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How tax is collected on flexible pension payments
If you access your pension pot flexibly, then income tax will usually payable. Here we look at how tax is collected and some problem areas to be aware of....
If you access your pension pot flexibly, then income tax will usually payable. Here we look at how tax is collected and some problem areas to be aware of....
Some small occupational pensions can be cashed in under what are called the ‘trivial commutation’ rules.Also, pensions with small values may, in some cases, be cashed in as a lump sum under different rules (the ‘small pots’ rules) than the flexible pensions rules. If you want to take money out of pe...
You may be able to draw money out of your defined contribution pension (also called a money purchase pension) very flexibly – as much as you like, when you like, once you have reached the necessary minimum pension age age. You have a great deal of control – but the rules are very complicated in many...
There are many things to think about when you start drawing a pension, as the additional income you receive can have a knock-on effect on other areas of your finances. ...
On this page we look at what pension income is taxable and provide an overview of how it is taxed....
If possible, it is a good idea to plan ahead before taking money from your pension. Here we look at why this is important and introduce some of the key considerations to be aware of. ...