Only advice I'd give is if you've got a employer pension don't be tempted to move it. Keep it where it is...Plenty of people seem to get their fingers burnt moving them to another fund which promise a better yield, but never do. Indeed some are nothing but scams. I retired at 59...Every day since is like a bank holiday...
On PBs i hear if you have the full £50k they're not a bad investment. I only have £2k and that doesn't pay out much....I might get £25 every Sheffield flood.
If your income is above the personal allowance (currently £12570 pa) you'll pay basic rate tax. Why wouldn't you? It's an income tax.
Please remember, due to the government (Labour and Conservative) having kept the income tax personal allowance unchanged for many years at £12,570 per year, this means State Pensions are now nearly taking up the full personal allowance for the financial year, this means you will pay 20% income tax on any Private Pensions income that you take after the 25% tax free lump sum. the full new State Pension amount will be £230.25 per week, or £11,973 per year for the 2025/26, so your tax code will be very small. With the triple lock in place, it is expected that the State Pension will become liable to pay income tax if the Govt doesn't increase the Income Tax personal allowance.
I pay income tax on my private pension, get nothing from the state yet, but I don't pay any NI contributions on it.
Ditto. A Pension is considered income but National Insurance is only charged on income derived specifically from working.
Yeah if your total earning for the year are over £12,570 but you get tax relief on what you put in + first 25% tax free
The stealth tax! And it's significant. I read recently we're £800 a year worse of because of it. The government repeatedly lie when they say income tax isn't increasing. Yes it bloody well is because of this stealth tax.
Never a truer word spoken...If you run out of cash,let the vermin who run the Country(whoever they may be)look after you!!
Hi TM. Yes I'm aware of the 25% stuff. Unfortunately I took the 25% out of my biggest pension a few years ago due to unforseen circumstances. Thanks for the reply I'm taking it on board. I'm not skint or anything. I just want to be able to look after everything without losing to much to the government. Cheers.
Cheers Chazz Maybe I shouldn't disclose this on here. I honestly don't mind. I only have about 100k spread over 6 pensions. Maybe some investing Maybe and some drawdown and putting them all in one place. I've been quoted just under £5,000 to look after them all. It's still early days. I haven't committed to anything yet. I think that sounds steep but I don't know if it is or it isn't. I appreciate all the replies. I'm also hoping this thread can help me than just me because we all have different experiences don't we?
Good advice lol. The only thing with this work is I can't take time off during term time. I was going to go to more away games and enjoy those experiences more while I can. I'll give this job until Christmas and see where it goes.
Cheers fella. Some really good stuff there. Lots of food for thought. I'll certainly give the books a go. I'll also read your post another couple of times so it sinks in lol.
I get my 1st full pension payment at the beginning of September. Like you say about working out how much I need is good advice since I saw your post it found a calculator in one of my pensions that has that tool on it. Cheers
