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UFPLS

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Comments

  • molerat
    molerat Posts: 34,661 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    They have coded my SIPP correctly for the annual UFPLS.  You do though have to know which month to make the withdrawal for he coding to deduct the correct amount of tax for the year.
  • Hoenir
    Hoenir Posts: 7,742 Forumite
    1,000 Posts First Anniversary Name Dropper


    > I receive £20k annually from DB Pension 1, paid monthly
    > I receive £10k annually from DB pension 2, paid monthly
    > I want to do a £7.5k UFPLS from my DC pension pot in April in the new FY and then every three months thereafter (30k in the FY year)



    In this scenario no need to do anything. Other than to advise the HMRC of your expected income  via your Personal Online Tax Account. As the UFPLS will take you marginally into the 40% tax bracket as matters stand in any event. The PA allocation makes little difference.  
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