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    • Jack Itin
    • By Jack Itin 9th May 18, 9:58 AM
    • 309Posts
    • 131Thanks
    Jack Itin
    Pension /Income Tax
    • #1
    • 9th May 18, 9:58 AM
    Pension /Income Tax 9th May 18 at 9:58 AM
    O.k I turned 65 at the end of April, and am now in receipt of my pension......yesterday I received notification of my new income tax code, which I expected, I will have to pay a small amount of tax, which is fine......the thing is, on the letter it says "this amount won't be taken off your pension before you receive it".....so presumably it will be taken off my private pension ?.......just wanted to clarify this.......Jack.
    Retired (Early) April 2015
Page 1
    • Linton
    • By Linton 9th May 18, 10:02 AM
    • 9,379 Posts
    • 9,510 Thanks
    Linton
    • #2
    • 9th May 18, 10:02 AM
    • #2
    • 9th May 18, 10:02 AM
    Yes - State Pension is taxable but it is paid gross. Therefore the tax code for other taxable income you receive is reduced by the amount of the SP.
    • Jack Itin
    • By Jack Itin 9th May 18, 10:05 AM
    • 309 Posts
    • 131 Thanks
    Jack Itin
    • #3
    • 9th May 18, 10:05 AM
    • #3
    • 9th May 18, 10:05 AM
    Thanks, so they add both pensions together, and anything over 11, 850 is taxable.....is that correct ?
    Retired (Early) April 2015
    • Anonymous101
    • By Anonymous101 9th May 18, 10:17 AM
    • 1,082 Posts
    • 468 Thanks
    Anonymous101
    • #4
    • 9th May 18, 10:17 AM
    • #4
    • 9th May 18, 10:17 AM
    Thanks, so they add both pensions together, and anything over 11, 850 is taxable.....is that correct ?
    Originally posted by Jack Itin
    Thats your personal allowance yes.
    I'm sure you're aware it can change depending on other benefits, incomes etc.
    • Jack Itin
    • By Jack Itin 9th May 18, 11:02 AM
    • 309 Posts
    • 131 Thanks
    Jack Itin
    • #5
    • 9th May 18, 11:02 AM
    • #5
    • 9th May 18, 11:02 AM
    O.k....Thanks, one last thing, the Gov. website states that my pension will be 152.50 per week.....the letter from HRMC says 147 per week, presumably the higher figure is correct, as I have now had two free years of NI contributions added, making a total of 48 years.....maybe different departments don't "talk" to each other........
    Retired (Early) April 2015
    • kidmugsy
    • By kidmugsy 9th May 18, 11:13 AM
    • 10,519 Posts
    • 7,209 Thanks
    kidmugsy
    • #6
    • 9th May 18, 11:13 AM
    • #6
    • 9th May 18, 11:13 AM
    O.k....Thanks, one last thing, the Gov. website states that my pension will be 152.50 per week.....the letter from HRMC says 147 per week
    Originally posted by Jack Itin
    Maybe one figure is just more up-to-date than the other.
    Free the dunston one next time too.
    • Jack Itin
    • By Jack Itin 9th May 18, 2:22 PM
    • 309 Posts
    • 131 Thanks
    Jack Itin
    • #7
    • 9th May 18, 2:22 PM
    • #7
    • 9th May 18, 2:22 PM
    I notice that once you are in receipt of your pension, then you can't use the Gov. website....just for peace of mind, is there any other way to see your pension figure ? or just wait either for a letter, or until you actually get it ?
    Retired (Early) April 2015
    • greenglide
    • By greenglide 9th May 18, 5:54 PM
    • 3,096 Posts
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    greenglide
    • #8
    • 9th May 18, 5:54 PM
    • #8
    • 9th May 18, 5:54 PM
    .the letter from HRMC says 147 per week
    just wait either for a letter, or until you actually get it ?
    Have you received the award notice which tells you how much you are going to get (called an ANSOD - Award Notification and Statement of Details or some such these days) - this should tell how much you should get.

