If you’re starting to plan your retirement, our pension withdrawal section has useful guides that can get you to grips with pension drawdown, pension withdrawal rules and important tax facts.
Whether you’re starting to plan your retirement or are considering your options, our pension withdrawal section has useful guides that can get you to grips with pension drawdown, pension withdrawal rules and important tax facts.
If you have a defined contribution pension, you can usually start withdrawing money from your pension from the age of 55. If you are making retirement plans or wondering what your options are, here you can find out how to access your pension and how the withdrawal process works.
Pension reforms in 2015 have given people much greater control over how and when they access their retirement savings, but there are a few rules that you should bear in mind before you start withdrawing money from your pension.
Here you can learn what the rules for accessing your personal and workplace pensions are.
The amount of tax you’ll pay when withdrawing your pension depends on the type of pension you are withdrawing from, how much you want to take out, and on which tax bracket you fall into.
Generally, you can withdraw up to 25% as a tax-free lump sum from a defined contribution pension when you reach the age of 55. Anything over 25% is then treated as income and subject to income tax.
If you’re thinking about getting professional financial advice, you can find a local financial adviser on VouchedFor or Unbiased.
Alternatively, if you’re looking for somewhere to start, we’ve partnered with independent advice firm Fidelius to offer Rest Less members a free initial consultation with a qualified financial advisor. There’s no obligation, however if the adviser feels you’d benefit from paid financial advice, they’ll talk you through how that works and the charges involved.
Fidelius are rated 4.7 out of 5 from over 1,000 reviews on VouchedFor, the review site for financial advisors.
No spam. Just useful and interesting stuff, straight to your inbox. Covering finance, learning, jobs, volunteering, lifestyle and more.
