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TonyTax
TonyTax, Tax Consultant
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Pensions: I have a private pension I have accessed for a few

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Pensions:
I have a private pension I have accessed for a few years. From April will it be possible for me to take 100% of the savings out rather than depend on a small monthly annuity?
Submitted: 3 years ago.
Category: Tax
Expert:  TonyTax replied 3 years ago.
Hi.

If you have already had the tax free lump sum from your pension and you bought an annuity with the balance and that has been in payment for a "a few years" as you say, as opposed to making irregular withdrawals on a drawdown basis, I'm afraid that you cannot reverse that situation now.

If you are still within the "cooling off period" after having taken the tax free lump sum and choosing an annuity which I very much doubt or you haven't chosen an annuity and are making irregular withdrawals on a drawdown basis or none at all, then you may be able to access the undrawn funds.

You ought to consult your pension payer for confirmation of your options, if any.

Take alook here and here (paragraph 3.22 on page 24 is relevant to you) for more information on pension choices in the light of the new rules.

I hope this clarifies your situation but let me know if you have any further questions.









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