PPRuNe Forums - View Single Post - So you thought your pension was safe!
View Single Post
Old 6th Sep 2009, 19:12
  #54 (permalink)  
Al R
 
Join Date: Jul 2007
Location: @exRAF_Al
Posts: 3,297
Likes: 0
Received 0 Likes on 0 Posts
Harry,

I hope you retired as close to April (well, after it!) as possible and I'm not sure of your age, but don't forget (?), pension legislation changes next April. Then, you'll have to be over 55 in order to draw retirement benefits. If you aren't yet 55 but are over 50, then it is is possible for you to continue making private pension contributions, get a further 20 or 40% uplift on all your contributions (depending on your marginal rate - normal or higher rate tax payer) and if you like, then take up to 25% tax free cash next April and draw income from the rest or keep it invested. As long as you're earning what you're chucking in and can afford it, and if it suits you, then its a (potentially) good tax efficient use of military pension payments by recycling additional taxed income/cash.
Al R is offline