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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Pensions
sir i understand that in case of money purchase schemes, an individual over the age fo 55 years can withdraw up to 25% lump sum and for the rest of 75%, it can be withdrawn as annuity or perpetuity. So regarding the latter 75% i had a doubt. are the annuities/perpetuities taxable at the highest rates of marginal tax when received??
Pension income from an annuity is taxable and will be treated as non savings income.
