pensions

[stevewool]

rang the gov pension the other day , very helpfull too she was, i was asking about the 30 years you have to put in, and i was worried about this serps thing, anyway she said as long as you have been paying nat insurance since starting work you will be fine, but you cannot draw it till i am 66, i could finnish work tomorrow but still cannot claim it, plus i thought it was £102+ but its £107+ a week that is, just thought i would mention it:xxgrinning--00xx3:

[mickcant]

I paid into it for 49 years done no better for it though:NoNo:
Mick.:)

[lastlid]

Steve. Nice work. Do you know if we get that regardless of any company pension scheme? If you see what I mean?

[stevewool]

yes you get the full amount no matter what you get in a private pension,but just be careful of tax

[stevewool]

I paid into it for 49 years done no better for it though:NoNo:
Mick.:)

thats the joke mick, we all pay in more then the 30 years so where does that go, most prob to pay fo those that dont pay nothing,never worked and so on:NoNo:

[lastlid]

yes you get the full amount no matter what you get in a private pension,but just be careful of tax

Oh. Is it potentially taxable?

[stevewool]

i am only going on what my bro says on tax , hes retired took early one, rolls royce pension and hospital pension, and so on, he pays tax, i dont know weather its on his savings or pensions, i will ask him when i see him next,

[lastlid]

:xxgrinning--00xx3: Cheers Steve.

[stevewool]

i am not sure about pensions , if its not in my hand i dont really have any ideas, but as time is getting on for many w have to start planning for what we all want in the next part of our adventure, if i get to the age of 66 then its a nice package to receive,£107 orv there abouts, my private pension well the ex had half of that so i have no idea whats in there, i have a unit trust also thats doing quite well, they send statements out to me and so far so good not thousands but it keeps going up, they told me can start collecting from that now if i wanted, the figure they told me was around 1200 a year, not much but if i was in the phils it would help,

[Terpe]

On the question of tax.
All UK sourced income is taxable (with the exception of some benefits)

If your income is solely from pension(s) then the amount above your personal allowance will be taxable.

I did a post on double taxation and the Philippines one time. Anyone planning to retire out there should read up on that. You can elect to have your UK sourced pension taxed within the Phils instead of UK. BTW pensions tax rate in Phils is 0% so well worth understanding.

Someone once said 'In this world nothing can be said to be certain, except death and taxes' :D

There's never a convenient time for either of them :D

[grahamw48]

Even 'dole' goes towards taxable income now.

Obviously nobody actually pays tax until their tax free allowance for that year has been exceeded....and that's just been increased to what...9 grand ? :Erm:

[tanga]

I helped an expat friend here to secure a declaration from BIR to submit to the Pension office in UK in regard to his occupational pension. He now receives his gross pension with no tax deduction under the dual taxation agreement. The requirement was that he had no other income derived from within Philippines and was a permanent resident.
It took three trips to the main BIR office to submit the documentation and a few dozen xerox but the form was eventually signed by the Commissioner and sent to UK(Nottingham,I think) The refund he received was backdated to the date that his permanent residency was granted.
The extra he receives took the sting out of the plunging exchange rates and rampant inflation
I wonder if an application for a cold weather allowance would have merit

[Terpe]

Even 'dole' goes towards taxable income now.

Obviously nobody actually pays tax until their tax free allowance for that year has been exceeded....and that's just been increased to what...9 grand ? :Erm:

The tax free personal allowance for the 2012-2013 tax year will be £8,105

The £9,205 tax free allowance will come into force for the 2013-2014 tax year, so another year to wait yet. Mind you that was only a budget announcement so I guess it could change depending...

[stevewool]

its hard if you are on the dole, been there once felt like end of the world, i would hate to even think i might be on there, who can live on that amount if you have a mortgage:NoNo: