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  • RE: Taking lump sums from more than one pension pot

    I have several pension pots that I feel that I do not need to consolidate. I have now retired and wish to drawdown the 'tax free' 25%. I need to understand whether various pots must be consolidated first (which costs me money) or whether I can take 25% from each pot. If I do drawdown 25%, do I incur tax being taken by the various pension funds and I then claim tax back later via tax return (and therefore lose out on these monies for some months) or is there a way to avoid these deductions? If I do drawdown, what documentation do I need to retian to evidence to HMRC (if required) the various valuations - seems that I can only get screen prints etc from eack fund via normal customer log-ins which seems a little flimsy. If I ask for hard copy letters of valuations, they will be out of date by time I drawdown.