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Cash balance query.

Royal Mail pension news and discussion.Please note the advise given in this forum is unofficial, please use the links we have for a more detailed response or see an independent financial adviser.
rambo1
EX ROYAL MAIL
Posts: 3266
Joined: 12 Jun 2013, 20:00
Gender: Male

Re: Cash balance query.

Post by rambo1 »

Gary55 wrote:
05 Feb 2025, 15:09
I'm approaching 65 but hope to continue working. I know I can take 25% of cash balance tax free to provide a lump sum for nra 65 , but can you leave the rest in place to draw down or do I need to take all at once and take a tax hit. Also should I choose to retire would I need to transfer it out or is there the option after taking 25% tax free to leave iti n place. . Exactly what could you transfer it into to allow further drawdown. Thanks
My question to you would be, have you got enough savings to get by? If so, and you have outside of work interests, don't even consider carrying on working. You're a long time dead, I left 2 yrs ago, absolutely no regrets. You'll be getting RM pension and state pension soon so why would you need any more? You'll only be paying even more tax.