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I have 200,000 in a tax deferred pension plan. What is the best way to take it all out? I want to use it now.?

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  • I have 200,000 in a tax deferred pension plan. What is the best way to take it all out? I want to use it now.?


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Answer #1 | 13/12 2013 13:35
You cannot do that in the UK. An approved scheme MUST be used in an approved manner. Normally it is used to purchase an annuity. Used for anything other than a pension means paying the tax.
Answer #2 | 13/12 2013 13:48
leave it alone, let it work for you until retirement which is what it was designed to do if you take it now you will pay dearly in taxes
Answer #3 | 13/12 2013 16:23
if you have a tax deferred pension plan, you probably can't take any of it out until retirement or maybe as early as age 58. Typically, you are only allowed to take money out of those types of accounts in extreme emergencies. Otherwise, you can't withdraw any of it. Unless it's absolutely necessary, you don't want to withdraw that money because you will be paying interest and penalties for withdrawing it early.

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