Lower Earning Savings Rate - Help to get it right please x

WoodyMax

Hello I hope you can help me understand this correctly.
I do not work and have a pension which with an increase this month pays me 
£1351.73 a month. I pay 20% tax before I get this - I have no other income and don't pay NI insurance.

Am I entitled to any amount of the Lower Earnings Rate for Savers against any interest I earn. I do know I can have £1,000 a year in interest with no tax - but I just wanted to know if that is all I am entitled to.
Many thanks for taking the time to read and reply.
Woody

Dazed_and_C0nfused

WoodyMax said:

Hello I hope you can help me understand this correctly.
I do not work and have a pension which with an increase this month pays me 
£1351.73 a month. I pay 20% tax before I get this - I have no other income and don't pay NI insurance.

Am I entitled to any amount of the Lower Earnings Rate for Savers against any interest I earn. I do know I can have £1,000 a year in interest with no tax - but I just wanted to know if that is all I am entitled to.
Many thanks for taking the time to read and reply.
Woody

Your post isn't clear.

Do you mean you have a pension of approx £16,200?

Or is that the after tax figure?  If so that is of no relevance whatsoever, you need to say what the taxable income is i.e. what will your P60 show your pension income as next April.

WoodyMax

Sorry the figure of £16,220.76 is my after 20% tax - zero NI figure.

Thank you!

Dazed_and_C0nfused

WoodyMax said:

Sorry the figure of £16,220.76 is my after 20% tax - zero NI figure.

Thank you!

So what is it before tax?

You probably aren't able to benefit from the savings starter rate band (upto £5,000 interest taxed at 0%), you will just have the savings nil rate band (aka Personal Savings Allowance).

If your pension is £17,570 or more then you will lose all of the savings starter rate band.

sheramber

WoodyMax said:

Sorry the figure of £16,220.76 is my aafter 20% tax - zero NI figure.

Thank you!

What is it before tax?

Nomunnofun1

sheramber said:

WoodyMax said:

Sorry the figure of £16,220.76 is my aafter 20% tax - zero NI figure.

Thank you!

What is it before tax?

On a code of 1257L it would be £17133

WoodyMax

Thank you to all who have replied.  My pension people are very slow at giving any info to me at the moment.