Really? Yes I guess. What really fucks me off is when Labour start talking about tax relief as a tax giveaway. Person puts in £60 and the taxman "gives them" £40. What bollocks. It's the person's earned £100 in the first place. Taking a bit less off someone is NOT giving them something.I recall the saving of removing tax relief on pension contributions being in the region of £37 billion per annum.
Yes, should have pointed that out. I too am unsure of the HMRC account page as it says I'll get full pension but I need to check when I contracted out and when I went back in. Thought I was out ten yrs but might be less. I've got 37 yrs contributions but can't see how I've got 35 full years.It all depends on your NI profile.
You need 35 years of full contributions to get the full pension, doesn’t matter when that is achieved.
I’m the same effectively 30 put of my 35 are at the lower rate, pissed off if I’m honest as I like millions of others didn’t know and I’m pretty up on my pension stuff. I have a feeling to claw back Covid you’ll end up retiring at 70, tax relief may go and basically you’ll die before you get it. I won’t get mine until I’m 68 so that’s another 16 years off that will give me around £2k a month plus whatever my wife brings in she will hopefully still be working, that’s more than enough for me.I know. However I’m not too sure yet whether I want to. I make more use of the cash I have now than cash I’ll get back later when I’ll be too old to spend it usefully.
Just to add... The problem is trying to 2nd guess what the bastard taxman is going to do to you in the future. Several years back I decided not to put much into my pension but to keep the cash invested and building up elsewhere, with the benefit of it being more liquid and accessible should I need it. The plan was that I would then pump massive amounts in - like maybe 100% of my salary - in the run up to retirement, living of the accrued savings whilst I did that.I know. However I’m not too sure yet whether I want to. I make more use of the cash I have now than cash I’ll get back later when I’ll be too old to spend it usefully.
Yes you will probably get the same as meMost of my career has been in the public service and so we were contracted out of SERPS.
The new state pension introduced in 2016 is now about £175 per week. Much better than the old basic pension. However mine will be less than that due to the contracting out situation.
I read a report from the Treasury where they looked into removing tax relief on any pension contributions and then making pension non taxable when you receive it. The savings were about £25 billion per annum.Really? Yes I guess. What really fucks me off is when Labour start talking about tax relief as a tax giveaway. Person puts in £60 and the taxman "gives them" £40. What bollocks. It's the person's earned £100 in the first place. Taking a bit less off someone is NOT giving them something.
Thank God.I read a report from the Treasury where they looked into removing tax relief on any pension contributions and then making pension non taxable when you receive it. The savings were about £25 billion per annum.
Then in 2016 the Treasury told us that the next budget, three weeks later, was going to remove the 40% tax relief and have a flat rate of 20% for all. Someone must have changed their mind as it wasn’t implemented.
If you were in college or university you get a full NI contribution paid for you.Yes, should have pointed that out. I too am unsure of the HMRC account page as it says I'll get full pension but I need to check when I contracted out and when I went back in. Thought I was out ten yrs but might be less. I've got 37 yrs contributions but can't see how I've got 35 full years.