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tax free lump sum advice please
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nicter
Posts: 308 Forumite
Hi
I have turned 60 and am able to claim my nhs 1995 pension. I will get a tax free lump sum ( approx £17.000 ) plus monthly pension
I took out a private pension with the now Royal London while self employed some years ago which was frozen when joining nhs
This I can also take this year with an option of a tax free lump sum ( £5.000)
My question is if I claim both pensions this year are both lump sums tax free or will I pay tax on one of them ?
Thankyou in advance
I have turned 60 and am able to claim my nhs 1995 pension. I will get a tax free lump sum ( approx £17.000 ) plus monthly pension
I took out a private pension with the now Royal London while self employed some years ago which was frozen when joining nhs
This I can also take this year with an option of a tax free lump sum ( £5.000)
My question is if I claim both pensions this year are both lump sums tax free or will I pay tax on one of them ?
Thankyou in advance
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Comments
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Both tax-free lump sums will be tax-free.
Do you need the Royal London tax-free lump sum now?I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.0 -
No Harry not necessarily but do need to replace my car ( 2nd hand) fairly soon.
Not sure what options to take at the moment.
I am taking nhs pension and cutting hours to 22 so will still have an income0 -
No Harry not necessarily but do need to replace my car ( 2nd hand) fairly soon.
Not sure what options to take at the moment.
NHS lump sum=£17,000
cost of new car=£500
Balance= £16,500
no need to take the PP lump just yet.... you'll still have enough for another 33 new cars without it
......Gettin' There, Wherever There is......
I have a dodgy "i" key, so ignore spelling errors due to "i" issues, ...I blame Apple
0 -
Ford Mustang 5L £35k approx. You need to find another £13k from somewhere.0
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