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Receiving pension and lum sum
polardesign
Posts: 36 Forumite
Hi all,
If you recieve your pension at 60 is is obviously taxable.
What about the Lum Sum (Annuity) is that also taxable.
What are the pros and cons of commuting some of your pension
If you recieve your pension at 60 is is obviously taxable.
What about the Lum Sum (Annuity) is that also taxable.
What are the pros and cons of commuting some of your pension
0
Comments
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if your pension provides for a lump sum in addition to a regular payment then the lump sum is generally tax free while the regular payment is taxed in line with your income (although you don't pay NI on it).
The lump sum is not an annunity
the pro and cons of cummuting part of your income to the lump sum depend upon your circumstances.0
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