Another pension question.

#1
Just noticed that my pension has increased by 50 quid this month ?

Only 49 so any idea why ?

Not that I am complaining like just wondering why.
 
#3
It fluctuates due to Tax , any 55 yr old WO2's out there with 22 yrs service , what's your current take home after tax payment ?
 
#4
I've just had a letter from hmrc and they are going to tax my pension at 40%.

I'm gutted the robbing bastards.....:frustrated:
 

Bowmore_Assassin

MIA
Moderator
Book Reviewer
#6
I've just had a letter from hmrc and they are going to tax my pension at 40%.

I'm gutted the robbing bastards.....:frustrated:
Yep, if your pension + pay is over the 40% threshold welcome to HMRCs land of, 'we'll be having that off you chum.'

Having been there for some time after leaving the Army, I am now self-employed with an accountant and paying 20%.


Posted from the ARRSE Mobile app (iOS or Android)
 
#7
So do we know how much pensions are going up by when index linking. I know it's all tied into the RPI/CPI , but is it going to double as rumour control says ?


Posted from the ARRSE Mobile app (iOS or Android)
 
#8
#11
X by 1.905 , Is that per annum ?


Posted from the ARRSE Mobile app (iOS or Android)
I can't see 1.905 in the table, though there is a 1.0905 and a 1.995.

The table is updated each month. When you hit 55 on the 75 scheme your pension will have that uplift applied. The following year it will be increased by the new updated figure, so you will get a big lift at 55 and then small ones each year. Mine went up by almost 50% because I'd had 13 years' worth of inflation to catch up on.

If you think yours is going to double you must have left in about 1991.
 
#12
Hi,

You know what rumour control is like . I left in 2011 (June) so rumours are not correct. I've got 7 years to wait, not really bothered about it just a little speculation. Plenty of heating systems to fit and boilers to repair , which unfortunately makes a laughing stock of a Warrant Officers salary. Never mind I enjoyed my time that's for sure.


Posted from the ARRSE Mobile app (iOS or Android)
 
#13
Well, you have to guess how inflation is going to run over the next 7 years. Your 3 years out is currently worth about +10%.

As a guide, go back 10 years and you'll see the uplift for a decade out is in the order of 35%, but there's no saying how future inflation is going to pan out. Just look at the updated table each year you have a birthday cake.

(As an aside, the system forget when I reached 55, despite having had records of my age since 1975, and I was obliged to remind them.)
 
#16
I had a letter saying my pension was to be taxed, phoned up pension people and told HMRC made a mistake and to ignore it, in the same envelope I am told my tax code has changed to K262 not a happy chap
 

Similar threads

New Posts

Latest Threads

Top