Topic: | Re:Taking my State Pension - help please ! | |
Posted by: | Jonathan Bingham | |
Date/Time: | 08/05/15 16:25:00 |
You're pension is taxable income - added to your other taxable income, so if you get your pension now you will be better off, but if you go over the personal allowance you will have to pay tax on the extra. If you defer taking your pension then you have a choice,you can either take a lump sum later which is also taxable income or you can have your pension increased by 1% for every 5 weeks that you put off claiming, of course this is also taxable. You have to run the numbers. |