Originally Posted by
Lima Juliet
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
Some OF3s plus some SNCOs & NCA have been pulled into this debacle. The FPS have moved from their old position of helping the individual manage the changes to actively campaigning against it.
I am stunned that anyone above OF4 has not been aware of it or even stung by it already.
Leaving early made the most sense for me. Being taxed on an imaginary future gain figure that your government employer has put into an imaginary pot in imaginary years and being treated like someone trying to reduce tax liability by injecting cash into a pension is just plain bonkers. Applying it to military personnel that may be tied to a RoS, so may not be able to leave and are clearly unable to adjust their virtual non-contributory pension is madness. But here we are, a few years into this creative tax burden and no change of direction from the Treasury. Indeed, the threshold keeps being lowered year-on-year to bring more people into the net.