Pensions et al
Whilst your personal tax allowance increases at age 65, if your net annual income exceeds £24000 you lose £1 of tax allowance for every £2 of income until your Tax allowance reduces to the standard £7470. My RAF pension + state pension + income from part time work mean that my tax allowance will remain at the basic £7470!! So much for working for a pension and paying tax and NI for 50 years! If you have a net income of more than £100K - lucky you, the £1 for every 2 rule applies until your tax allowance reaches ZERO!! The £100K rule applies regardless of age.
I am due to receive my state pension next month and enquired of Paymaster what effect this would have on my 2 RAF pensions (I did a stint of FTRS after the age of 55) because of the Minimum state pension rules. To my surprise they had already done the calculations and the result will be a gross reduction of approx £110 pa. For comparison purposes I joined in 1966 and was just short of my 55 point when I transferred to FTRS for a further 5 years service leaving in 2005.
Hope these current facts help someone along the way