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My only income after I retire would be my state pension, it would currantly be £110.79. But I would take a lump sum of £45,823.89 before tax. My current monthly wage is £1587.92. and enjoy my job and feel I could continue to work, but would like to make the best financial decision for the future. I own my own home and run a car.
I am not quite sure what you mean,do you mean if I retired 27th Feb 2014 and did not claim my pension untill after 5th April 2014 I would pay no tax on my lump sum, or do you mean I would have to wait untill after the following April 2015 before I could claim my pension in order not to pay tax on the lump sum