Company pensions are a weird one, with the two deferred final salary pensions I have, one tracks inflation, the other is capped at 8%pa for contributions before 2010 and at 3%pa for any savings post 2010.Company pensions are going up by nowhere near that amount.
Im not a tax expert but isn't that because Company pension contributions were given tax relief at the time?My Grandad who turned 94 yesterday has started paying Income tax on his work pension.
94! He worked until he was 70. Paid tax all that time and now has to pay it again. Mental
No idea.Im not a tax expert but isn't that because Company pension contributions were given tax relief at the time?
I can understand Company pensions being taxable but do think State pensions should not be included in earnings for tax thresholdsNo idea.
He's extremely switched on for his age and was moaning about how expensive stuff is yesterday. He's been comfortable for donkeys years but even he's feeling the pinch.
I think the rise in state pension may have taken him over the threshold for tax. But it's a joke pensioners have to pay tax.
As soon as total income from private and state pensions exceeds the income tax threshold it is taxed.Im not a tax expert but isn't that because Company pension contributions were given tax relief at the time?
OK I'll continue to refuse to condone whats on offer by voting for it, is that better?And you're refusing what's on offer how exactly? What you're actually doing is having to suck up anything they throw at you without you taking any efforts to try and change things.The voting system is not perfect by any means but the more people who don't bother to partake in the democratic system just helps the status quo to continue and plays into the hands of those that hold the power.
Was there an increase in GRAD and SERPS?My State pension has gone up by 11.1% due to elements of it being the old SERPS and Graduated parts.
For the first time in my life I have a K code for my private pension.
State pension is not tax free it simply takes up the major part of the tax free earnings we are all allowed to earn.No idea.
He's extremely switched on for his age and was moaning about how expensive stuff is yesterday. He's been comfortable for donkeys years but even he's feeling the pinch.
I think the rise in state pension may have taken him over the threshold for tax. But it's a joke pensioners have to pay tax.
Yes there was, I got an itemised statement from HMGOV.Was there an increase in GRAD and SERPS?
No breakdown of total in my total weekly amount.
Does he have a private pension as well?No idea.
He's extremely switched on for his age and was moaning about how expensive stuff is yesterday. He's been comfortable for donkeys years but even he's feeling the pinch.
I think the rise in state pension may have taken him over the threshold for tax. But it's a joke pensioners have to pay tax.
The problem for everybody (not just pensioners) is the fact the government have frozen personal allowances.No idea.
He's extremely switched on for his age and was moaning about how expensive stuff is yesterday. He's been comfortable for donkeys years but even he's feeling the pinch.
I think the rise in state pension may have taken him over the threshold for tax. But it's a joke pensioners have to pay tax.
He must have some other form of income to be over the tax threshold.Does he have a private pension as well?
I was discussing this with my financial advisor a couple of months ago, and his own words wereThe problem for everybody (not just pensioners) is the fact the government have frozen personal allowances.
In 2018/19 the allowances were £11,850 for 2023/24 they are £12,570 so in the 5 tax years since 18/19 they have only risen by £720.
A pitiful average of £144 per year saving you £28.80 per year in tax, or just over 55p per week.
Taxation by stealth.
There are only 2 certainties in life -No idea.
He's extremely switched on for his age and was moaning about how expensive stuff is yesterday. He's been comfortable for donkeys years but even he's feeling the pinch.
I think the rise in state pension may have taken him over the threshold for tax. But it's a joke pensioners have to pay tax.
At least you still have a pension, Gordon Bloody Brown fucked up company pensions for millions of workers. I have never forgiven the horrible bloated twat.Went on a pension seminar last week. I have got at least two annual pay raises due before I sack it off. We’re going to be lucky if we get 1% as we’re the worst paid in the whole of the Civil Service. I nearly passed out when I found out that those pension members at present got a 10% inflation linked pension raise this year. Bet inflation when I get there will be well into single figures. Bugger.
10.1% I think…Went on a pension seminar last week. I have got at least two annual pay raises due before I sack it off. We’re going to be lucky if we get 1% as we’re the worst paid in the whole of the Civil Service. I nearly passed out when I found out that those pension members at present got a 10% inflation linked pension raise this year. Bet inflation when I get there will be well into single figures. Bugger.
The problem for everybody (not just pensioners) is the fact the government have frozen personal allowances.
In 2018/19 the allowances were £11,850 for 2023/24 they are £12,570 so in the 5 tax years since 18/19 they have only risen by £720.
A pitiful average of £144 per year saving you £28.80 per year in tax, or just over 55p per week.
Taxation by stealth.