Website: https://www.pensionsadvisoryservice.org.uk

Rank: 47 / 999

10 selected articles

How is my State Pension taxed? - Pensions Advisory Service

Any State Pension you receive is liable to income tax but it's paid to you gross (without any tax deducted).

State Pensions and income tax

State Pensions that you receive are treated as earned income for income tax purposes, although you are no longer liable to pay any further National Insurance contributions once you have reached State Pension age .

The amount of income tax that you pay depends...

Read more

Date: 2018-04-05 21:57:57

Personal allowances and income tax rates

Personal allowances and income tax rates

This page provides an explanation of the main tax allowances and tax rates.

Tax is complicated and we can't provide a comprehensive guide on tax, but below is an explanation of all the main tax allowances and rates that you will need to know about.

However, we aren't tax experts so if you have a specific question regarding tax, we recommend you seek the...

Read more

Date: 2018-04-06 00:04:01

Related topics : income tax allowance / income tax bands 2017 / married tax allowance uk / uk income tax bands / free tax allowance uk

Pension credit - The Pensions Advisory Service

You do not pay tax on pension credit.

This provides a minimum level of weekly income for people over a certain qualifying age. The qualifying age is currently related to the State Pension age .

Getting an estimate of pension credit

You can use the Pension Service calculator on their...

Read more

Date: 2018-04-05 21:13:37

Related topics : pension tax credit calculator / tax credits pensioners do qualify / tax credits pension / tax pension calculator uk / tax credits uk gov

Pensions and tax. Carry Forward - Pensions Advisory Service

Making use of unused annual allowances

Carry forward allows you to make use of any annual allowance that you may not have used during the three previous tax years, provided that you were a member of a registered pension scheme. You can use carry forward  if you're an active member currently building up pension benefits; a deferred member with paid-up pension benefits; a pensioner member, in...

Read more

Date: 2018-04-06 01:16:00

Related topics : tax relief pension calculator higher rate / tax credits personal pension contributions / tax credits pension contributions / tax credit pension income amount / income tax rate calculator 2015

Tax relief and contributions - Pensions Advisory Service

Pensions are a tax-efficient form of saving. You receive tax relief on contributions that you pay into your pension.

Tax-efficient saving

When paying into your pension, you receive tax relief on any contributions that you make. This is at the highest rate of income tax that you pay, provided that the total gross pension contributions paid into your pension scheme, by you, your employer and anyone...

Read more

Date: 2018-04-05 21:51:11

Related topics : tax return claim dependent / tax return claiming 1 / tax return claim / income tax return form / income tax return due

Defined Benefit - final salary schemes. The Pensions ...

Workplace Pension schemes

Defined benefit: Final salary schemes

Final salary schemes are a type of defined benefit pension scheme that are offered by employers. The benefits you receive at retirement are based on your earnings and your length of membership in the scheme.

How final salary schemes work

Many final salary schemes have either been closed to new members or to all members over recent...

Read more

Date: 2018-04-05 21:57:50

Related topics : tax calculator pension income / free income tax returns / free income tax return calculator / income tax calculator free / tax return free

Tax and the cash lump sum - The Pensions Advisory Service

When you draw benefits from your pension scheme, you can normally receive some of the benefit as a tax-free cash lump sum.

Pension Commencement Lump Sum (PCLS)

When you can start drawing benefits from your pension scheme, you may be able to take part or all of your pension benefits as a tax-free cash lump sum (called the pension commencement lump sum (PCLS)). If you're a member of a defined...

Read more

Date: 2018-04-05 21:41:07

Related topics : income tax allowance / free tax allowance 2015 / free tax allowance

Taking a small pension as a cash lump sum

The right choice for me?

Taking a small pension as a cash lump sum

You may be able to take the whole of your pension as cash, whether your pension is defined benefit or defined contribution. Taking cash in this way is called taking a 'trivial commutation' or 'trivial lump sum'.

In some circumstances you may be able to take the whole of your pension as cash, whether your pension is defined benefit...

Read more

Date: 2018-04-05 21:41:22

Related topics : income tax e payment / income tax allowance

Voluntary NI contributions - Pensions Advisory Service

You cannot always pay Class 3 contributions (or Class 2) for a tax-year; for example, if:

you're a married woman (or a widow) and paid reduced rate contributions for that year

you're entitled to NI credits during the full tax year.

 

Deciding whether to pay voluntary NICs

It isn't always right for you to pay voluntary NICs. It depends on several things, for example, how much you've paid in...

Read more

Date: 2018-04-05 21:34:44

Related topics : tax credits personal pension contributions / tax credits pension contributions

Do I pay NI on my pension? - The Pensions Advisory Service

National Insurance contributions are levied on income from employment or self-employment

Pensions and National Insurance

You don't pay National Insurance contributions (NICs) on any payments that you receive from a pension scheme including an annuity , but you may be liable to income tax on these payments.

If you're aged less than your State Pension age , you are liable to pay National Insurance contributions on your income from employment or self-employment (provided that you earn above the minimum amount on which NICs...

Read more

Date: 2018-04-05 21:34:42

Related topics : income tax e payment details / income tax e payment