Partial pension encashment

 

JUNE'S STORY - 65 YEARS OLD

June is thinking about finishing work and wants her pension to fund her retirement. What she’d like most is the flexibility to take out lump sums when she needs it. She’s happy with the way her money’s been invested so far and doesn’t really want to change anything but she wants to withdraw some of her money for a holiday.

JUNE'S FIGURES

Edit Key/Value Pair Calculator

JUNE'S FULL STORY

June is ##current_age## and has pension savings of ##savings_pot##.

June plans to retire in ##term_left## year/s time and until then she'll carry on working and paying ##contribution## per month into her pension pot

Although June doesn't want her pension quite yet. She'd like to take ##withdrawral## out for a well deserved holiday. She can take this money through a Partial Pension Enchashment (PPE), 25% of which will be tax free. The rest is taxed as income and will be taxed accordingly.

This option works well for June as she wants to continue to keep her pension pot where it is.

 

 

Please click here to read the assumptions we’ve made


June will be entitled to the new State Pension which is currently £203.85 per week at her State Pension age.

More on the State Pension

EXPLORE MORE STORIES

STORIES ABOUT ANNUITIES

George wants a guaranteed monthly income.

Read George’s story now

Helen wants her annuity to increase with inflation.

Read Helen's story now

Dawn can get an enhanced annuity because of poor health.

Read Dawn’s story now

Jim wants to provide for his wife should he die first.

Read Jim’s story now

STORIES ABOUT FLEXIBLE ACCESS

Ted wants to take his 25% tax-free lump sum and then invest the rest.

Read Ted’s story now

 

STORIES ABOUT OTHER OPTIONS

Jill wants to take all of her pension in cash, now.

Read Jill’s story now

Nigel wants to continue working and leave his pension to grow.

Read Nigel's story now

RETURN TO: TAKING YOUR MONEY

RETURN TO: TAKING YOUR MONEY

Go back to the taking your money home page to look at a different stage.

Taking your money

TAKING YOUR MONEY

TAKING YOUR MONEY

Have you thought about what your plans mean for your retirement income? Our calculators can help you work it out.

Retirement calculators

COMBINE YOUR PENSIONS

COMBINE YOUR PENSIONS

Got more than one pension? Then you could think about putting them all in one place. Combining your pensions with Scottish Widows is simple and we won’t charge you for this service.

Pension transfers