Jianming Cai
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RE: Pension Tax Relief Query
Hi, I need help with a specific tax calculation issue. I retired from an university in 2018 and started receiving TP (Teachers Pension) pension, which's in a small amount just above the annual tax allowance level. During my teaching career, I also joined the AVC (Additional Voluntary Contributions ) scheme and made contributions until my retirement. In January 2022, I did the AVC drawdown and took out £2140.98 (25% tax free of the total amount of £8563.90). The remaining £6422.92 was transferred to a SIPP account (Share Dealing) from AJ Bell, which was called flexi-access drawdown. I was not quite active in the share dealing. I then asked to close this SIPP account and take the balance cash £6085.27 out. Could somebody let me know how much tax I should pay? Many thanks!