How does pension drawdown tax work?
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- Опубликовано: 7 сен 2024
- Drawdown tax needn't be taxing. Watch Personal Finance Blogger and Journalist, Faith Archer, explain the tax facts for your pension. Got any questions on pensions or pension drawdown? Leave a comment below!
As with all investments, your balance can go down as well as up so your capital is at risk.
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Can I continue to pay in to my pension after taking the 25% tax free lump sum?
Hey there, you can continue to pay into your pension pot as usual even after taking your 25% tax free cash. You contribution limits are only affected after taking a taxable withdrawal.
Wow cant believe government allow such way to earn free money. Pity im only realising this at 35. Need to get chipping away :)
Very nice, thank you!
Very well explained. Regards flexible drawdown from a DC scheme - yes one wants to keep income tax deduction to a minimum but of course one has to live and so it may well be very easy to be in the HR 40% IT band - especially if one has a family to support and no other income other than pension flexible drawdown.