Taking income too early from your pension could cost you tens of thousands in lost tax relief. Here’s what you need to know about the Money Purchase Annual Allowance (MPAA): • Triggered when you take taxable income from a flexible drawdown plan (not your 25% tax-free cash). • Your annual limit drops from £60,000 → £10,000. • Once triggered, it’s permanent. • A standard annuity does not usually trigger it. ⚠️ If you’re still working and paying into a pension, check before you take that first with
Taking income too early from your pension could cost you tens of th…
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The Annual Allowance (AA) is a limit on the tax free growth or input that you can have across all registered pension schemes during a pension input period. Take a look at the basics you need to know. | Teachers' Pensions
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