Technology1 min ago
Pension Release For Over 55's
3 Answers
This is only out of curiosity, not something I am contemplating, hence why I have asked here and not taken financial advice. Can you take 25% of your pension early tax free or is it the first 25% of the sum you take that's tax free? Surely it's not that simple?
Answers
Best Answer
No best answer has yet been selected by knitnat. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.I should clarify that it's only the LUMP SUM bit I'm talking about.
So maybe my first sentence should have said
"up to 25% of the value of the pension fund can be taken as a tax free lump sum".
Any pension income from the rest would count as taxable income, although whether you'd actually pay tax on it would depend on your overall income and tax code
So maybe my first sentence should have said
"up to 25% of the value of the pension fund can be taken as a tax free lump sum".
Any pension income from the rest would count as taxable income, although whether you'd actually pay tax on it would depend on your overall income and tax code