PPF Pre-97 nil increase

westv

When I read and replied to this thread I thought no more of it. 
However, I have just received a letter from the FAS (PPF) to tell me that, due to the 50% minimum ruling, payments on the pension I mentioned above will be going up from £5,500 a year to £7,500 a year + it will be backdated to March 2023 when I first started receiving payment.
It was a nice surprise and helps to lessen the loss of inflation increases I would have got if my pension hadn't needed rescuing.

onesixfive

westv said:

When I read and replied to this thread I thought no more of it. 
However, I have just received a letter from the FAS (PPF) to tell me that, due to the 50% minimum ruling, payments on the pension I mentioned above will be going up from £5,500 a year to £7,500 a year + it will be backdated to March 2023 when I first started receiving payment.
It was a nice surprise and helps to lessen the loss of inflation increases I would have got if my pension hadn't needed rescuing.

That's lovely - well done you
All we have received this week is a tax code statement basically saying that due to the increase in state pension from April, the tax code has been adjusted & the PPF will now be taxed, so it will be worth less than ever!!

westv

onesixfive said:

westv said:

When I read and replied to this thread I thought no more of it. 
However, I have just received a letter from the FAS (PPF) to tell me that, due to the 50% minimum ruling, payments on the pension I mentioned above will be going up from £5,500 a year to £7,500 a year + it will be backdated to March 2023 when I first started receiving payment.
It was a nice surprise and helps to lessen the loss of inflation increases I would have got if my pension hadn't needed rescuing.

That's lovely - well done you
All we have received this week is a tax code statement basically saying that due to the increase in state pension from April, the tax code has been adjusted & the PPF will now be taxed, so it will be worth less than ever!!

If I had been able to I would have deferred mine to maybe next year or the year afer. That option wasn't available to me though so I am paying 20% on it. It could have been 40% if it wasn't for sal sac!

Edit: Oh dear, I think this update to my payments might just push me into the 40% tax band. Not good for my savings tax free interest.