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State and private pension
I recive £965 every 4 weeks from my state pension my company i was receiving £639 per mth I noticed 1st juk was £609 just cant understand why any help much appreciated i do not have any other income
Comments
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do you mean you got £609 from company pension when you were expecting £639?
was the £30 tax?
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What is the annual company pension before deductions.
What is the tax code applied to the company pension?
What does the company pension payslip say has been deducted?
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Tks for the reply on my gov website site says my tax code has changed to k229 yes last mth my pension was £639 this mth £609 private pension £30 less
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Have you just started to receive state pension? Although tax isn’t taken from your state pension, it is taxeable income, so would use up your personal allowance, meaning your private pension would be taxed whereas before it would have been within your personal allowance.
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Yes ive had it over 1 yr when I was 66 in June tks probably thats why can I send you a private message regarding something eles regarding tax
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You can if you wish, though I generally think the wisdom of the forum may be better than my individual opinion.
I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
If you have another tax question, just post it . In general private messages are discouraged,
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have you recently been notified of an increase to either pension?
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Hi Thecar. Our guidance on how the state pension is taxed may be of assistance. See this page on the Low Incomes Tax Reform Group website:
How tax is collected on the state pension | Low Incomes Tax Reform Group
I hope this helps.
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I am an official representative of LITRG (Low Incomes Tax Reform Group) part of the Chartered Institute of Taxation who are an educational charity. We are not part of MSE or HMRC. MSE has given permission for me to post on the Forum but this does NOT imply any form of approval of my organisation or its products by MSE. We can’t give individual advice, but if you require further help, we recommend that you contact a tax adviser, HMRC or one of the tax charities where relevant. You can find more information about where to get help with tax here. If you believe I am posting inappropriately please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE"0 -
Tks for the help ive received a letter from my private pension my tax code for this is k177 my only over income is my state pension which is £965 every 4 weeks
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