my previous pensions to make provision towards my retirement planning as they are small pots. Can I do this? Or is the 25% rule mean I can only take out 225% of these small pots?
please reply promptly
Thank you & Regards
Submitted: 1 year ago.
Category: Finance
Expert:  Rakhi Vasavada replied 1 year ago.
Dear Friend, Hello and welcome. Thank you for providing an opportunity to assist you. YES.. You can certainly withdraw more than 25%. The new rules allow withdrawals in excess of the 25% but there is a caveat. You CAN allow more than 25% of the pension pot. The first 25% would be tax free and any amount in excess of 25% would taxed at normal income tax rates applicable to you. 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,