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Pension tax free lu...
 
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Pension tax free lump sum for child maintenance calculation

 
(@charlie68)
New Member Registered

Hi - been divorced several years, I have no problem paying what I owe to my ex, which we base on the gov.uk calculator, and do so regularly.

 

However I'm soon going to be retiring and need to understand how the pension (not state pension, not quite old enough for that yet) I will get affects things. 

 

My ex had the usual 50% of my pension pot when we divorced, and I have no problem with that.  If I take regular payments those will count as taxable income (even though she's already had half) and she will get her cut and again that makes sense to me.

 

What I need to know is, how is the tax free lump sum treated if I take it? From a cursory reading of the rules what matters is taxable income, which the regular pension payments are (even if they're not big enough to actually pay tax on).  But the lump sum isn't, so I wouldn't owe her any extra if I took it. 

 

Is that right - which seems reasonable as she will get her own tax free lump sum based on what I've already transferred over - and will that tax free lump sum then count as an asset on which 8% income is assumed (which is a ludicrous rule, frankly - show me where I can get an 8% return!) unless I sink it into a house? 

 

I can't find any clarity, anywhere, on what rules apply (I did find an old thread on here but it was inconclusive).   Does anyone have any experience of dealing with this?

Quote
Topic starter Posted : 03/07/2023 11:52 am
(@dadmod2)
Illustrious Member

Hi,

I recommend you join this group for paying parents. Very experienced members there. Please make sure to answer their questions on their joining page: https://facebook.com/groups/239699060076601/

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Posted : 04/07/2023 11:52 am
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