In this, the first of our short pension explainers, Nishma Waite, Chartered Financial Planner at Fidelius, talks to Rest Less Money Editor Melanie Wright about pension tax-free cash, how much you can take and when, and the potential benefits and disadvantages of taking a tax-free lump sum out of your pension.
If you’re looking for some more detailed information, we’ve got lots of articles to help. Here are a few you might be interested in:
Should I take a tax-free lump sum from my pension?
How much tax-free cash can I take from my pension?
What’s the best way to use my 25% pension tax-free cash?
How much tax will I pay on pension withdrawals?
Is it a good idea to take my pension tax-free cash before the Budget?
Please note that the views and opinions expressed in this video do not constitute financial advice.
If you’re 50 or over and have a defined contribution pension, you can get free guidance on the options available to you from the Government’s Pension Wise service. However, if you want personal recommendations or advice about your specific circumstances, you’ll need to seek professional financial advice. You can find a local financial advisor on VouchedFor* or Unbiased*, or for more information, check out our guides on How to find the right financial advisor for you or How to get advice on your pension.
If you’re thinking about getting professional financial advice, you can find a local financial adviser on VouchedFor or Unbiased.
Alternatively, if you’re looking for somewhere to start, we’ve partnered with independent advice firm Fidelius to offer Rest Less members a free initial consultation with a qualified financial advisor. There’s no obligation, however if the adviser feels you’d benefit from paid financial advice, they’ll talk you through how that works and the charges involved.
Fidelius are rated 4.7 out of 5 from over 1,250 reviews on VouchedFor, the review site for financial advisors.