Discussion in 'Finance & Pensions' started by englishjoe, Feb 19, 2015.

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  1. looking for help. im amember of afps75 Does any one know by what % my pension should increase by at age 55?
  2. witsend

    witsend War Hero Book Reviewer

    I'm sure a few folk over the last couple of years have said it approximately doubled for them.
  3. Yeup! Tw'as there about however the tax man now takes a healthy interest and I lose 40% on 1 third of it!
  4. witsend

    witsend War Hero Book Reviewer

    Lucky you, I pay 40% on all of it.
  5. That'll teach you to go off shore! Now us Public Sector NHS workers ............................... :)
  6. Lucky bstrd, wish I was in the 40% tax bracket:D:D:D:D
  7. Seadog

    Seadog War Hero Moderator

    How is that Panther of yours?
  8. Seadog

    Seadog War Hero Moderator

    :eek::eek::eek::eek::rolleyes: and all that emoticonTourette's you've done recently makes me think 'Thingy' is posting via your account.
  9. No Thingy is alive and well in Tother place:)
  10. janner

    janner War Hero Book Reviewer

    I think you should invite him back, Wits misses him
  11. If you tell me when it was awarded, I will tell you what to multiply it by to bring it up to today's value.
  12. witsend

    witsend War Hero Book Reviewer

    I'm getting worried about you janner. You have obviously thought about sucking the boaby in your old age.
    • Like Like x 1
  13. witsend

    witsend War Hero Book Reviewer

    Yes Seadug, the RN pension combined with my pay puts me in the 40% tax bracket.

    Would you like me to expand further?
  14. Seadog

    Seadog War Hero Moderator

    No. I understand how it works and how to avoid tax on large pensions, legally. My panther comment was related to your 'black-catting' a poster who pays 40% on part of his pension. I'm only sorry I thought that was obvious.
  15. witsend

    witsend War Hero Book Reviewer

    ' I lose 40% on 1 third of it!'

    Since you know how it all works, how does that work?
  16. Seadog

    Seadog War Hero Moderator


    Pension £15k, pay £32k

    Income over £42k taxed at 40%.

    So £5k (1/3 of pension ) is taxed at 40%.

    For those paid >£42k, 100% of pension attracts 40%.

    Round numbers used for demo. Pension isn't liable for NI contributions.

    I have a handy web calculator which I'll link when I'm at at home.
  17. witsend

    witsend War Hero Book Reviewer

    Ahhhhhhh, I understand now what MG meant by 1/3.
  18. Seadog

    Seadog War Hero Moderator

    I'm glad, I thought I was being a cock.

    The tax app isn't clever enough to split incomes between pension ( no NI) and wages ( NI) but I use it to
    plan. Losing 40 % of income from any source is a bastard to be avoided at all legal costs. Work broad, foreign seagoing, stick anything in the 40% bracket in another pension.

    With all income from pensisons and investments so no NI, one can have a net income of nearly 3k per month without going into the 40% band.
    There is a website ( an HMG one) that calculates whether or not your up sticks move abroad takes you out of UK
    tax jurisdiction. I was surprised to see how much you could leave behind ( house ) how often you could come back and be non domiciled for tax. All the whining about fat cats is so much pish. The rules apply and can benefit all.

    I am not a financial advisor. Tax can go up, unlikely to go down, just saying.
    • Informative Informative x 1
  19. Seadog as an expat those allowances are getting smaller and smaller. At present I get a single mans tax allowance which is handy for the rental income from my property, however The Chancellor did mention in October that he is thinking of removing that allowance from expats.

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