Flexible lump sums

If I take a flexible lump sum, how am I taxed?

There are 2 ways of taking your pension pot as a flexible lump sum. With both, you’ll get 25% of …

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Are there any restrictions on taking a flexible lump sum (flexi-access drawdown or UFPLS) with The People’s Pension?

There are a few things you need to consider when taking a flexible lump sum with The People’s Pension. When …

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Can I claim just the 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’ll need to …

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Can I pay further contributions after taking a flexible lump sum?

When you’ve flexibly accessed your pension pot (note this doesn’t apply if you only take your tax-free cash from flexi-access …

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Can I only access part of my pension pot?

If you’re age 55 or over (or earlier if you’re retiring due to incapacity), and you have more than £10,000 …

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Can I take as many flexible lump sums as l like?

If you want to use your pension savings for a lump sum or flexi-access drawdown you need to have a …

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I’ve a protected pension commencement lump sum (PCLS) which means I can take more than 25% of my pot as tax-free cash. What happens if I take this as a flexible lump sum?

If you use your savings for a flexible lump sum payment (UFPLS) with us: You’d lose this higher entitlement as …

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Can I take my whole pot with The 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 …

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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 …

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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 …

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