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 TonyTax Your Own Question
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15977
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
Type Your Tax Question Here...
TonyTax is online now

Can I take out a sum of money from my pension which is - after

This answer was rated:

Can I take out a sum of money from my pension which is - after tax is £2,600 approx per month from my teaching career. My state pension is additional .
I already had a tax free lump sum on my retirement?


If you are referring to a Teachers' Pension, I'm afraid the answer is no. You were in a defined benefit or final salary scheme where the amount of your pension is based on your final salary and the number of years of service. The changes to the way people will be able to access their pension savings in future which were recently announced only apply to what are called defined contribution pension schemes where the amount of pension is based on annuity rates and the value of the pension fund.

It's possible that you may have paid additional voluntary contributions or AVCs along with your regular pension contribution and it may have been possible to access that part of the pension fund related to the AVCs you paid under the new rules but, given that you have already had your tax free lump sum and you are drawing your pension, I doubt you will be able to change anything now. It might be worth a call to your pension payer to clarify your position.

You can read about the different types of pension schemes here and here.

I hope this helps but let me know if you have any further questions.

TonyTax and other Tax Specialists are ready to help you