Quote:
Originally Posted by steve-45
Yes, as above, you will have to pay INCOME TAX on anything over £11,500 per year, but £11.5K is only £220 per week.
Its a fact of life that anyone with a half decent company pension + state pension will be paying income tax until the day they die.
I would rather be paying tax than not, as that means your income is over £11,500 per year.
Taking a lump sum and drawing your pension early will have quite a drastic effect on what you think you may get.
Has your pension provider given you any figures yet ?
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Got some detailed figures so it's up to me to work out the best options , sadly i won't get the £11.5k tax mark (not far off though )