Tim Hills
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Tax free amount on my pension is more than my estimated income from the pension
Hi, I've just retired and started taking 2 pensions. I've just received my tax code notice and see that the tax free amount for the smaller of the pensions is more than the estimated income for this year from that pension. Why is this? Why can't more of my total tax free amount be assigned to the larger of the pensions? How is the total tax free amount split between the 2 pensions? I understand how the total tax free amount is calculated but can't see how the split between the 2 pensions is calculated. Thanks