Workplace pension

[jaraarrow]

I’m 55 in march and currently working ,when I turn 55 can I take money from a workplace pension from a company I worked for about 10 years ago and still continue to work for the company I work for now ?
It’s just that I have just received a letter through the door basically saying anyone can take money from a pension at 55 as long as your not already receiving an income

 

[Jabberwocky]

IIRC You can access your cash free lumper but you won't get future tax relief on future pension contributions so if you plan on working for a while it will be very expensive mistake. You should absolutely get professional advice before making any decisions with your pension but for background info I'd recommend this lad: https://www.youtube.com/c/jamesshack. He's a qualified advisor and goes into a good level of detail while not being overly technical.

 

[Eyanthe]

I’m 55 in march and currently working ,when I turn 55 can I take money from a workplace pension from a company I worked for about 10 years ago and still continue to work for the company I work for now ?
It’s just that I have just received a letter through the door basically saying anyone can take money from a pension at 55 as long as your not already receiving an income

Yes and Yes I did it few months back. 25% is tax free the rest taxed at basic rate, careful if you go over £51000 for the year you pay higher tax band. The last bit is rubbish mate, I'm still receiving an income

IIRC You can access your cash free lumper but you won't get future tax relief on future pension contributions so if you plan on working for a while it will be very expensive mistake. You should absolutely get professional advice before making any decisions with your pension but for background info I'd recommend this lad: https://www.youtube.com/c/jamesshack. He's a qualified advisor and goes into a good level of detail while not being overly technical.

That's rubbish, I'm getting tax relief on pension contributions and I took the lumper

 

[Harry Angstrom]

Yes and Yes I did it few months back. 25% is tax free the rest taxed at basic rate, careful if you go over £51000 for the year you pay higher tax band. The last bit is rubbish mate, I'm still receiving an income

That's rubbish, I'm getting tax relief on pension contributions and I took the lumper

In some cases, a reduced annual allowance could apply. For example, in some circumstances taking a taxable income from your pension plan could trigger the Money Purchase Annual Allowance, which is £4,000 per tax year. That’s a big difference to be aware of.

 

[Deleted member 55162]

In some cases, a reduced annual allowance could apply. For example, in some circumstances taking a taxable income from your pension plan could trigger the Money Purchase Annual Allowance, which is £4,000 per tax year. That’s a big difference to be aware of.

Not if you have only accessed tax free cash it can’t which is what the poster said. Totally right about accessing taxable income.

I’m 55 in march and currently working ,when I turn 55 can I take money from a workplace pension from a company I worked for about 10 years ago and still continue to work for the company I work for now ?
It’s just that I have just received a letter through the door basically saying anyone can take money from a pension at 55 as long as your not already receiving an income

That’s 100% not correct.