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Tax on Pension
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Newly_retired wrote: »So when I reach 65, I could be paying less tax? Another good reason for putting some of my savings into N S & I tax free certificates, so as to keep my total income including savings below that new threshold?
You might.
However the extra age allowance is clawed back if your taxable income is over £20k ( approx ). If you get to £25k taxable income you have lost all the extra allowance.
So it depends on what your 2 pensions plus savings etc come to.0
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