{"id":287367,"date":"2025-11-28T05:44:15","date_gmt":"2025-11-28T05:44:15","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/287367\/"},"modified":"2025-11-28T05:44:15","modified_gmt":"2025-11-28T05:44:15","slug":"state-pensioners-urged-to-withdraw-100-before-hmrc-letter-lands","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/287367\/","title":{"rendered":"State pensioners urged to withdraw \u00a3100 before HMRC letter lands"},"content":{"rendered":"

If you’re thinking about retiring, you should make sure you’re well prepared, according to personal finance experts.\"StateState pensioners urged to withdraw \u00a3100 before HMRC letter lands<\/p>\n

State pensioners are being urged to follow ONE trick when accessing their pensions for the first time. If you’re thinking about retiring, you should make sure you’re well prepared, according to personal finance experts.<\/p>\n

This is Money has shared one tip that you\u2019ll need to be aware of. It says you need to avoid a tax grab when you first access your pension.<\/p>\n

This is Money says: \u201cFor those starting drawdown at retirement, there is a way to avoid being put on a scary emergency tax code and paying an unnecessarily large amount of tax on your first bit of income.<\/p>\n

READ MORE Older drivers face new roadside test in England and could have licence revoked<\/a><\/p>\n

\u201cHMRC has not yet figured out a way to avoid clobbering people in this way on their first withdrawal, which forces them to reclaim the overpaid tax and causes delays to them accessing their cash.<\/p>\n

\u201cA better way around it is to take a small initial sum when you start accessing your pension of, say, \u00a3100, to avoid a tax bill on the whole amount you want to take out.\u201d<\/p>\n

It adds that your second withdrawal can then be for the amount of income you require and this should be taxed at the correct rate.<\/p>\n

In the event that you do end up paying emergency tax, you should call the Labour Party<\/a> government’s tax authority and tax arm, HMRC, as soon as you can to get a refund.<\/p>\n

It\u2019s important to be well prepared for taking your pension so you can make informed decisions about when and how to access your money, ensuring you have enough to maintain your standard of living in retirement, the experts have warned.<\/p>\n

Proper preparation also helps you avoid unnecessary tax charges and financial difficulties later on, they added.<\/p>\n

By following this easy tip, you could save yourself a lot of stress and hassle.<\/p>\n","protected":false},"excerpt":{"rendered":"If you’re thinking about retiring, you should make sure you’re well prepared, according to personal finance experts.State pensioners…\n","protected":false},"author":2,"featured_media":287368,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[84,2215,4176,4174,4175,56,54,55],"class_list":{"0":"post-287367","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-dwp","10":"tag-finance","11":"tag-personal-finance","12":"tag-personalfinance","13":"tag-uk","14":"tag-united-kingdom","15":"tag-unitedkingdom"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/287367","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=287367"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/287367\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/287368"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=287367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=287367"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=287367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}