Help understanding a LGPS increase which has become a significant decrease

sheramber

Qyburn said:

worlestone said:

Thank you for the comments. I think I've found the answer, I had not checked the 2023/24 tax code notice, it seems that HMRC have decided to change around the tax free amounts on my pensions, so two now have a tax free element and one pension is at basic rate tax, hence why there's a huge chunk missing! Tax free amount is still the same £12,570 pa, frozen again, so effectively paying more tax and reducing my income. 

If you're receiving more than last year pre-tax then you should end up with more post tax. Most likely thing, assuming you were taxed correctly last year, is that HMRC hasn't allocated the odes correctly so you're not getting all of your allowance.

I expect the increase means their estimates are no longer correct. To correct this you need to update the figures on your online account.

For each of your three income sources, can you give the estimated annual figure, and the tax code used for 24/25?

Details are in OP's post.

Qyburn

sheramber said:

Details are in OP's post.

Are you sure those are gross (pre tax) figures that he gave? 

Dazed_and_C0nfused

Qyburn said:

sheramber said:

Details are in OP's post.

Are you sure those are gross (pre tax) figures that he gave? 

I took them as the net payment received, not the gross amounts.

xylophone

hasn't allocated the odes correctly

No poetry in motion?