you'll probably be taxed on an emergency tax code. If this results in you overpaying tax in that tax year, you should receive a refund after the end of the tax year, alternatively you may be able to claim it back directly from HMRC during the tax year. Tax rules may change and are...
If you pay income tax above the basic rate, you may be able to claim additional tax relief from HMRC directly via your Self-Assessment tax return. This will be offset against your total tax liability for the tax year rather than paid into your pension. ...
Inmostschemesyoucantake25%ofyourpensionpotasatax-lumpsum.You’llthenhave6monthsto starttakingtheremaining75%-youcanusually: ◦getregularpayments(an‘annuity’) ◦investthemoneyinafundthatletsyoumakewithdrawals(‘drawdown’) Youmayhaveotheroptions-youget25%taxwhenyou: ...
If you die before 75 anything remaining in your drawdown fund is passed on to your beneficiary as a tax-free lump sum, or they can continue to receive the income tax-free through drawdown. These payments must begin to be made within two years, or they become taxable at the beneficiary's...