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How much tax-free cash can I take?

You can normally take up to 25% of the amount you use for drawdown as tax-free cash. This will be paid as a lump sum when you apply.

For example, if you had a pension worth £100,000 and you decided to use it all to move into drawdown, your tax-free lump sum could be up to £25,000. If you decided to only use £40,000 of that pension to move into drawdown, you could have up to £10,000 paid as a tax-free lump sum.

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