Multiple Pensions
Author
Discussion

VladD

Original Poster:

8,196 posts

294 months

Wednesday 6th October 2021
quotequote all
If I have two pensions, can I keep working and contributing to one while I take 25% of the other when I hit 55?

dingg

4,537 posts

248 months

Wednesday 6th October 2021
quotequote all
Yes, but if you increase the payments to the one still adding to they may consider it recycling, but if you increased the amount paid in previous to taking the 25% out you should be OK. I think :-)

VladD

Original Poster:

8,196 posts

294 months

Wednesday 6th October 2021
quotequote all
Great, thanks.

Roaringopenfire

199 posts

130 months

Wednesday 6th October 2021
quotequote all
Yep I have a personal pension which I drew tax free cash from (bought a 911) and still pay into my workplace pension, as does my employer.

VladD

Original Poster:

8,196 posts

294 months

Thursday 7th October 2021
quotequote all
That confirms it then. Thanks.

Bobtherallyfan

1,513 posts

107 months

Thursday 7th October 2021
quotequote all
Don’t you have to be careful not to trigger the Money Purchase Annual Allowance (MPAA)?

VladD

Original Poster:

8,196 posts

294 months

Thursday 7th October 2021
quotequote all
Just had a quick Google:

The MPAA won't normally be triggered if:

You take a tax-free cash lump sum and put your pension pot in flexi-access drawdown but don't take any income from it.

That's what I am planning on doing, so should be OK.