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Thread: State Pension rant

  1. #31
    Join Date: Aug 2009

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    IME a lot of people don't get the choice of whether to spend or save, their focus is on making what they have last until next pay day. I think I was about 32 before I actually had couple of quid left over at the end of the month. Then I was put on a bonus system where you could get up to £500 a quarter (about a grand in today's money). Since I could just about live on the standard salary I was able to save the bonus up for a couple of years. Then I blew the lot on a flash holiday and went back to square one
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  2. #32
    Join Date: Feb 2008

    Location: Middlesex, UK

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    I'm Alex.

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    Quote Originally Posted by struth View Post
    Also if you get 2 pensions you can end up paying income tax on the total. My mother did. Ended up she wasn't that much better off and didn't qualify for other benefits


    Not sure I agree with that as it wasn't a huge pension
    Just my State pension puts me into a taxable situation, surely that can't be fair.
    Spendorman

  3. #33
    Join Date: Dec 2014

    Location: UK, inactive

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    Quote Originally Posted by spendorman View Post
    Just my State pension puts me into a taxable situation, surely that can't be fair.
    Something is definitely wrong there.

    The maximum State Pension is £125.95 p.w. = £6,549 p.a.

    The Tax Allowance for 2017/2018 is £11,850 p.a. which is way above the maximum SP anyone can get

    If you are paying tax on just a State Pension you really need to query it with the tax office.

  4. #34
    Join Date: Nov 2013

    Location: HAMPSTEAD

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    I'm brian.

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    Quote Originally Posted by mikmas View Post
    Something is definitely wrong there.

    The maximum State Pension is £125.95 p.w. = £6,549 p.a.

    The Tax Allowance for 2017/2018 is £11,850 p.a. which is way above the maximum SP anyone can get

    If you are paying tax on just a State Pension you really need to query it with the tax office.
    No, the max is around 160 but he should still be within the allowance.

  5. #35
    Join Date: Mar 2014

    Location: West Wales

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    I'm malcolm.

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    That's the basic max pension for men born before April 1951 and women before April 1953, for those younger there is the full new State Pension which is £164.35 per week max.
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  6. #36
    Join Date: Feb 2008

    Location: Middlesex, UK

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    I'm Alex.

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    Quote Originally Posted by mikmas View Post
    Something is definitely wrong there.

    The maximum State Pension is £125.95 p.w. = £6,549 p.a.

    The Tax Allowance for 2017/2018 is £11,850 p.a. which is way above the maximum SP anyone can get

    If you are paying tax on just a State Pension you really need to query it with the tax office.
    I did not contract out, so my State pensions includes so called second State pension, I get approx. £230 per week, so £11,960 per year.

    I was born in 1951, so get nearly all of the second state pension.
    Spendorman

  7. #37
    Join Date: Dec 2014

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    Quote Originally Posted by spendorman View Post
    I did not contract out, so my State pensions includes so called second pension, I get approx. £230 per week, so £11,960 per year.
    Ah - in that case it's perfectly fair as it's over the tax allowance, although the amount you will be due to pay will be negligible (only taxed for the £110 that's over the threshold)

  8. #38
    Join Date: Dec 2014

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    Quote Originally Posted by willbewill View Post
    That's the basic max pension for men born before April 1951 ....for those younger there is the full new State Pension which is £164.35 per week max.
    Godamn - born too soon !!!!
    Last edited by mikmas; 11-09-2018 at 19:36.

  9. #39
    Join Date: Jun 2014

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    I'm Steve.

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    I'd assumed from Alex's post that his state pension is in addition to some other income(s).

    So my understanding is that if total income exceeds personal allowance of £11,850 pa by say, £1,000, that excess will be taxed at a rate of 20%, which would mean a tax bill of £200 pa.

    If Alex is being taxed on his pension and that is his only income, perhaps HMRC don't have up to date information of his circumstances. If that is the case start rubbing your hands together Alex, a windfall will be heading your way! May not be enough for those fabulous Titan amps, but you never know
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  10. #40
    Join Date: Feb 2008

    Location: Middlesex, UK

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    I'm Alex.

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    Quote Originally Posted by mikmas View Post
    Ah - in that case it's perfectly fair as it's over the tax allowance, although the amount you will be due to pay will be negligible (only taxed for the £110 that's over the threshold)
    Yes, but I have a small company pension too, and all of that becomes taxable! Can't win, only two things in life that are certain, death and taxes!
    Spendorman

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