We are reading now about how next year will see the doors to your pension savings open up completely for those aged 55 and over. Many people, however, will not even have to wait that long. Anyone already aged 55 or over can already access his tax free cash immediately
(and either use the remaining money to buy an annuity or leave it invested).
If you are fortunate enough to have a guaranteed pension income of £12,000 or more (from your State Pension or other pensions), you can access all of your pension fund now and do not have to wait until next year. Whether you should do so or not is another question!
And if you are aged 60 or over, and your total pension savings are less than £30,000, you
can take it all as cash immediately (25% of the fund tax-free and the rest taxed as if you had
earned it in that tax year). Those aged 60 or over with small pension pots (with less than a
value of £10,000) can cash in up to three of these on the same basis.
value of £10,000) can cash in up to three of these on the same basis.
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