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Old 9th Oct 2019, 21:58
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Lima Juliet
 
Join Date: May 2000
Location: UK
Posts: 4,334
Received 80 Likes on 32 Posts
Originally Posted by Ballistic Profile
How did this happen?
I’ve just received a letter through the door telling me my ‘Pension Input Amount’ (the first time I have been aware of these three words being used together) is nearly £90000, that the Annual Allowance limit is £40000 and I’m liable for tax on the difference. I’ve had a steady (but far from meteoric) rise through the ranks to OF5 - it’s not as if I’ve been pulling in some tasty six figure bonuses like some in the civilian world.
Is this the same pension trap that is preventing doctors from doing any overtime?
Any advice from the community would be gratefully accepted. Is is best to ‘cough’ for the whole amount in-year or should I accept a permanent reduction to my pension (through this ‘Service Pays’ scheme).
Am I about to face (effectively) big salary reductions for the rest of my career?
Should I press that big PVR button - it might make economic sense?
Crikey matey, have you been living in a cave? OF-5s have had this for the past 4-5 years and even some OF-4s with odd career profiles and AFPS75/15 pensions too.

Anyway, here is a page of step-by-step info on what to do: https://www.gov.uk/government/public...ax-year-201718

Hopefully that helps?

Best, LJ
Lima Juliet is offline