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But you are allowed to save all of that 20k in a pension fund and pay zero on it. Up to 40k a year and 1m in your life.

• desas 8y ago
  Pay zero on it now. You'll be paying on it when you withdraw
  • sgt101 8y ago
    Well, that depends. You can take 25% tax free. And yes, you have to pay tax on the lot, but If you are paying 60% then momma, you are having a retirement and a half.