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advice pls
jemjenk83
Posts: 1 Newbie
my dad is 60,retired from local government,. He has a new job £21k, annual pension £11k, lump sum £79k, does anyone know, is his lump sum tax free or will he only be able to take 25% tax free? Thanks for any help ppl can give
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Comments
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Is the lump sum from his pension? Or was he made redundant?
Is the annual pension 11K Because he is taking the LS, or was it set in stone? Can he take less LS and get more pension?
His new income will be 32K, and he can put some/all of that into a new DC pension. Does the new employment come with an employers pension?0 -
is his lump sum tax free
Is the lump sum the tax free cash from the pension or is it some redundancy package?
If its tax free cash from the pension then its tax free. If its redundancy then it depends on how much and the terms of the payment.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
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