Can I Cash In A Final Salary Pension.

[sammmo]

I have a final salary pension. And a pension from a previous employer that I couldn’t touch until I was 65 because I’d taken out a lump sum when they made me redundant. I am also claiming my state pension. I’d like to move but can’t quite afford the new house. My question is. Can I cash in part or all of of my works pensions. If so how do I go about doing so. Thanks.

[teacake44]

I think you can only have one withdrawal of a cash lump sum. Tax FREE, may have changed but not sure?

[teacake44]

Come to think on it more, I think the government did over the past few years allow you to take all your private pension in one, but obviously with tax deducted. But the final ya or naa is left to your pension company. You best just drop them a line and see what they say first off. Someone may come back to this thats more up to speed than me. But you still need to put the question to your pension company really.

[bobbinwales]

I agree with teacake except hehasnt taken anything from the final salary pension yet ( the cash was taken from another). You can take 20% or 35% tax free ( forgot which) but can usually take more or all but it's taxed sometimes at 40%

[bobbinwales]

So ask the employer or read the scheme rules

[Hopkirk]

Perhaps have a word with the free government pension advice service.

https://www.pensionwise.gov.uk/en/facebook-paint

[237SJ]

As far as I understand it, you can take 25% tax free per pension but you will be taxed if you take more than that.

[bobbinwales]

//you can take 20% or 35% tax free ( forgot which)//
Apologies for the typo, meant to type "you can take 20% or 25% tax free ( forgot which)"
Remembered now it is 25% (the 20% is the tax rate on the rest if your income plus cashin is below higher rate threshhold