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Dipping into pension pot has tax implications


With HMRC data showing that 347,000 people withdrew money from their pension pot between July and September, Shane Hickey in the Observer considers the tax implications of dipping into retirement savings. He notes that a person can take 25% tax free, but the rest will be taxed as income for the year, adding that it will be added to any other earnings and could push them into a higher tax bracket.

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