AFPS, not EDP, and MPAA
Thread Starter
AFPS, not EDP, and MPAA
Considering an early double dip, now I’ve seen others do it and back up their calcs.
Has anyone else done this?
My question is, an EDP is not a pension obviously, but when you double dip one payment is a pension; does this mean MPAA is now a player with a private pension?
I’m pretty sure this is a unique situation, but my present employer lets me Salary Sacrifice, and whilst I wait for an FPS answer I thought it would be worth an ask.
Has anyone else done this?
My question is, an EDP is not a pension obviously, but when you double dip one payment is a pension; does this mean MPAA is now a player with a private pension?
I’m pretty sure this is a unique situation, but my present employer lets me Salary Sacrifice, and whilst I wait for an FPS answer I thought it would be worth an ask.
Unsurprisingly Atlas… it depends upon the nature of your private pension. Probably one for your IFA rather than FPS. IIRC, MPAA only applies to contributions that you make to defined contribution pensions, it does not affect defined benefit pension schemes.
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Thread Starter
GreenXCode,
thank you for that, there’s plenty to read when you add DB and DC to Google! That’s really good information, so thanks a lot! I never knew the differentiation between the two.
As an aside, the Tories have finished with the LTA but Ms Reeves has said it’s a priority tax raiser when (or if) they get in. I don’t doubt what she says. A BCE on a much smaller pension makes sense if a private pension is building.
A military pension at 20x plus a lump sum adds up quite quickly.
thank you for that, there’s plenty to read when you add DB and DC to Google! That’s really good information, so thanks a lot! I never knew the differentiation between the two.
As an aside, the Tories have finished with the LTA but Ms Reeves has said it’s a priority tax raiser when (or if) they get in. I don’t doubt what she says. A BCE on a much smaller pension makes sense if a private pension is building.
A military pension at 20x plus a lump sum adds up quite quickly.
And they will also need to reintroduce IP14/IP16 as IPxx if they wish to introduce/and then lower the LTA. My suspicion is the public sector pay disputes will not be resolved before the next election. There was another protection that eludes me for now but you have to stop contributing first. It’s all a bit of a cluster really but that’s what you get when graduates straight out of university go to HMT, not conducive to any form of saving at all actually. I’ll get my coat :-(
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