Move money between pots

No, unfortunately you can’t move money directly from one pot to another. You will need to decide which pot to add money to before you add money (either one pot, or a split between both).

If you wanted to move money from your easy access pot to your pension pot, you could withdraw money to your bank account and then add it to your pension pot. 

This will act as a completely new contribution to your pension pot and you’ll even get the 25% bonus and be eligible to claim back a total of 40% or 45% tax if you pay it on your income (tax relief).

You can’t withdraw money from your pension pot with Beach, so you can’t do the reverse and withdraw money from your pension pot to then add it into your easy access pot. And with pensions, you usually can’t withdraw until you are at least 55 years old (57 from 2028).

Bear in mind that if you withdraw money from your Beach ISA, as it’s flexible, you can re-add that same amount of money back into your ISA without affecting your ISA allowance (the £20,000 limit per tax year), but only if you re-add the money during the same tax year (April 6th to April 5th the following year).

And if you withdraw money from your standard account within your easy access pot, this will mean some of your investments will be sold, and if there is a profit, it may be eligible for tax (after the end of the tax year). Typically on anything above £3,000 in profit, which is your Capital Gains Tax allowance each tax year.

The tax treatment depends on your individual circumstances, and the tax rules can change in future. You should speak to a qualified financial advisor if you are unsure about your options.