Investment & Investing

You are reading a single comment by @andyp and its replies. Click here to read the full conversation.

•

Ben689908 in reply to @wildwest

That's what I really need to bear in mind, I guess. It's not like - say - an ISA where you can get at it, if needed.

How does the tax relief work out? I know I won't be taxed on the contribution because it leaves my pay before tax is calculated, but at the other end when I take my pension it will be taxed then right?

•

andyp in reply to @Ben689908

You can take out 25% of your pension pot tax free, after 55 (and soon to be 57 as @wildwest says). After that, you’ll be taxed at standard rates on your income from your pension. You can, obviously, only do one tax-free withdrawal, so need to think about the timing of that.

•

Ben689908 in reply to @andyp

Thank you.

I should know all of this, but are the tax rates as per income tax? So 0, 20, 40, 50% - depending on amount (and any additional income)?
•

jb000 in reply to @andyp

You can take multiple withdrawals each with a tax free portion.

About

Avatar for andyp @andyp started