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Thank you.
I should know all of this, but are the tax rates as per income tax? So 0, 20, 40, 50% - depending on amount (and any additional income)?
Ben689908-
I should know all of this, but are the tax rates as per income tax?
Yes, when you get your pension it's treated as income and income tax is due as expected.
The age 55 or 57 thing will depend on your age, when you took your pension, etc. As long as I keep one of my old employer pensions I'll be able to take that from 55. My more recent employer pensions will all be from 57 (as the age changes to 57 from 6th April 2028 and I won't be 55 before then). If I moved my oldest employer pension into a new pension I may lose the ability to get it at 55. Google NMPA for more info on all of this.
As a generalisation: when saving you either:
a) Put money from your pre-tax salary into something like a pension and it is taxed on the way out.
b) Put money from your post-tax salary into something like an ISA and the results of that are tax free.The point is that by the time it gets into your grubby hands you have paid tax on it at least once.
Greenbank
You can take out 25% of your pension pot tax free, after 55 (and soon to be 57 as @wildwest says). After that, you’ll be taxed at standard rates on your income from your pension. You can, obviously, only do one tax-free withdrawal, so need to think about the timing of that.