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That would be correct.
The 25% tax free pension lump sum is just that, tax free. so you can leave that out of your calculations.
You can have an income of £50,000 before you pay higher rate tax in 2019/20 so if you deduct your salary of £20,344 that will leave £29,656 of the basic rate (20%) tax band available to use against taxable pension drawings.
I hope this helps but let me know if you have any further questions.
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