💬 I'm taking money out of my £100k pension pot for the first time - what do I need to know? ⬇️ A retirement expert responds
Money Clinic: ‘I’m taking cash out of my £100k pension pot for the first time, what do I need to know?’How to make sure you don’t run out of money when you retire, and how not to overpay on taxApril 10, 2023 8:57 am
With inflation remaining high, we are likely to see another surge in pensions access over the next three months. Take a healthy 55-year-old with a £100,000 pension pot. If they withdraw £5,000 a year, increasing annually in line with inflation at 2 per cent, with their pot enjoying 4 per cent annual investment growth after charges, their fund could run out by age 80.
Furthermore, if you trigger the MPAA you will lose the ability to “carry forward” unused pensions allowances from up to three previous tax years. Taken to its extreme, this could mean the maximum amount you can contribute to a pension this tax year is reduced from £180,000 to just £10,000. Consider a healthy 66-year-old with a £100,000 fund who wants to withdraw £5,000 a year from their pension, rising in line with inflation.
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