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Can I withdraw from a pension a cash sum more than once?

29 March 2022

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Question by Sharon

Can I withdraw from a pension a cash sum more than once?


Answered by Joshua Gerstler

Hi Sharon,

Yes you can.

You are normally entitled to a 25% Pension Commencement Lump Sum (Tax Free Cash).

You can take this all in one go.

Or, if you prefer, you can break it down into smaller chunks and take it as and when you need it.

Any other lump sums you take out of your pension will be taxable and you can also take these more than once if that suits you.

I hope that helps!

Josh

Answered by

Joshua Gerstler

Chartered Financial Planner

I have been working in Financial Services for over 16 years. I started out at Deloitte where I trained and qualified as a Chartered Accountant before moving to Financial Advice/Planning at The Orchard Practice in 2011.