By John Smith • 01 May 2020 • 17:42
WHEN pension freedoms were introduced in 2015, it was possible for those over the age of 55 to withdraw money from their defined contribution pension pots.
The first 25 per cent was tax free but if the pension provider does not hold an up-to-date tax code, an ‘emergency tax code’ will be applied which assumes a one-off payment is actually a monthly one.
So far more than £600 million has been refunded by HMRC (the tax office) with an average payment in excess of £3,000 per claimant.
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Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica.
Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene.
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