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Pension Question

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GJB67
GJB67 Posts: 1 Newbie
in Mortgages & endowments
I have received compensation after 8 years of waiting from FSCS as I had lost all my personal pension money in a bad investment advised by a Independant Financial Advisor (who was struck off for this). Is my compensation taxable? Can I use this compensation to help pay off my mortgage / credit cards? In 5 months I will be 55.

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  • dimbo61
    dimbo61 Posts: 13,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    With most pensions you can take 25% Tax free.
    What you do with that pension lump sum is up to you ?
    Will the Compensation be taxable I have no idea.
    Why not speak to the FSCS
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