Over 50's club

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alpenrose Nov 2019 5:42pm, 1 Nov 2019 41,661 posts	0 alpenrose I'm of the age who had the goal posts constantly being moved. I held off taking my pension until I needed a lump sum out 10 years ago. I'm looking forward to having a nice pay rise when I get to 66 and the State pension finally kicks in although I may have to start paying tax then too.
Northern Exile Nov 2019 6:02pm, 1 Nov 2019 5,540 posts	0 Northern Exile My armed forces pension is taxed to hell. When I retire it will become my primary income and my company pension will top it up, but will also be taxed. There's something intrinsically wrong with pensions being taxed, I know all income is taxable but I've long held the view that pensions should attract some kind of concession.
Angus Clydesdale Nov 2019 6:07pm, 1 Nov 2019 15,744 posts	0 Angus Clydesdale Agreed.
Rosehip Nov 2019 6:12pm, 1 Nov 2019 14,041 posts	0 Rosehip Me too - part of the reason for taking some of my pension now (it's a COMPS fund) is that the lump sum from it isn't taxable and I can take sufficient income to just the tax limit - which is what I was taking home from school (the rest of my meagre salary went into the LA pension scheme rather than pay tax on it ). My final salary real pension from GSK I can take (unreduced ) at 60, that will be taxable, so there was no point saving this bit and it being taxed too.
ChrisHB Nov 2019 6:19pm, 1 Nov 2019 18,465 posts	0 ChrisHB Pension contributions are not taxed. Possibly your pension is taxed at the basic rate or zero when you would have paid higher or basic rate on ypur income.
Northern Exile Nov 2019 6:30pm, 1 Nov 2019 5,541 posts	0 Northern Exile I wasn't suggesting otherwise, in fact I didn't mention contributions at all.
Rosehip Nov 2019 6:32pm, 1 Nov 2019 14,047 posts	0 Rosehip That's true Chris - I pais AVCs to avoid higher rate tax for as long as I could, I guess it's only fair I pay tax on the proceeds
jda Nov 2019 6:34pm, 1 Nov 2019 5,782 posts	0 jda I bet 90% of pensioners would be absolutely over the moon if they were able to say with a straight face that their pension was taxed to hell.
Northern Exile Nov 2019 6:39pm, 1 Nov 2019 5,542 posts	0 Northern Exile You're more benevolent than me Ros 🙂
Northern Exile Nov 2019 6:40pm, 1 Nov 2019 5,543 posts	0 Northern Exile jda - that's because I'm still in full-time employment but also in receipt of a military pension.