The Lemon Fool

Apologies in advance if this is obvious to others or has been discussed previously.
I have several smallish Company personal pensions and a SIPP.
This year I would like to "take out" an amount, say, £20000.
If I take it from one of the Company personal pensions I get an amount of £20000 taxable at 20% so a net total of £16000.
If I transfer it to my SIPP and then take it as drawdown I get 25% tax free (£5000) plus £15000 taxable which is £11250 - so net £16250.
Doing it through my SIPP therefore is more advantageous or am I missing something?

StayinAlive wrote:Doing it through my SIPP therefore is more advantageous or am I missing something?

The tax rules for withdrawal from Company personal pensions should be identical to those from SIPPs. In other words, the right to take 25% out free of tax applies across the board.

I assume you are over 55?
The tax rules should be the same, but not all pensions offer all the withdrawal options.
You might consider an appointment with pensionwise