How to Take Money Out of Your Pension

Tony in Aberdeenshire is with us and has got a question for you Martin. He wants to know if his wife can take the 25% tax free lump sum from her company pension when she turns 55 next month. Money Helper pensions say it's not allowed, so he should get independent advice before taking money out of his or her pension account. The amount that you can contribute back into your pension reduces as rates go up. It used to be you could only put a maximum 4000 in but now there are more limits on how much you can put in at any one time.