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Pension pots and tax

binnie · 2016-06-14 09:44:59

Hi, My husband in August will be 55 and has two pension pots. One is £19,400 and the other is £5,000 He currently gets a private pension of £8,304 a year. What we want to know is, if we take £11,000 from the £19,400 and the rest from it the year after, how much tax will we pay and how does the first 25% tax free work out?…

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binnie Posts: 995 Forumite

23 July 2016 at 1:17PM edited 23 July 2016 at 1:21PM

Yes he says something was closed and transferred.
Not sure about the AVC's, he actually thought the £692 a month included that.
He got his pension lump sum aged 53, but because at the time they said he can't have the rest (£19,000) until he was 55 he left it in. But he thought there was only the MP left not the AVC's.
He said he started them when he left school and signed up to allsorts not really knowing what he was signing up for!!

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Pension pots and tax

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