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rule of 85
bigmex
Posts: 9 Forumite
I have just been given figures to retire on my 55th birthday on a salary rule of 85 scheme it quiotes me a retirment pension 0f £9628 after a lump sum (max) 64 000 -- What will I get at then end of the month - is the pension taxable etc etc ????
0
Comments
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yes, your pension is taxed just like income although you don't pay any NI on pension income
so the first 6475 is tax free the rest is taxed at 20%
assuming no other income0
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