I’m over 55 and want to take a lump sum from my pension pot to give to my children now. Can I do this?

Yes – you can do this, but we recommend that you seek financial advice about any inheritance tax implications. You can give away a total of £3,000 worth of gifts each tax year (6 April to 5 April) without them being added to the value of your estate. This is known as your ‘annual exemption’. You can also give as many gifts of up to £250 to each child as you want during the tax year, as long as you haven’t used another exemption on the same person.

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