Planned

:speech_balloon:

Option to force pension lump sum withdrawal

Pensions (at least in the UK) allow withdrawal of a lump sum tax-free. An option to withdraw 0 to X% of a pension upon retirement would be useful where depending on how X compares to the tax-free limit, taxes are applied. The withdrawn money would then be redistributed based on priorities.

Related: www.gov.uk/tax-on-pension/tax-free

8 votes

Tagged as Suggestion

Suggested 24 April 2022 by user Vipin

Moved into Planned 03 January 2023

  • Sign in to comment and vote. Sign in by email

  • 24 April 2022 Vipin suggested this task

  • 24 April 2022 Kyle Nolan approved this task

  • 03 January 2023 Kyle Nolan moved this task into Planned

  • avatar
    Robert Hodge

    Yes It would be nice to add an annuity face value and then the ability to convert that face value to a withdraw income. i.e. face value is $100 lump sum or $10 a year for starting on X date for 10 years. I have tried to solve how to incorporate that into my plan with 2 annuities that I have that I will convert to an income stream at a distant date.

    05 June 2023
  • avatar
    Allister Eveleigh

    This option could also be used/applied to executive deferral plans in the US where employees are able to defer their income (with/without employer match) and then have the amount paid out X number of years after it was invested or upon major events (separation/retirement, etc.)

    05 April