Pensions

Pension Flexible drawdown

Posted on 09/03/2017 at 10:43

Clients are reminded that pension investors aged 55 (57 from 2028) are able to withdraw their pension as a lump sum. However, clients should be aware that only the first 25% will be available to them tax free and the rest will be treated as taxable income, taxed at their marginal rate of tax. So if you are a basic rate tax payer, then please remember the drawdown will be added to your income and hence that may push you to a higher rate tax payer, taxable at 40% or 45%. Please note that this 2... read more