zagfles wrote: »
They were fairly low percentages though - ISTR the pre-A day maximums varied from around 15% to 25%.
woolly_wombat wrote: »
I think I was told 29% was the maximum, but I can't verify that.
EdSwippet wrote: »
From today's FT: Government rules out flat-rate pension tax relief
Of course, a Government "ruling something out" holds about as much currency as a campaign or manifesto "promise", so there's that ...
hugheskevi wrote: »
The table below shows the salary at which a reduced Annual Allowance would be breached in the career average pension schemes of the main public service pension schemes.Salary at which a reduced Annual Allowance would be breached
With an Annual Allowance of £20,000, huge numbers of public sector workers would routinely breach the Allowance. A Civil Servant earning £54,000 p/a would have a tax charge to pay. It might take a few years to exhaust carry-forward, but then there would be a tax charge every year, despite earning below the Child Benefit taper level.
The figures are a best-case scenario. The threshold salary values would routinely be lower than this if, for example:The member has above-CPI in-service revaluation of past career-average service (NHS and Teachers' Scheme)
The member has final-salary linked past service which has increased by more than CPI
The member is making external pension contributions, eg, to a personal pension
The member is making extra pension contributions, eg, Added Pension, Added Years, AVCs
The member has external income and is subject to the tapered Annual Allowance.
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