A client has asked what the tax implications are if he took two of his pension out early. From the research available online I advised him that in most cases he could take 25% tax free and the difference will be taxed on.
He has just come back to me today to say that his pension provider said he couldnt take a lump sum out tax free at 25% because its a "self-employed" pension.
They offered no other choices of advice.
A little confused as I could see in most cases you could take 25% tax free out?
Replies (1)
Please login or register to join the discussion.
Since there is no such thing, as far as I know, as a "self-employed pension" I think some clarity is required. Does he mean a self-administered pension scheme? (Although such schemes do allow a 25% tax-free lump sum.)