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Triviaity Payment


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Hi all,

 

I'm a little bit confused, possibly an A.G.E. thing, and I can't seem to find any answers here, again, possibly an A.G.E thing

 

I have a very small fund with an occupational pension, it will pay £54 P/A, or if I take a one of Small Triviality Payment the amount would be £1,448.05 less TAX of £217.20 making a total £1,230.85.

 

I am Claiming Pension Credit of £740.00/4 weekly, and two other pensions one pays me £42.15/month the other £80.77/month.

 

The are notes in the paperwork that refers to:-

* Lifetime Allowance declaration

* Percentage of standard lifetime allowance that the total benefit taken represents

 

Also I don't have a big enough private income to attract inland revenue payments, even with the cash sum I could take, question will I still have to pay tax on the amount?

 

any help would be very much appreciated

 

Regards

 

Ken

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