State Pension Increases

[hammocity]

Paying tax on a pension is a disgrace

Yep, Mrs H’s pension for her last job was just £2600 so entitled to take it as a lump sum, she paid around £400 in tax!

 

[Tommy_Catons_Perm]

If you have worked to pay into a private pension , paid tax on your wages, should u have to pay tax again on the pension?

Yes, because you do not pay income tax on pension contributions.

 

[Fiftyyearsandcounting]

Ye the personal allowance went up around £300 a year, it’s been frozen by 2028 for 6 years so that’s £1800 less than it should be giving an allowance of roughly £14500, so as soon as these rises in state pension keep kicking in then the tax collecting will go through the roof as more and more will pay on it. Be interesting to see if Labour do anything about it.

Back in 2012, when I first started claiming my state pension, HMRC added £1000 extra to personal allowance for pensioners. That too has been removed, increasing the tax burden for some pensioners.

 

[Ifwecouldjust.......]

Back in 2012, when I first started claiming my state pension, HMRC added £1000 extra to personal allowance for pensioners. That too has been removed, increasing the tax burden for some pensioners.

That would be the Tories that did that then ..... but still pensioners vote them into power

 

[mosssideblue]

That would be the Tories that did that then ..... but still pensioners vote them into power

this one doesn't

 

[remember arthur mann]

this one doesn't

 

[Eccles Blue]

That would be the Tories that did that then ..... but still pensioners vote them into power

Not this one!!! :-)

 

[East Level 2]

Not this one!!! :-)

Or this one.

 

[I'm With Stupid]

If you have worked to pay into a private pension , paid tax on your wages, should u have to pay tax again on the pension?

You avoided tax on your wages by paying into a private pension in the first place. By putting money into a pension, you're basically deferring the taxes until later on.

 

[SWP's back]

If you have worked to pay into a private pension , paid tax on your wages, should u have to pay tax again on the pension?

That’s the point, you don’t pay tax on pension contributions, you get your tax back. So you pay in £80 and £100 is credited into your pension pot.