Green21

Hi, I am 56 and recently unemployed for the first time. I was considering 100% encashment of my SIPP (not my only pension) as I cannot claim Job Seekers allowance past the end of July and cannot claim other benefits. I understand that the first 25% is tax free, but that the remaining 75% will be taxed. As I am unemployed, will my personal tax free allowance come into play, before then being taxed on the remaining funds? I have a feeling that money will do better in an ISA as I haven’t used this years allowance yet..