I want it all & I want it now
You will find this calculator useful when planning to take income in the new “pension freedoms” world. From April 2015 you can withdraw as much as you want from your personal pensions as long as you are aged 55 or over. The downside is that after the first 25% tax-free cash has been taken, any further withdrawal is income and will be taxed.
We believe that “twenty’s plenty”. You don’t have to suffer 40% Income Tax deductions if you plan ahead.
The small print
The new Pension Freedoms Bill allows individuals to choose to completely empty their pension savings within their lifetimes.
- This calculator has not be created to endorse that line of action.
- Remember once your pension savings have been spent they have gone for good.
- Always ensure you will have sufficient income for your future.
- This calculator is not a substitute for taking financial advice from a professional.
- We accept no liability for any tax you may pay, or indeed any loss you may suffer, as a consequence of using this calculator.
Now you know how much you can take without paying any 40% tax, you probably want to know how long before your pension fund runs out. Click here to find out.