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Tax & National Insurance on Company Pension
JBC_2
Posts: 15 Forumite
in Cutting tax
I am 52 and have recently been made redundant.
Next April I intend to draw my company pension before the law changes (the change of minimum age from 50 to 55 to draw the pension).
I understand that my pension will be liable for 20% tax - above the Income Tax allowance threshold, but will I have to pay National Insurance as well.
If so, at what rate and is there a similar threshold to Income Tax ?
Many thanks to anybody who can help me with this.
Next April I intend to draw my company pension before the law changes (the change of minimum age from 50 to 55 to draw the pension).
I understand that my pension will be liable for 20% tax - above the Income Tax allowance threshold, but will I have to pay National Insurance as well.
If so, at what rate and is there a similar threshold to Income Tax ?
Many thanks to anybody who can help me with this.
0
Comments
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Hi Generally there is NO NIC on pensions as it is not "earned income" hope this is good news!0
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