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Patrick , 61


Pensions and Isas


Income of about £20,000 a year

<p style="text-align:justify;">Pensions and Isas</p>

Patrick is 61 and retired this year. He has started to receive a defined-benefit (DB) public sector pension, which is paying him just over £50,000 a year. His wife has started to draw down from her various pension schemes and has a cash lump sum of £75,000, but will not have access to her state pension and a small DB scheme until 2024. They have also opened self-invested personal pensions (Sipps) into which they have transferred various pots of cash, and Patrick has realised a £170,000 lump sum from his DB pension, also in cash. Some of this has been used for this tax year's individual savings account (Isa) allowances. 

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