Nice People Thread No. 14, all Nice and Proper

SingleSue

Josh's new jeans arrived yesterday, 2 sizes smaller and he still has extra room in them!

GDB2222

I can't quote, but I suspect that council tax benefit might be available if there were less in ISAs and more in pension funds ....?

michaels

PasturesNew wrote: »

I don't understand pensions, I need access to that money "in case". I'd be scared of locking it away for the next 12 years, unable to get it (to buy, say, a conservatory, or have something big sorted out at the house).

New rules mean it is no longer 'locked away' (once you reach 55) but can be withdrawn any time but after the first 25% this is subject to income tax. Against that though you can get 20% 'tax relief' when you put mony in subject to the limit of 2880pa for unearned income (and some other limits for earned income that are not goig to apply to you).

Plus then as GDB says if it is saved in a pension rather than an ISA it doesn't count as capital for benefits calculation purposes so say you could go from 16k of isa savings to 5k savings plus 11k pension you would get full council tax benefit.

LydiaJ

ivyleaf wrote: »

I wonder if one of the team has gone through the posts and fixed things so that those who got a headache, or otherwise found it difficult to read, have stayed with the "old look"?

I very much doubt the team would have time to do that. It's just that people who have opted not to see a previous "new and improved version" have been left with their settings on "keep the old version" so they don't see subsequent new versions either.

vivatifosi wrote: »

Am I allowed to send fir a virtual hug? What you said about the support staff doesn't surprise me at all. Your husband is a class act.

+1

michaels wrote: »

I have asked a question on the pensions board and the first suggestion is with virgin - this sounds good to me as they have branches so presumably you could just go in and someone could explain it all to you but it looks like every year (once you turn 55) you could pay in 2880, the govt would top this up to 3600 then you could draw it all out (less 1% charge), 75% of the 3600 would be taxable but obviously there is a 10,600 personal allowance which I think you don't use all of at the moment?

And then you could repeat this every fiancial year so potentially 'earning' 720 - 36 (1% charge) each year for doing very little and certainly not claiming any benefits or anything like that (I think you already do a tax return?). That would pay for several days of little men calling round to have a look at your plumbing

I don't think the government would top it up for PN. The topping up from £2880 to £3600 is tax relief at basic rate. If PN isn't paying basic rate tax (because her income is below the personal allowance) then this wouldn't apply.

michaels

LydiaJ wrote: »

I don't think the government would top it up for PN. The topping up from £2880 to £3600 is tax relief at basic rate. If PN isn't paying basic rate tax (because her income is below the personal allowance) then this wouldn't apply.

I don't think is this correct, this 2880 topped up to 3600 applies to everyone regardless of earned income, a quick google will confirm this, as soon as you do earn though this allowance disappears 1:1 but you can never get less than this.

Edit: See for example http://www.nidirect.gov.uk/tax-relief-on-pension-contributions

michaels

PasturesNew wrote: »

Confirm = tax threshold nowhere near reached at present.

But luckily for whatever reason you get the 2880/3600 regardless of income which equals for PN

purch

michaels wrote: »

2880 topped up to 3600 applies to everyone regardless of earned income,

Yes, another example of our rather bizarre tax system.

Tax relief, even though you haven't paid tax :eek:

LydiaJ

Thanks michaels. I didn't know that (obviously).

ivyleaf

LydiaJ wrote: »

I very much doubt the team would have time to do that. It's just that people who have opted not to see a previous "new and improved version" have been left with their settings on "keep the old version" so they don't see subsequent new versions either.



I know what you mean, but I wasn't actually able to opt to go back to the old version on the previous occasion because the thing I was meant to click on simply didn't appear in my Settings at all. Oh well, whatever the reason, I'm glad I've still got the version I like

ETA Wishing future happiness in his career to fir, who is evidently a lovely, lovely man. :beer:

Sue Lovely news re the jeans I bet he's pleased!

Percy1983

20 week scan this morning was great, mini me did a first pump, everything which should be there is present and to finish...

Its a Boy!, mini Percy incoming. :beer: