Pensions/drawdown etc

[psychocandy]

OK. Getting to that age now.... Yeh really.

At 55, I can withdraw 25% tax free yeh? BUT, after you've done this there are limits as to how much you can contribute.

I've currently got a SIPP, one or two other old pensions, and a current one via the umbrella. If I drawdown on part of the SIPP does this affect how much I can contribute to the others?

Surely this must the case? Otherwise you could draw down on one SIPP and then just open another one to avoid contribution limits?

[Fred Bloggs]

You can draw your 25% and it won't trigger money purchase annual allowance (MPAA). Take even 1p more than the 25% and the MPAA is triggered.

[Paralytic]

Money Purchase Annual Allowance (MPAA) - Money Advice Service

[Paralytic]

Duplicate

[Wary]

You can draw your 25% and it won't trigger money purchase annual allowance (MPAA). Take even 1p more than the 25% and the MPAA is triggered.

... unless you can make use of the Small Pots rule.

[psychocandy]

... unless you can make use of the Small Pots rule.

wtf?

[Fred Bloggs]

... unless you can make use of the Small Pots rule.

You can only do that three times and each time it is limited to £10,000. As per normal drawdown, £25% of it is tax free with the rest taxed at your marginal income tax rate.

[psychocandy]

You can draw your 25% and it won't trigger money purchase annual allowance (MPAA). Take even 1p more than the 25% and the MPAA is triggered.

OK. Say for the sake of argument I've got 3 old pensions, 1 SIPP with nothing going in, and one active pension with loads going it. Can I take 25% out of each?

For the SIPP, nothing else is ever likely to go in there. Can I take more than 25% or are we getting into the territory of paying tax then? Since I'm still working....

[Fred Bloggs]

OK. Say for the sake of argument I've got 3 old pensions, 1 SIPP with nothing going in, and one active pension with loads going it. Can I take 25% out of each?

For the SIPP, nothing else is ever likely to go in there. Can I take more than 25% or are we getting into the territory of paying tax then? Since I'm still working....

1 Yes.

2 Yes you can, but it triggers the MPAA that you alluded to in your first post. If you intended paying more into any SIPP, you really mustn't trigger MPAA.

[Lance]

You can draw your 25% and it won't trigger money purchase annual allowance (MPAA). Take even 1p more than the 25% and the MPAA is triggered.

I cannot find anything that points to the 25% trigger for MPAA.
I'm sure you're right but where do I find it?