RE: Got That Gut Feeling Again18 May 2023 07:00
Magpie, it can build up tax free on the gains. Yes 25% is the TFC amount for anyone, some people can actually take more than 25% depending on their previous pensions and then when I get to retirement age (55) I could be take personal allowance withdrawals plus 25% tax free cash so if the allowance is £12,570 currently you can take £16,760 per tax year and not pay any tax! But you’re right anything after that is then taxable. I’m hoping by then the money in my SIPP can be just be passed to my kids tax free as I won’t need it…hopefully!