John and his wife are age 64, and she has retired. John still works part-time as a consultant, which earns him £30,000 a year. They will start to receive state pensions from the end of this year, which will amount to £15,000 a year in total. All their other pensions have been consolidated into self-invested personal pensions (Sipps). John has taken his 25 per cent tax-free entitlement to settle a tax bill, but otherwise they have not drawn on the Sipps and don’t intend to.
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