State Pension Increases

Kompany Car said:
You only pay income tax, the benefit being that its been allowed to grow in a tax free wrapper for x years.
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Agreed. apart from the occasional overnight raid on Pension Funds by the
Gov of the day.
Got to assume that if receiving a state pension NI not being extracted.
 
denislawsbackheel said:
No they didn’t!

All private pension contributions get full tax relief for basic and high rate tax payers.

So a basic rate tax payer puts £80 in a private pension, the pension provider claims a further £20 off the govt.
If you are a high rate tax payer you get £20 put in as above and you have to claim the other £20 through a tax return.

www.gov.uk

Tax on your private pension contributions

Tax you pay and tax relief you get on contributions to your private pension - annual allowance, lifetime allowance, apply for individual protection
www.gov.uk www.gov.uk
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If the pension contributions are made via a salary sacrifice scheme you don’t need to claim it. It’s done via PAYE
 
Gareth Barry Conlon said:
I had a similar letter this week. It's money I knew about but hadn't realised I'd lost track and they didn't have my address. The letter explains they track you down and make contact. I phoned up, answered a few security questions and was reunited with 14k of pension.

U really need to sort my own pensions out. Get them consolidated into something I control. Was there someone on here whon used to do that sort of thing.
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I had same week before lockdown started. Pension of just under £30k I didn't know I had.
 
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