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Pension and CTC and WTC ?
Mike1966
Posts: 48 Forumite
Hi all.
I was wondering if any of you fine people know the rules as regards old company pensions and CTC and WTC.
I had a company pension i paid in to for years until i was made redundant. I also topped it up with an AVC. When i was made redundant i forgot about them and have just had letters through the post. My company pension fund is with the pension gaurantee people the gov set up. ( My old firm closed down) Its roughly £6000.
The AVC went to the PRU and its sitting at £2500.
Now, i am under the impression they cant be touched until retirement age.
My wife also has frozen a pension a few years ago as she started to work for the NHS and took a new pension with them.
Her old pension has £7000.
So my question is. Do any of these effect or WTC or CTC?
Do they count as savings/investments?
I am worried that somewhere down the line we will be accused of having savings even though i dont think we could get the money before retirement ven if we wanted.
Sorry for the long winded post, but it has my mind melted thinking about the thing.
I was wondering if any of you fine people know the rules as regards old company pensions and CTC and WTC.
I had a company pension i paid in to for years until i was made redundant. I also topped it up with an AVC. When i was made redundant i forgot about them and have just had letters through the post. My company pension fund is with the pension gaurantee people the gov set up. ( My old firm closed down) Its roughly £6000.
The AVC went to the PRU and its sitting at £2500.
Now, i am under the impression they cant be touched until retirement age.
My wife also has frozen a pension a few years ago as she started to work for the NHS and took a new pension with them.
Her old pension has £7000.
So my question is. Do any of these effect or WTC or CTC?
Do they count as savings/investments?
I am worried that somewhere down the line we will be accused of having savings even though i dont think we could get the money before retirement ven if we wanted.
Sorry for the long winded post, but it has my mind melted thinking about the thing.
0
Comments
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You can take a company pension when you are 55.
You dont have to,but if you do yes it counts as an income and would reduce CTC and WTC. You cannot be made to take it if you dont want to?0 -
You can take a company pension when you are 55.
You dont have to,but if you do yes it counts as an income and would reduce CTC and WTC. You cannot be made to take it if you dont want to?
Thanks Annie. I wont be taking either of them early as they will not pay out very much.
I was more worried in case the Gov count them now as savings like money in the bank.0 -
No its not savings..Only when you take them,its then classed as an income.Thanks Annie. I wont be taking either of them early as they will not pay out very much.
I was more worried in case the Gov count them now as savings like money in the bank.
My husband took 2 of his pensions,and thats classed as an income(Except for £300 of it)...You dont lose £ for £ just a percentage.
If you can afford not to take it then all the better.0 -
Thanks again Annie. Your a star :beer:0
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