marsh man Posted August 2, 2023 Report Share Posted August 2, 2023 2 hours ago, Bobba said: Is the reduction possibly due to the 10% increase in state pension? The revenue have no means of taxing the state pension so, if you have a company pension then the way it works is that they reduce your personal tax allowance by your state pension and the net result forms your tax code which is then applied by your private pension provider to your pension. So, your state pension went up then your tax code went down. Which means you pay more tax and your private pension payment goes down. Just a thought Evening Bobba ..... Many THANKS for the above explanation , certainly made sence , it isn't going to make a massive difference to my monthly income so I will let sleeping dogs lie Quote Link to comment Share on other sites More sharing options...
Bigbob Posted August 2, 2023 Report Share Posted August 2, 2023 5 hours ago, Bobba said: Is the reduction possibly due to the 10% increase in state pension? The revenue have no means of taxing the state pension so, if you have a company pension then the way it works is that they reduce your personal tax allowance by your state pension and the net result forms your tax code which is then applied by your private pension provider to your pension. So, your state pension went up then your tax code went down. Which means you pay more tax and your private pension payment goes down. Just a thought I don't get state pension i am only 62 though i feel older i have a 20 odd year MOD pension and a 25 year Lothian and borders pension , but they told me i had underpaid my tax then i got a 10% rise in Lothian and borders so i think i will get another letter next year and when i get my old age pension i doubt i will see much of that , As said when have a private pension you work all your life paying tax then they even want what little pension you have , My mate said he is selling the house blowing what money he gets on a few good years then when he dies they wont leave him in the street Quote Link to comment Share on other sites More sharing options...
la bala Posted August 3, 2023 Author Report Share Posted August 3, 2023 20 hours ago, amateur said: I realise that it is no comfort, but the argument is that you received tax relief on private pension contributions, so you pay tax on the pension and conversely whilst you are working and paying tax and NI, you are clocking up entitlement to a tax-free state pension. Well i actually found something to purchase for 25 pence, I needed a 6mm grub screw. Quote Link to comment Share on other sites More sharing options...
amateur Posted August 3, 2023 Report Share Posted August 3, 2023 2 hours ago, la bala said: Well i actually found something to purchase for 25 pence, I needed a 6mm grub screw. Was it titanium at that price? Quote Link to comment Share on other sites More sharing options...
old man Posted August 4, 2023 Report Share Posted August 4, 2023 On 02/08/2023 at 17:45, ditchman said: NNnnaaahhhh.......................the Norfolk Groat.....is the currency around here.....2 turnips = 1 swede.......10 swedes=10 lb of maris piper.......100lb of maris piper= 1 Norfolk Groat the gold standard my man 👍 proper job then? Quote Link to comment Share on other sites More sharing options...
Diver One Posted August 5, 2023 Report Share Posted August 5, 2023 On 31/07/2023 at 19:46, la bala said: I am just trying to think of something special to buy myself.😂. Save up for 18 months and buy A cartridge Quote Link to comment Share on other sites More sharing options...
.357shooter Posted August 5, 2023 Report Share Posted August 5, 2023 bit like my mum getting an extra 15p and then having to pay more tax than before so actually worse off now. Quote Link to comment Share on other sites More sharing options...
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