Another pension question.

Discussion in 'Finance, Property, Law' started by old_bloke, May 10, 2013.

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  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.
     
  2. Tax code changed?
     
  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:
     
  5. Only way ahead is being self employed after HMF
     
  6. Bowmore_Assassin

    Bowmore_Assassin LE Moderator Book Reviewer

    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%.


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  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 ?


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  8. Brotherton Lad

    Brotherton Lad LE Reviewer

    https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/277790/Multiplier_Tables_2014__1_.xls

    Here's the multiplier table. Just find the date when you left.

    and some extra bumph:

    https://www.gov.uk/government/publications/armed-forces-and-reserve-forces-pension-schemes-guidance-booklets
     
  9. Thanks


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  10. X by 1.905 , Is that per annum ?


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  11. Brotherton Lad

    Brotherton Lad LE Reviewer

    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.


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  13. Brotherton Lad

    Brotherton Lad LE Reviewer

    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.)
     
  14. Happy Days thanks for your replies


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  15. Army v Navy here we come !!


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