Pension and new employment

molben

I'm in a great position in that i retired with a lump sum this year and draw an annual pension of £60K. I have been offered a new position at £50k a year but can't find any information on what tax I will pay. I don't have any annual allowance. Any advice?

McKneff

If you have a lump sum and a pension that size why on earth do you want to work.
In a number of years, hopefully a lot you will no longer be on this earh, enjoy the time you have got here.
You will be dead forever....

Unless this isHalf term playground fun

molben

Thanks for the response. I still feel i have a lot to offer and enjoy a new challenge so 5 more years would be great but want to ensure it's financially worthwhile too.

nicechap

I think McKeff is right.


£60k pension & £50k new salary but too tight to pay an accountant or too lazy to look at HMRC website or gooogle but enough time to register and join MSE.


This is no different to having 2 jobs, they will have one tax allowance which can be applied to either pension or new job (or split between both if they speak to HMRC) they then pay tax on rest of their income (pension, wage, interest etc) according to level of income.

TBagpuss

Find a tax calculator and work it out.
There's one here ttps://www.uktaxcalculators.co.uk

You may also be able to chose to defer the pension and leave it to build up, and of course you could also chose to continue to pay into a pension if you wanted, which changes the position.

Manxman_in_exile

No annual allowance?

Malthusian

Annual pension of £60k, which suggests a previous career earning at least £120k a year. Now offered a job on £50k a year. But doesn't know how income tax works.

2/10, one of which is for correct spelling and grammar. OP, you only get so many half terms in your life, stop wasting it.