"I'm over 55. Can I take a lump sum from my pension savings to give to my children now?"
Yes – you can do this, but we recommend that you seek financial advice about any inheritance tax implications.
You can give away a total of £3,000 worth of gifts each tax year (6 April to 5 April) without them being added to the value of your estate. This is known as your ‘annual exemption’. You can also give as many gifts of up to £250 to each child as you want during the tax year, as long as you haven’t used another exemption on the same person.