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Hello, I am hoping somebody can give me a piece of advice or in the same situation as I am. Last year, ive taken a lump sum of my pension and just this month I've a letter of CSA telling me that I have to pay doubled of the CM that I'm paying now because they have propbably thought I earned doubled which I don't. Only thing i can think of is because ive taken a lump sum of my pension. My question is, does my pension lump sum affect my CM?
Hi,
Do you know if your pension lump sum is taxable? If it's taxed by HMRC, then I would imagine CMS would also treat as taxable income.
@bill337 yes it is. Does that mean I need to start a new CM now when its only a one off lump sum.? Thank you for replying
Hi,
If your still working, I imagine they will keep you on this new maintenance calculation. Then when your income drops by 25% or more they will lower your payments again. They will most likely ask to see 3 months of payslips first, showing the reduced income.
Are you retiring and taking a lump sum with pension payments?
I retired and took a lump sum and the lump sum was not classed as earnings despite me paying tax on part of it.
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