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When to draw pension

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Comments

  • ColdIron
    ColdIron Posts: 10,325 Forumite
    Part of the Furniture 10,000 Posts Hung up my suit! Name Dropper
    Columbus27 said:
    Why £60k significant?
    Because that's the Annual Allowance
  • ColdIron
    ColdIron Posts: 10,325 Forumite
    Part of the Furniture 10,000 Posts Hung up my suit! Name Dropper
    LHW99 said:
    Columbus27 said:
    I’m in higher tax bracket already.
    to get your personal allowance raised so you pay less higher rate tax.
    Pension contributions do not have any effect on your personal allowance. They extend your basic rate band (£37,700) by the gross contribution. From my Self Assessment:

  • Dazed_and_C0nfused
    Dazed_and_C0nfused Posts: 18,954 Forumite
    10,000 Posts Sixth Anniversary Name Dropper
    ColdIron said:
    LHW99 said:
    Columbus27 said:
    I’m in higher tax bracket already.
    to get your personal allowance raised so you pay less higher rate tax.
    Pension contributions do not have any effect on your personal allowance. They extend your basic rate band (£37,700) by the gross contribution. From my Self Assessment:

    Unless you're fortunate enough to impacted by the tapered Personal Allowance.

    But for the vast majority of people that isn't going to be relevant.
  • LHW99
    LHW99 Posts: 5,593 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    ColdIron said:
    LHW99 said:
    Columbus27 said:
    I’m in higher tax bracket already.
    to get your personal allowance raised so you pay less higher rate tax.
    Pension contributions do not have any effect on your personal allowance. They extend your basic rate band (£37,700) by the gross contribution. From my Self Assessment:


    Yes, wrong wording - apologies
  • Columbus27
    Columbus27 Posts: 13 Forumite
    10 Posts
    Thanks everyone 
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