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Posted Sun, 12 Mar 2023 10:51:07 GMT by jacw001
I have 3 Pension Schemes, one is with my previous employer, one is my Personal Pension and one with my current employer. the breakdown as follows: 1. Previous employer - £80k 2. Personal pension - £50k 3. Current employer - £25k My question is, can I draw the Pension pot as a separate scheme at different life stage. At age 57, drawdown my previous employer pension of £80k with 25% tax free lump sum, with a monthly pension payment, and carry on paying contribution to my personal and current employer pensions. At age 60, I draw upon my person pension with another 25% tax free lump sun and receive additional pension payment. and contribute only to my current employer pension. At age 67, I will receive state pension and draw upon my last remaining pension as an annuity without taking the 25% lump sum. Does this plan align with the pension tax rule? thanks
Posted Thu, 16 Mar 2023 16:21:42 GMT by HMRC Admin 20
Hi jacw001,

Please see guidance at:
Check if you’ve gone above the money purchase annual allowance
PTM063220 - Member benefits: lump sums: Pension commencement lump sum (PCLS): conditions and entitlement.
You may also want to check with the Pensions Helpline on 0800 731 0469.

Thank you.

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