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Posted Wed, 28 Aug 2024 16:01:19 GMT by Clive
I plan to retire in Nov this year. BY the time I retire I will have made pension contributions of ~£55k. This is similar to previous years, so not pension re-cycling. If I take my pension tax free lump sum (25% = ~£80k) this fiscal year, do I still get the full Pension AA of £60k for this year, or is it reduced to the MPAA of £10k?
Posted Thu, 05 Sep 2024 11:54:39 GMT by HMRC Admin 20 Response
Hi,
You have the full threshold in the tax year in which the pension is paid.  
It will be from the following year that the threshold will reduce to the minimum tapered annual allowance of £10000.
Thank you.
 

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