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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15759
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Hi Tony,I tried to pay you a bonus for your additional answers

Resolved Question:

Hi Tony,I tried to pay you a bonus for your additional answers to my last question but the system would not allow.So I have a suggestion i.e that I ask what I think is a fairly simple question and pay you a higher rate than normal.
My simple question relates to the procedure/mechanics for taking a fully flexible drawdown pension which I plan to do after April next year.Do I simply advise Canada Life to transfer my pension pot of approx £400k to my pension provider which will probably be Hargreaves Lansdown and from which of the two parties should I request £100k to be paid(tax free) to me?
If you agree'I would be agreeable to paying £36 "all in" for an answer to this question.
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi.

That's very generous of you. Leave this with me while I draft my answer.
Customer: replied 2 years ago.

OK,that is fine

Expert:  TonyTax replied 2 years ago.
You really ought to check with both Canada Life and Hargreaves Lansdown as what used to happen with "open-market option" pensions may not be the way it works after April 2015.

I've had many clients who have exercised the option market option to shop around for a pension in the past and in those cases where I saw the paperwork, the whole fund was was transferred to the new provider before the tax free cash lump sum was taken and the balance was used to buy an annuity.

The forms here and here suggest that the lump sum can be paid before the balance is transferred to another provider or afterwards. I suspect that different providers will do this in different ways.

I hope this helps but let me know if you have any further questions.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15759
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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