Pension Abatement in AFPS15
Join Date: Jul 2007
Location: @exRAF_Al
Posts: 3,297
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Whatever Boris is on, I'll have a pint of it.
London mayor criticised for proposed giant pension fund merger | News | Local Government Chronicle
London mayor criticised for proposed giant pension fund merger | News | Local Government Chronicle
Join Date: Mar 2009
Location: 75' from the runway edge and 150' from the threshold
Age: 74
Posts: 247
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I left in 1991 after my 22 as a TG9 AATC Cpl. (And yes, as a runway controller at several different airfields, I've stopped a few of the miscreants on this site making an ar$e of themselves, no names, no pack drill!! but some good stories!)
I received my full pension after commutation repayment at age 55 as normal, and built a pensioned career with a large media corporation over 20 years.
Now having survived to age 65 and in receipt of my SP, my NI and GMP abatement has reduced my RAF pension by £52 p.a. On being recoded by HMRC because of my SP, the increased tax bill has reduced my RAF pension by £91 p.m. and my Company pension by £12 p.m. This, as the beanies will tell you comes to £103 p.m.
If my pensions (taking into account my basic allowance) were left alone and my SP was taxed at source at 20% then that would come to £90 p.m. So, unless I have made some wrong assumption, HMRC is wrongly taking some £13 p.m. from me. So, £13 x 13 (SP paid every 28 days) + £52 = £221 Geordie Osborne's nicking off me every year.
I received my full pension after commutation repayment at age 55 as normal, and built a pensioned career with a large media corporation over 20 years.
Now having survived to age 65 and in receipt of my SP, my NI and GMP abatement has reduced my RAF pension by £52 p.a. On being recoded by HMRC because of my SP, the increased tax bill has reduced my RAF pension by £91 p.m. and my Company pension by £12 p.m. This, as the beanies will tell you comes to £103 p.m.
If my pensions (taking into account my basic allowance) were left alone and my SP was taxed at source at 20% then that would come to £90 p.m. So, unless I have made some wrong assumption, HMRC is wrongly taking some £13 p.m. from me. So, £13 x 13 (SP paid every 28 days) + £52 = £221 Geordie Osborne's nicking off me every year.
Last edited by ACW342; 15th Oct 2014 at 21:47. Reason: Wrong word used
