Future taxes

Yeah....as stated earlier....I'm trying to take the marriage allowance which lets me knock off £1250 and also the £1000 for interest accounts. What the lady was referring to was that with what I was trying to do with the 25% tax free from my wifes account....it wasn't going to happen once it went over £12570. I'm fine with that, it just puts things back a little.....I just wish they would explain things a bit better.

We have no dividends and aren't likely to at this point. I'd sold all of my Vanguard stuff years ago to simplify our finances. All we are planning at this point is to keep rolling over the 1 year bonds......not much % at this time.....but from what I saw on one of the finance shows today Goldman seemed to think the BOE was going to raise rates next month.

Yeah....as stated earlier....I'm trying to take the marriage allowance which lets me knock off £1250 and also the £1000 for interest accounts. What the lady was referring to was that with what I was trying to do with the 25% tax free from my wifes account....it wasn't going to happen once it went over £12570. I'm fine with that, it just puts things back a little.....I just wish they would explain things a bit better.

We have no dividends and aren't likely to at this point. I'd sold all of my Vanguard stuff years ago to simplify our finances. All we are planning at this point is to keep rolling over the 1 year bonds......not much % at this time.....but from what I saw on one of the finance shows today Goldman seemed to think the BOE was going to raise rates next month.

Looking at the guidance, that indicates your 25% is free and clear and not dependant on your other income.

.You can take up to 25% of the money built up in your pension as a tax-free lump sum. You’ll then have 6 months to start taking the remaining 75%, which you’ll usually pay tax on.

https://www.gov.uk/personal-pensions-your-rights/how-you-can-take-pension

Was the person who said this was not the case the one that answered the phone initially? To get to the experts,  you have to get past the first line phone folks although they usually have a good go at answering themselves.
Because I'd rather speak with the more highly trained ones, if they are trying too hard to help me themselves, I'll start going on about foreign income and that does the trick to have them transfer my call!

Looking at the guidance, that indicates your 25% is free and clear and not dependant on your other income.
https://www.gov.uk/personal-pensions-your-rights/how-you-can-take-pension

Was the person who said this was not the case the one that answered the phone initially? To get to the experts,  you have to get past the first line phone folks although they usually have a good go at answering themselves.
Because I'd rather speak with the more highly trained ones, if they are trying too hard to help me themselves, I'll start going on about foreign income and that does the trick to have them transfer my call!

Looking at the guidance, that indicates your 25% is free and clear and not dependant on your other income.
https://www.gov.uk/personal-pensions-your-rights/how-you-can-take-pension

Was the person who said this was not the case the one that answered the phone initially? To get to the experts,  you have to get past the first line phone folks although they usually have a good go at answering themselves.
Because I'd rather speak with the more highly trained ones, if they are trying too hard to help me themselves, I'll start going on about foreign income and that does the trick to have them transfer my call!

It's just not worth the aggravation to fight with them one way or another. We are just planning on taking maybe £8-9,000 out pretty soon and then adjust the amount we take out once a year depending on how much money my wife has coming in from other sources. At this time she won't have anything other than a couple thousand from interest. This next year if she starts getting US SS spousal that should start bringing in at least £4,000 a year for the next few years until her State pension kicks in 5 years or so. So probably £5K or so a year until we empty it in 10-12 years or so. We aren't in any hurry, we don't need the money.....we are just trying to simplify our accounts.

larrabee....as we continue to check into this pension....not so simple. My plans are being shot to crap out of ignorance. The good thing is that we are doing some things we have put off doing. After being in the early retirement forum in the past (and others like Bogleheads), I had gotten some good info about things like annuities etc (and how most people who are intelligent with money hate annuities). We are going to have to get hold of the pensionwise/moneyhelper Gov site and arrange a talk. We would still like to draw down my wife's pension, but I think we may end up taking that 25% lump out and then just arranging a monthly payment until the account is drawn to zero (taxes are paid as they release these payments evidentely). Just taking it a step at a time.....and adjusting our choices as appropriate.

larrabee....as we continue to check into this pension....not so simple. My plans are being shot to crap out of ignorance. The good thing is that we are doing some things we have put off doing. After being in the early retirement forum in the past (and others like Bogleheads), I had gotten some good info about things like annuities etc (and how most people who are intelligent with money hate annuities). We are going to have to get hold of the pensionwise/moneyhelper Gov site and arrange a talk. We would still like to draw down my wife's pension, but I think we may end up taking that 25% lump out and then just arranging a monthly payment until the account is drawn to zero (taxes are paid as they release these payments evidentely). Just taking it a step at a time.....and adjusting our choices as appropriate.

Only wish I could be of more help.
You've obviously put a lot of effort into your research but it's all, undoubtedly, a minefield. Don't discount getting some professional advice at some point, so you know for sure that you're doing the best for your money.

Only wish I could be of more help.
You've obviously put a lot of effort into your research but it's all, undoubtedly, a minefield. Don't discount getting some professional advice at some point, so you know for sure that you're doing the best for your money.

This could have all been solved if my wife's daughter had just won the Euro-millions. But NO.....she is a FAILURE ....although she did get £4 back.