These new rules…I’ve read a fair bit but I can’t found out the answers to two questions I have:-

1. Can I take my 25% tax free cash now but continue contributions into the plan ?

2. Is there any crafty way to take money out of the scheme to repay a mortgage without incurring tax?

Sorry if these questions have put you to sleep but us old folks have worries too

1 Possibly, but I’d imagine that you’d probably need to start a new plan.
2 Wouldn’t have thought so, as anything more than the initial 25% impacts your ‘earnings’ and over/above tax-code you’ll pay tax.

Ask this lot
http://www.pensionsadvisoryservice.org.uk/

Bear in mind, unless you took out your policy after April 6th 2015 it is unlikely to support the new ‘pension freedoms’ and you will have to transfer the fund to a new Flexi Access Drawdown contract. Your existing company may be able to facilitate the transfer at very low cost. This is when you ask about continuing contributions. I am pretty sure the answer is yes but, only the fund derived from new contributions will be eligible for tax free cash in future. The rest of your fund will be deemed to have been ‘crystallised’ and while it can continue to grow, the PCLS facility will be lost.

No

1. Possibly, some pension plans can facilitate this.

2.Only if you die or have no income and offset the pension income against your personal allowance.

Thanx folks and in particular Slowjo…

1. I believe that once you have taken the tax free lump sum then your annual contrition limit is severely limited. It’s really meant to be done at the transition from working to (semi) retirement.

2. No