Setting up a pension in your 50's...

adindas

xylophone wrote: »

The company contributes to the pension - opt out and you are effectively accepting a lower salary.

Have you both obtained New State Pension Statements?

https://www.gov.uk/government/publications/application-for-a-state-pension-statement

Could we check it online rather than request a paper copy, any link ??

Paul_Herring

adindas wrote: »

Could we check it online rather than request a paper copy, any link ??

https://www.gov.uk/personal-tax-account to sign in.

https://www.tax.service.gov.uk/checkmystatepension/account is the page I think you're after.

adindas

p00hsticks wrote: »

C
State Pension isn't means tested - any provate pension is on top.

Would you please elaborate more about this ??
In the situation like this, say someone has 35yr NI contribution under the new state pension scheme and therefore qualify for full state pension of £155.65 per week.

In addtion he also has company pension scheme pot say accumulating to £11,000 a year in his pesion age stated n his annual pension statement. I understand equivalent to £210.96 per week.

In retirement age. Will he get £155.65 ( from state pension) + £210.96 per week (from company pension) or his fullstate pension of £155.65 will be deducted because of this company pension ??

I understand one year = 52.14 weeks so annual pension from income will be 52.14 x (155.65 + 210.96) = £19114. 98.
Free tax allowance (currently is £11,000 ?). Will he will be paying tax of 20% for the amount above free tax allowance e.g £8,114.98 ??

Thanks

AnotherJoe

Adindas the state pension is unaffected by any other income. It's paid irrespective of whether you get five pounds or five thousand pounds a month private pension income. Or income from a job, or any other source.

It is taxable though so all income is added together and then the tax calculated so yes in your example you'd pay tax of 20% on the £8,114.

atush

adindas wrote: »

Would you please elaborate more about this ??
In the situation like this, say someone has 35yr NI contribution under the new state pension scheme and therefore qualify for full state pension of £155.65 per week.

In addtion he also has company pension scheme pot say accumulating to £11,000 a year in his pesion age stated n his annual pension statement. I understand equivalent to £210.96 per week.

In retirement age. Will he get £155.65 ( from state pension) + £210.96 per week (from company pension) or his fullstate pension of £155.65 will be deducted because of this company pension ??

I understand one year = 52.14 weeks so annual pension from income will be 52.14 x (155.65 + 210.96) = £19114. 98.
Free tax allowance (currently is £11,000 ?). Will he will be paying tax of 20% for the amount above free tax allowance e.g £8,114.98 ??

Thanks

It is option no1 £155.65 ( from state pension) + £210.96 per week (from company pension)

If it were option no2, most people would never take out a pension.