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Where Taxpayers and Advisers Meet

Taking pension as one lump sum

mpeill
Posts: 7
Joined: Wed Jun 08, 2011 2:25 pm

Taking pension as one lump sum

Postby mpeill » Mon May 13, 2019 4:07 pm

Since retiring from full time work, I’ve accrued a small pension from a part time job. This pension is now closing and will be offering me alternatives concerning my pension pot. Is it possible (and legal) to have them refund the full amount but directly into my wife’s bank account? As she does not pay tax, this would be advantageous.
I’m not sure at the moment if this is even possible, but if it is I would save on any tax implications that would otherwise come my way.

darthblingbling
Posts: 214
Joined: Wed Aug 02, 2017 9:09 pm

Re: Taking pension as one lump sum

Postby darthblingbling » Mon May 13, 2019 6:30 pm

It's your pension, any drawdown is taxed on you.

Also unless you're at retirement age, any drawdown, apart from some specific scenarios, will be deemed an unauthorised payment and taxed at 55%

mpeill
Posts: 7
Joined: Wed Jun 08, 2011 2:25 pm

Re: Taking pension as one lump sum

Postby mpeill » Wed May 15, 2019 10:42 am

Thanks for you reply, that makes it clear. I am 68, but understand about the tax now.


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