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.
Be careful when converting points to Cineworld
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