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UFPLS & October budget advice please
Comments
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kempiejon said:
So if you still worked, took the 25% tax free you could contribute up to the maximum of your total relevant income. Until such time as you used any of your DC pension income.
How could one separate the 25% from the rest and only take that portion out?0 -
blomft said:kempiejon said:
So if you still worked, took the 25% tax free you could contribute up to the maximum of your total relevant income. Until such time as you used any of your DC pension income.
How could one separate the 25% from the rest and only take that portion out?I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
blomft said:kempiejon said:
So if you still worked, took the 25% tax free you could contribute up to the maximum of your total relevant income. Until such time as you used any of your DC pension income.
Doesn't get much better than this.
Scrounger0 -
blomft said:kempiejon said:
So if you still worked, took the 25% tax free you could contribute up to the maximum of your total relevant income. Until such time as you used any of your DC pension income.
How could one separate the 25% from the rest and only take that portion out?
By doing that you have "crystallised" the whole pot. If you don't take the 75% taxable with the 25% tax-free, then it remains (invested) in the pension and is taxed at the appropriate rate when you do finally draw some of it out.
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blomft said:kempiejon said:
So if you still worked, took the 25% tax free you could contribute up to the maximum of your total relevant income. Until such time as you used any of your DC pension income.
How could one separate the 25% from the rest and only take that portion out?0 -
Right, I see, This is good information, thanks very much.
As an update to my own situation, I took people's advice and decided to cross my fingers and close my eyes really really tight and wait until after the budget.
It was the right thing to do, as nothing changed...yet, So thank you all for your input2
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