Pensions

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Pensions

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We are advised by governments to save and make provision for our retirement years. By doing this any additional pension plus the state pension can take some people above the threshold, you will then be taxed on the extra monies. If you have a private pension, you pay tax on your earnings and you are then taxed again on your pension, so you can be taxed twice. By the time that you realize this you are a pensioner and it’s too late to do anything about it. It’s about time that the state pension was exempt of tax.

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