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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5142
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I have the option of taking two pensions that I plan on taking

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I have the option of taking two pensions that I plan on taking from my 56th birthday. The first is a defined benefits scheme and I plan take £35k as a cash free lump sum. The 2nd is a stakeholder pension that will allow me to take 25% (£17,000) tax free. My question is "am i allowed to take both tax free amounts" in this tax year. I will continue in part time employment earning approx £12,000 pa.
Thank you for your question.You are allowed to take both tax free amounts in one tax year as they are two separate schemes and separate pension pots. I hope this is helpful and answers your question.If you have any other questions, please ask me before you rate my service – I’ll be happy to respond. and other Tax Specialists are ready to help you