Early Retirement - how early can I draw my pension - 45 now.

T

taxistaxing

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Current pension value approx 80K
Left employment and did not add to pension since(last 5yrs)
Aged 45.
Limited company now 2 directors - IT contracting

How early can i draw my pension?

If I draw salary in yr not to exceed minimum band can I pay the remaining income into pension?

Also if you can take early retirement and have your pension is it possible to earn with contracting after that point.
 
You could draw it at 50.

What was your salary? Perhaps you can get the whole lot tax-free going the 1.5 times route?
 
Gordon Gekko said:
You could draw it at 50.

What was your salary? Perhaps you can get the whole lot tax-free going the 1.5 times route?
Click to expand...
Thank you.
what is the 1.5 route?

Taking into account this year
Drawing full salary of approx net 52K
Remaining salary for this year will be taxed at high rate, estimate earning for rest of year is 56K gross
 
What was your salary with the old employer and how long were you there?

If you meet certain criteria, you can take a take a tax free lump sum of 1.5 times your salary.
 
@Gordon Gekko I am interested in this 1.5 times salary with criteria avenue please.

I have 3 paid up pensions from previous jobs that I believe I can do something with next year, at 50 years of age. I am 49 now.

The values are:
49k (3 years service)
118k (9 years service)
29k (3 years service)

I've consistently been told I can take 25% lump sum of each tax free at 50.

Is there some other option here to take all of one of the 3 as a lump sum ?


thank you for reading.
 
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