Pensions

Discussion in 'REME' started by The_Mighty, Aug 23, 2007.

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  1. A quick one...how much are you taxed on your immediate pension...I believe it is linked to your income? I am aware of income tax figures...just wondered if anyone out there could give me some examples...ie are now in civvy street.

    I tried asking my friends in AGC but they couldn't give me any answers :roll:
     
  2. If you are working and have used your taxable allowance then your pension will be taxed at 20% unless of course you are clever enough to earn around 40k pa then you will be taxed at 40%, I can provide the exact figures if you wish, but you get my drift.
     
  3. elovabloke

    elovabloke LE Moderator

    Edited to change it to - What he said
     
  4. Thank you very much folks, just the info I was after.....now I can do some sums!
     
  5. A word of advice if you wish to take it!

    If you are unsure about anything to do with Tax, speak to an accountant or tax speciallist or even the Inland Revenue (they are actually very helpful) especially if this is regarding to commuting your pension. After years of filling out Tax returns i have found the subject can be very complex and apart from death, the only other certainty in life!