Pension and SIPPs

[casp21]

If I took my pension at 55 (albeit) with 25% reduction, can I put the lump sum into my SIPP, or does taking my pension at 55 classed as accessing a pension and therefore all other contributions into a SIPP will be limited to £10,000 per year?

Also can I put this lump sum into my SIPP in one go (if the latter aboe doesn't apply), by using previous years allowances as my new work pension (I have left Royal Mail) is only pennies per month, so therefore I could put into the SIPP what I earned each year x the 3 previous years. (although i won't be 55 until another 2 years, just trying to get things in place for the future).

Also what reduction is there for Age65 pension if taking it at 55?

Many thanks.

[RobertT]

If I took my pension at 55 (albeit) with 25% reduction, can I put the lump sum into my SIPP, or does taking my pension at 55 classed as accessing a pension and therefore all other contributions into a SIPP will be limited to £10,000 per year?

If you take any pension I think the annual allowance reduces to £10,000.

Also can I put this lump sum into my SIPP in one go (if the latter aboe doesn't apply), by using previous years allowances as my new work pension (I have left Royal Mail) is only pennies per month, so therefore I could put into the SIPP what I earned each year x the 3 previous years. (although i won't be 55 until another 2 years, just trying to get things in place for the future).

I don’t think you can put in more than the annual allowance, which would be the £10k mentioned above.

As your questions aren’t RM specific, you might get a better response with regards to annual allowances, etc from a general pensions forum such as : http://forums.moneysavingexpert.com/for ... y.php?f=19" onclick="window.open(this.href);return false;

Also what reduction is there for Age65 pension if taking it at 55?

It’s 5% per year, so a total of 50%.

[casp21]

Thanks Robert.