A reader wants to know how to take advantage of new pension tax rules
are entitled to take up to 25 per cent of their pot tax-free from age 55, with remaining withdrawals taxed in the same way as income. The age at which you can first access your retirement pot, including your tax-free cash, will rise to 57 in 2028.your pension
If you enter drawdown, you do not need to take taxable income from your fund. If you do flexibly access taxable income from your pension, you will trigger the “money purchase annual allowance” , reducing your maximum available annual allowance from £60,000 to £10,000. Although you are allowed to make contributions above your available annual allowance, tax charges apply which for personal contributions effectively remove any tax relief.
For example, if you were a very high earner in one or more of the tax years, your annual allowance could have been reduced to as low as £4,000 by the “taper”. If this is the case, you will only be able to carry forward up to yourPerhaps the biggest danger inherent in your plans is the risk that, by accessing your tax-free cash and putting it straight into a pension, you could breach. Anyone who breaks these rules risks being hit with a sizeable tax penalty.
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