
77% of savers don’t know how much they need to retire on
77% of savers don’t know how much they need to retire on Maybe you do know the value of your pension pot right now? …
Read moreThe 25% of my pension should be referred to as the tax free Cash (TFC), lump sum which is now known as Pension Commencement Lump Sum (PCLS).
The 25% figure is based on the value of the pension fund.
Yes, you can take tax free cash and at the same time pay into your pension. You can also take your tax free sum in stages, you don’t have to take it all at once.
Your pension fund at the time you take your tax-free cash in the background is split into 2 different pots. These are called Crystallised and Uncrystallised.
The Crystallised pot is the amount of fund used to produce the tax-free cash.
For example, if you need £25,000 then £100,000 is crystallised or set aside to produce the £25,000 payment.
Whatever amount of your pension hasn’t been crystallised will still be there to pay future tax free cash payments.
Any growth you have on the uncrystallised part, together with any further payments if made will then still be eligible to have a 25% tax free cash payment from them.
By taking your tax-free cash in combination with taxable income from your pension fund will reduce the amount you can pay in income tax, but it will have the effect of limiting the amount you can pay into your pension.
Money Purchase Annual Allowance
When you start taking an income from a Flexi-Access Drawdown (FAD), arrangement, or withdraw a pension using Uncrystallied Funds Pension Lump Sum (UFPLS), the amount you can pay into your pension is reduced.
This is called the Money Purchase Annual Allowance.
This is currently £4,000 for the tax year 2021/22. In other words you can only pay in up to £4000 per annum.
Interested in finding out more?
Seeking a second opinion on your financial future costs you nothing.
Simply call our friendly team on 0121 355 4455 or drop us an email to appointments@oaklandswealth.com to arrange a confidential chat.
Oaklands Wealth Management, founded by Helen Blackburn in 2004 advises clients around the Midlands on retirement planning, pensions & investments.
Her firm holds British Standard BS 8577 for client service & investment process.
Minimum investment is £500,000 (£650,000 for pension transfers).
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Read moreIt’s easy to move on from another advisor.
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“When my circumstances changed through divorce I visited Helen at Oaklands Wealth where she very clearly explained all my options in a way I understood. I’m very pleased with the outcome from the pension and investment advice and Helen couldn’t have been more friendly and helpful.”
“Following my divorce, Helen took complete control of consolidating all my individual pensions into one product after advising me carefully what she considered the best product for my needs and risk profile. She explained everything clearly in language I understood, and my investment is achieving far greater growth than expected.”
No half measures. We don’t set it up then leave you all at sea. We manage your investments ongoing and hold ourselves accountable for steering you through your financial journey.
This phrase came from a client who said that’s exactly what we felt like to him, he said “you are like a friend or good neighbour who’s always got my best interests at heart.”
Whatever the reason you come to us we care. We really care. Like it’s our own money.
Tidying up bit and bobs of pensions and putting them neatly in a pot you have full control over.
Maybe transferring a final salary pension if your objectives are better met with your own pension.
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