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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 5308
Experience:  FCCA FCMA CGMA ACIS
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What do i need to do to cash all my company pension.

Customer Question

what do i need to do to cash all my company pension.
Submitted: 8 days ago.
Category: Tax
Expert:  bigduckontax replied 8 days ago.

Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.

How old are you, please?

Customer: replied 8 days ago.
62
Expert:  bigduckontax replied 8 days ago.

The Money Advice Service has full guidance here:

https://www.moneyadviceservice.org.uk/en/articles/taking-your-whole-pension-pot-as-cash

25% of your pot will be tax-free, the balance at your marginal rate of tax. In very basic terms 'to take your whole pension pot as cash you simply close your pension pot and withdraw it all as cash.' Remember, the pension provider may charge, sometimes substantial fees, for the service, so shop around before making this irreversible decision.

I do hope that I have been able to assist you with your question.

Customer: replied 8 days ago.
i paid for membership not yet satisfied with any answers, all you want do is make more money.
Customer: replied 8 days ago.
my first question still need an answer.
Expert:  bigduckontax replied 8 days ago.

I do not make any money until you accept my reply.

You asked how you cash in your pension and I quoted the Money Advice Service viz:

'to take your whole pension pot as cash you simply close your pension pot and withdraw it all as cash.'

It is that simple, but the possible charges so doing can be horrendous, up to 70% of the pot.'

Customer: replied 8 days ago.
thanks
Expert:  bigduckontax replied 8 days ago.

Delighted to have been of assistance.

Please be so kind as to rate me before you leave the Just Answer site.