Everything you need to know about accessing your retirement savings from the age of 55.
More than two in five over 55s are not aware they can take 25 per cent of their pension pot tax-free, new research from Standard Life, part of Phoenix Group, reveals, highlighting a lack of knowledge which could result in people making ill-informed decisions when they access their pension savings.
Commenting on the findings, Dean Butler, Managing Director for Retail at Standard Life, said: “When the time comes to take money out of your pension pot, it’s important to feel confident about your different options, and this includes understanding that you’re entitled to take 25% tax-free cash from your pot, either in one go or at intervals.
When can I get my tax-free lump sum? You can access your pension savings, including your tax-free lump sum, at the age of 55 . In some cases, you may be able to access your pension earlier - if you’re in ill health or in a particular scheme with a protected age, for example - but these cases are rare and it’s more likely you’ll need to wait to the minimum access age.
As you’ll pay income tax on the rest of your savings, using your tax-free lump sum as a way to supplement the taxable part of your income could mean that you pay less tax overall. Latest State Pension News Are there any implications to be aware of? There are a few factors you should be aware of when deciding whether to take your tax-free lump sum. If you’re entitled to receive state benefits like Universal Credit or Pension Credit, you could lose your entitlement or it may reduce if you start accessing your pension savings.
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