    If you can get more from 2017/18 contributions which are not yet available this ought to tell you. In this case you should get an "initial" award which would be updated when the NI details are available later in the year. At this point you would receive any arrears.

    Have you actually received the first payment yet? When you do you will get a First Payment Advice which will give details of the rate to be paid and when.
    • Jack Itin
    • By Jack Itin 9th May 18, 6:01 PM
    • 309 Posts
    • 131 Thanks
    Jack Itin
    • #9
    • 9th May 18, 6:01 PM
    • #9
    • 9th May 18, 6:01 PM
    Yes, I had the ANSOD some weeks ago, 147 it does say that the figure may change.......since then the Gov. website says that the free NI credits have been added, and that I will get 152.50 per week......I receive a first, part payment on May 16 th, presumably that should clarify the higher figure.......
    Retired (Early) April 2015
    • greenglide
    • By greenglide 9th May 18, 8:46 PM
    • 3,096 Posts
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    greenglide
    ... so if you have got the first payment you should have got the First Payment Advice. This is produced when the first payment is selected, normally about five or six days before the BACS payment arrives in your bank account.

    Of course it will be sent second class!
    • mgdavid
    • By mgdavid 10th May 18, 12:26 AM
    • 5,594 Posts
    • 4,916 Thanks
    mgdavid
    ... so if you have got the first payment you should have got the First Payment Advice. This is produced when the first payment is selected, normally about five or six days before the BACS payment arrives in your bank account.

    Of course it will be sent second class!
    Originally posted by greenglide
    It's not May 16th just yet!
    The questions that get the best answers are the questions that give most detail....
    • greenglide
    • By greenglide 10th May 18, 9:25 AM
    • 3,096 Posts
    • 2,015 Thanks
    greenglide
    Doh!

    Other stuff to meet the minimum length.
    • Jack Itin
    • By Jack Itin 11th May 18, 2:13 PM
    • 309 Posts
    • 131 Thanks
    Jack Itin
    O.k.....today received the First Payment Letter......three weeks pension will be paid into bank account by 16th May......but it STILL says that it will be 147.81 per week.....should I ring them ? or will it right itself eventually?.......
    Retired (Early) April 2015
    • greenglide
    • By greenglide 11th May 18, 3:20 PM
    • 3,096 Posts
    • 2,015 Thanks
    greenglide
    It is by no means surprising that you have been paid at the rate specified in the ANSOD letter!!!55357;!!!56842; I would have been worried if you hadn't!

    Was there anything it that which said that this was an interim award pending receipt of the FRY (Final Relevant Year) data?

    If not you could ring them and ask why the amount awarded differs from the forecasts you had received.

    It is entirely possible for the forecast to differ from the actual amount received, they are produced from entirely different systems but it is worth making the call just in case.
    • Jack Itin
    • By Jack Itin 11th May 18, 3:33 PM
    • 309 Posts
    • 131 Thanks
    Jack Itin
    It does say in the ANSOD letter, that they need to make further enquiries into my NI record.......since receiving the letter the Gov. website showed that the free NI credits had been added, and gives the weekly figure of 152.50......unfortunately now that I am in receipt of the pension, I can no longer view the figures on the Gov. site, but I am sure that I saw it correctly......maybe two departments haven't caught up with each other yet..........
    Retired (Early) April 2015
    • Jack Itin
    • By Jack Itin 14th May 18, 11:32 AM
    • 309 Posts
    • 131 Thanks
    Jack Itin
    O.k....rang the pension department this morning....spoke to a very nice lady....unfortunately still non the wiser....I was trying to clarify if I was getting 147.71 per week, or 152.50, I explained that I had seen the higher figure on the Gov.UK website, she couldn't tell me but said that as I suspected, one department probably hadn't updated the other yet.....only about 6 a week, but 24 a month, so 288 per year.....she has passed my query on to the relevant department, and said that I should get an answer in "about 5 to 10 days"......the lady also said that this was a fairly regular occurrence....has anyone else had this happen to them ?
    Last edited by Jack Itin; 14-05-2018 at 11:53 AM.
    Retired (Early) April 2015
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