To withdraw pension or not
in Pensions, annuities & retirement planning
5 replies 366 views
My mother currently has a small pension of 12k ( already withdrew 25% tax free) and it’s just sitting there as a cash with no interest being earned on it. With her state and small RAF pension she has an income of around 12k a year. I have been reluctant to take it out because she’ll be taxed on it but the she will always be taxed on it based on current tax thresholds? Is it best we take it out now and put it into a fixed savings account with savings rates doing so well? Will she be emergency taxed unless a P45 is provided?
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