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When you take money from a pension, you are entitled to 25% tax free, and the remaining 75% is liable to tax. For that reason, many people only take a 25% tax free lump sum.

However some pension holders have been taking a taxable income from their pension fund and are reinvesting it BACK into their pension. Sounds a bit odd?

The reason they do this is to create a second tax free lump sum.

The tax the customer pays on the money they take out of their pension is immediately reclaimed the minute they pay it back into their pension fund (*). This is known as income recycling. In effect, the customer has taken a sum of money from one pension pot, and put exactly the same amount of money into a new pension pot. When they take money from this second pension pot, they will be entitled to a 25% tax free lump sum, from in effect the same amount of money.

There is a limit to how much money anyone can pay into a pension and get tax relief, and this is currently £40,000. However for people who took advantage of the new pension freedoms and took more than their 25 percent tax free cash (i.e. some taxable income), then the current annual contribution limit is still £40,000, but you will be limited to only putting £4,000 into personal pension arrangements. .

However even just reinvesting £4,000 per year from your pension, back into a second pension, over the next 10 years would see you eligible for a further £10,000 tax free cash in 10 years time (**).

If you would like to know about income recycling, creating a second tax free lump sum, or just taking your tax free cash lump sum via a flexible drawdown contract, then please get in touch. You can visit our website www.flexi-access-drawdown.uk or call us on 020 33 55 4827.

(*) This is a very simple explanation of a process some customers use. Please make sure you fully understand all of the issues before you decide to recycle income.
(**) Investment performance could result in the actual amount you could take as tax free cash after 10 years being higher or lower than £10,000.
Nothing in this article should be taken as personal advice and recommendation. UK tax rates and legislation are liable to change. Products, concepts, rates, legislation and rules referred to in the article above may not be current at the time you read the article.
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The service I have received has been excellent throughout. Everything was explained thoroughly and paperwork was received quickly and was clearly marked with what I needed to do. Communication has been outstanding and I was aware of what was happening throughout the process. I would highly recommend this service as it was so easy and painless. Thank you so much. The fees were also realistic and I didn’t feel were excessive.
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October 2016
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Before you make any decision, it is imperative that you are fully aware of flexible drawdown pensions and the vaious ways it can be used. It is also impportant that you understand how your money is invested and any potential tax issues. At Best Pension Annuity, we have been assisting shoppers to make use of their pension funds in all manner of ways. We are exceptionally proud of the feedback our customers give us. If you have any question about flexible drawdown pensions or how we can help, please don’t hesitate to contact us. You can call us on 020 33 55 4827 Now !!
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Please Note : The new Pension Freedoms place a great deal of responsibility on the customer to make the right long term decision about their pension fund and how it is used. While Government Ministers say they "trust" people to make the right decisions, they will not have to deal with the financial consequences of a customer making the wrong decision. Your pension fund was intended to provide you with a long term income in retirement, if you take it all as one lump sum you may find yourself with little or no income during the later years of your life. This website does not give personal financial advice, you should think very carefully before making an irreversible decision. If you are in any doubt please request our independent financial advice service or speak to the Govenment's free guidance service Pension Wise.
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