We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
PRIVATE PENSION
ratscabies
Posts: 2 Newbie
I AM 61 YEARS OLD AND HAVE TAKEN EARLY RETIREMENT I HAVE A PRIVATE PENSION .
I KNOW I CAN TAKE 25% TAX FREE BUT AS I NOW HAVE NO INCOMECAN I TAKE £12,570
TAX FREE AS WELL OR DOES IT NOT WORK LIKE THAT.MANY THANKS IN ADVANCE
I KNOW I CAN TAKE 25% TAX FREE BUT AS I NOW HAVE NO INCOMECAN I TAKE £12,570
TAX FREE AS WELL OR DOES IT NOT WORK LIKE THAT.MANY THANKS IN ADVANCE
0
Comments
-
Yes you can. And no need to SHOUT!3
-
When you took early retirement what were you planning to live on until state pension age?ratscabies said:I AM 61 YEARS OLD AND HAVE TAKEN EARLY RETIREMENT I HAVE A PRIVATE PENSION .
I KNOW I CAN TAKE 25% TAX FREE BUT AS I NOW HAVE NO INCOMECAN I TAKE £12,570
TAX FREE AS WELL OR DOES IT NOT WORK LIKE THAT.MANY THANKS IN ADVANCE"You've been reading SOS when it's just your clock reading 5:05 "0 -
Nice.
When you say 'no income' I assume you will have income of your private pension. I guess the decision is whether you need your tax free lump sum or whether you want to enhance you pension for a guaranteed higher pension to get you to state pension age.
You will have £12,570 (subject to anything else going on) tax free allowance.0 -
You can take the 25% no problem.ratscabies said:I AM 61 YEARS OLD AND HAVE TAKEN EARLY RETIREMENT I HAVE A PRIVATE PENSION .
I KNOW I CAN TAKE 25% TAX FREE BUT AS I NOW HAVE NO INCOMECAN I TAKE £12,570
TAX FREE AS WELL OR DOES IT NOT WORK LIKE THAT.MANY THANKS IN ADVANCE
You can also take £12570 as well in a TAX YEAR - so if for example you retired today, and you've already earned over £12570 since April - then you will NOT get another £12570.
When did you retire?
How much income have you had ( from all sources ) since April 24 to the date you retired?
0 -
thanks for all the replies0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455K Spending & Discounts
- 246.6K Work, Benefits & Business
- 602.9K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards