Flexible lump sums
Are there any restrictions on taking a tax-free lump sum (flexi-access drawdown or UFPLS) with People’s Pension?
There are a few things you need to consider when taking a flexible lump sum with The People’s Pension. When …
If I take a lump sum as a UFPLS, how am I taxed?
With this option you spread your tax-free lump sum across all withdrawals you take from your pension savings. Usually, 25% …
Can I take some or all of my 25% tax-free lump sum up front and leave the rest invested?
If you want to take a tax-free sum but leave the remainder of your pension pot invested, you can do …
Can I pay further contributions after taking a flexible lump sum?
Yes, however, the annual allowance is a limit to the total amount of money you can save into your pension …
Can I only access part of my pension pot?
If you’re age 55 or over (or earlier if you’re retiring due ill health), and you have more than £10,000 …
Can I take as many withdrawals from my pension as l like?
You can take one withdrawal a tax month as a regular income or lump sum. For example, from 6 May …
I’ve a protected pension commencement lump sum (PCLS) which means I can take more than 25% of my pot as a tax-free lump sum. What happens if I take this as a lump sum (UFPLS)?
If you use your savings for a lump sum payment (also known as an uncrystallised funds pension lump sum or …
Can I cash in my pension pot?
Yes, your normal minimum pension age, you can take your whole pension pot and use it however you want. However …
Can I take my whole pot with People’s Pension as a lump sum and how much would I be taxed?
Yes, usually from age 55, you can take your whole pension pot and use it however you want. However, there …
I want to take a lump sum from my pot. How do I avoid as much tax as possible?
We are not able to give advice. However, you can stagger your pension withdrawals over several tax years rather …