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Forum: Military Aviation

12th Mar 2020, 14:25

Replies: 83

Pension Horror - Annual Allowance

Views: 43,971

Posted By Easy Street

SP, 1) The Budget announcement definitely...

SP,

1) The Budget announcement definitely doesn't help the majority of HM Forces personnel affected by the annual allowance. As your second post correctly identifies, the change is only to the...

Forum: Military Aviation

10th Feb 2020, 19:00

Replies: 83

Pension Horror - Annual Allowance

Views: 43,971

Posted By Easy Street

Thanks for the correction DS (and I have taken...

Thanks for the correction DS (and I have taken the liberty of correcting a typo in your quote!). Poor choice of words by me.

Having seen this...

Forum: Military Aviation

10th Feb 2020, 14:29

Replies: 83

Pension Horror - Annual Allowance

Views: 43,971

Posted By Easy Street

My first thought is that 05 and 15 both work on...

My first thought is that 05 and 15 both work on the principle that your pension is proportional to the average pensionable salary received across your career. A promotion will not make an immediate...

Forum: Military Aviation

9th Feb 2020, 17:43

Replies: 83

Pension Horror - Annual Allowance

Views: 43,971

Posted By Easy Street

My understanding of the current situation is that...

My understanding of the current situation is that we receive relief at 40% for notional pension inputs of up to £40k pa. Logic suggests this is how the Treasury views it because if you exceed the...

Forum: Military Aviation

9th Feb 2020, 09:07

Replies: 83

Pension Horror - Annual Allowance

Views: 43,971

Posted By Easy Street

If you are already drawing your pension then it...

If you are already drawing your pension then it won’t. If you are still serving it would double the in-year tax charge levied on you every time a pay increment or promotion added more than £40k to...

Forum: Military Aviation

9th Feb 2020, 07:08

Replies: 83

Pension Horror - Annual Allowance

Views: 43,971

Posted By Easy Street

Look out! At least the Treasury can’t feign...

Look out! At least the Treasury can’t feign ignorance of the impact of such a change after the publicity around the effect of pension taxes on ‘our NHS’...Sajid Javid contemplates raiding high...

Forum: Military Aviation

18th Nov 2019, 21:32

Replies: 83

Pension Horror - Annual Allowance

Views: 43,971

Posted By Easy Street

That would be your choice, as there is an...

That would be your choice, as there is an established Scheme Pays option which takes the tax (plus interest) out of your pension ‘pot’. It doesn’t (yet...?) get reimbursed at retirement as this...

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