Originally Posted by
Andyg
An IFA would be the right person, however if you have a pension pot of say £100k, you can take 25% of it tax free. The remaining 75% is taxed as it would if it was income. So if you had no other income £11k/year tax free, any more in a tax year will be taxed at 25%, then 40%, etc depending on how much to take.
There is one small wringle. If your pension pot grows to over 1.035M,then the money over that amount is taxed at 55%, and then taxed again when you start to draw down.