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<blockquote data-quote="Bloders" data-source="post: 6693401" data-attributes="member: 1111"><p>i understand thats the tax free amount you can take. the rest is then taxed as income.</p><p>so if you have a 100K potm you can take 25K tax free (when you reach 55) and then iether 75K in one year (and pay the tax etc) or draw it more slowly and pay less tax on it.</p><p></p><p>In year 2 (say) you could have an inome of 10K bu want 10K for something so just draw that off as a lump, though it will then be a 20K draw for the year (and taxed accordingly)</p><p></p><p>One thing i am conscious about, is if we have a change in government, they can (and will) change the rules. remember Gordon Brown and his windfall tax on the oil and gas industry, and then the less well publicised tax on pension fund earnings?</p></blockquote><p></p>
[QUOTE="Bloders, post: 6693401, member: 1111"] i understand thats the tax free amount you can take. the rest is then taxed as income. so if you have a 100K potm you can take 25K tax free (when you reach 55) and then iether 75K in one year (and pay the tax etc) or draw it more slowly and pay less tax on it. In year 2 (say) you could have an inome of 10K bu want 10K for something so just draw that off as a lump, though it will then be a 20K draw for the year (and taxed accordingly) One thing i am conscious about, is if we have a change in government, they can (and will) change the rules. remember Gordon Brown and his windfall tax on the oil and gas industry, and then the less well publicised tax on pension fund earnings? [/QUOTE]
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