You pay into a private pension for 25, 30 years or so and when you come to retire at 60 or 65 or earlier if ill you end up with too much money coming in every month and you got to pay some or all of your rent and council tax plus you got to pay income tax because your yearly income is more than the personal tax allowance. My dad wasn't better off he was worse off for having saved into a private pension for some 25 years. He paid roughly £600 a year income tax as a retired OAP. He paid 3/4ths of his rent every month and paid full council tax. This is why I have never bothered to start a private pension.
Hi Alexis is there any chance you could have an expert on talking about Probate. My wife and I have got wills but it seems you still need probate which can be expensive?
Tax on pension is the government's way of getting back all those additional employer contributions. It is great when they pay extra on top but it is taken back
You pay into a private pension for 25, 30 years or so and when you come to retire at 60 or 65 or earlier if ill you end up with too much money coming in every month and you got to pay some or all of your rent and council tax plus you got to pay income tax because your yearly income is more than the personal tax allowance. My dad wasn't better off he was worse off for having saved into a private pension for some 25 years. He paid roughly £600 a year income tax as a retired OAP. He paid 3/4ths of his rent every month and paid full council tax.
This is why I have never bothered to start a private pension.
Having to pay tax on pension is insane.
Hi Alexis is there any chance you could have an expert on talking about Probate. My wife and I have got wills but it seems you still need probate which can be expensive?
Tax on pension is the government's way of getting back all those additional employer contributions. It is great when they pay extra on top but it is taken back
And the NI reduction doesn't take into account the NI raise put on by the tories a couple years back
wow - BBC matching to 17.5%!