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private pensions


gemini52
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I have a couple of small pensions due in may,one is worth £29500,and the other £3000,i will take the three thousand one but not to sure about the other,it will pay £2,360 a year,i know its not a lot,works out about forty five quid a week,i can take twenty five percent tax free and the rest will be taxed,it would be nice to have a few quid to spend when i semi retire but when its gone its gone,i will still have to carry on working for at least the next couple of years so the question is do i take it as a lump sum and pay tax or take the small pension.

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I have a couple of small pensions due in may,one is worth £29500,and the other £3000,i will take the three thousand one but not to sure about the other,it will pay £2,360 a year,i know its not a lot,works out about forty five quid a week,i can take twenty five percent tax free and the rest will be taxed,it would be nice to have a few quid to spend when i semi retire but when its gone its gone,i will still have to carry on working for at least the next couple of years so the question is do i take it as a lump sum and pay tax or take the small pension.

In the end if you take a small pension you will pay tax on it, if its added to your state pension.

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