NHS car leasing in the year before retirement
in Scotland
Hi,
I am struggling to understand this!
I will be retiring from NHS Scotland next year (8 July 2022) at age 55. I pay 9.5% and my employer pays 20.8% to my 1995 final salary pension scheme. I am a Special Class member so my normal pension age is 55.
I earn £46006 per year.
I have an NHS Lease Car and the lease ends in March 2022 but I will be allowed to extend the lease to my retirement date if I wish.
2 questions:
(1) Should I give up my lease car a few months before I retire so that my pension is based on a higher final salary?
(2) As the NHS Lease Car Scheme is a salary sacrifice scheme am in the higher tax bracket of 41% in Scotland? The threshold is £43,430. My car costs me £140 per month and my employer pays the rest.
I am struggling to understand this!
I will be retiring from NHS Scotland next year (8 July 2022) at age 55. I pay 9.5% and my employer pays 20.8% to my 1995 final salary pension scheme. I am a Special Class member so my normal pension age is 55.
I earn £46006 per year.
I have an NHS Lease Car and the lease ends in March 2022 but I will be allowed to extend the lease to my retirement date if I wish.
2 questions:
(1) Should I give up my lease car a few months before I retire so that my pension is based on a higher final salary?
(2) As the NHS Lease Car Scheme is a salary sacrifice scheme am in the higher tax bracket of 41% in Scotland? The threshold is £43,430. My car costs me £140 per month and my employer pays the rest.
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