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Increasing payments to private pension for five months
Nettsmythe
Posts: 24 Forumite
This could be a really stupid question! But I pay into legal and general 26.00 a month and this is topped up to 33.00. I am planning to withdraw in August,would it be worth increasing the payments between now and then?there is 15500 in pot at present.
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Comments
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It might be, depending on their charges and the income tax rate you pay and will pay in future.Free the dunston one next time too.0
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I pay 20% tax,not sure about their charges.I will contact them.thanks for reply.0
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If you are getting ready to retire, every 80 you put in will become 100.
So if your income in retirement will not be using up all of your PA, then you would get 25% of your pot tax free and you could take the rest using up any PA left over so that you pay no tax at all. Or you could buy an annuity .
You can put in this year the amt of your total earnings or 40K, whichever is lower.0
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