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Tax on pensions

ziggy20 · 2009-05-06 11:32:08

Hi, My uncle is retiring this summer, aged 57, from a public sector job and is just wondering what tax he will be paying on his pension? Will his monthly pension income be taxed in a similar way to regular income, tax credits etc. Also he will receive a lump sum payment on retirement - is this taxed? Thanks in advance

06-05-2009 11:32am

#1

ziggy20

Closed Accounts Posts: 7 ✭

Join Date: May 2009

Posts: 2

Hi,

My uncle is retiring this summer, aged 57, from a public sector job and is just wondering what tax he will be paying on his pension?
Will his monthly pension income be taxed in a similar way to regular income, tax credits etc.
Also he will receive a lump sum payment on retirement - is this taxed?

Thanks in advance

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Comments

#2 07-05-2009 9:16am

ferga_com

Closed Accounts Posts: 159 ✭✭

Join Date: April 2009

Posts: 153

His pension will be taxed in the same way as income and he will have his usual tax credits etc. When he hits 65, he gets additional tax credits (if the Government haven't cut them back by then).

The lump sum he gets from the pension scheme is tax free.

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