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Hmm thinking of pulling some more out pronto before they change the rules etc . One of them is ainvested in Far East units ( mainly Japanese ) - I'm expecting that to be massive . Half tempted to take it all and the tax on it now rather than pay tax on it doen the line.
Just keep an eye on the tax Hoola.I started to take one of my pensions in 2003 on redundancy when I was nearly 54.I then payed into one for about ten and a half years until I retired. They changed providers twice in that time. I took the two small ones of about £1,500 but left the larger one until I had no earnings other than state and my old works pension.I took a lump sum on entering this new tax year. I ended up paying some tax at 20%, some at 40% and a bit at 45%.I should get a tax rebate at the beginning of the next tax year. I'll be keeping an eye out though just in case.Hi Idler. I cashed in an AVC in March and had to pay tax in just the way you stated. Rather than complete a tax form I decided to wait to see how long before I got my tax rebate. I was pleasantly surprised that it was only a matter of a couple of months max before the cheque arrived.
Jenny, do you know much about overheads?
Thanks BB! Yes. if I had a brain that worked, I could have got it. Sadly, it didn't. And I didn't. Please don't stop though. Your shafts always either entertain, puzzle or intrigue. I like all three!Cheers again Bob