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Just saw this ::
The state pension will come to more than £200 a week for the first time in April next year, due to rising inflation and the pensions triple lock.
God bless George Osbourne and Nick Clegg
My state pension, work pension and PIP should all see a nice increase.
The Tories cancelled the triple lock for last year - presumably on the basis it would have been 8% and said the inflation figure at the time was 'artificially boosted' by COVID. I doubt pensioners will see anything other than a token 2 or 3% rise. Whilst the triple lock my be written in law, the Govt. can do literally anything - even imprison you - 'in the national interest'
Taxed at source means it’s taxed before it’s received. State pension is taxable, but via your Tax Coding (as you described) - so not “at source” but taxed via reducing the tax free allowance from other sources.
Headache for anyone who only has the state pension and it’s above the tax free limit - they need to do a self assessment to pay the tax because it’s not taxed at source
So the occupational pension didn't really reduce as a gross figure, as such - and it's just about how tax relief is distributed and how it affects net sums?
In my case (and which I thought was the norm) the tax code concerned is firstly applied to the State Pension and any remainder (as a State Pension is usually less than the code concerned) is then applied to a private pension.
Simple.
My sate pension increased. Every pound of my stated pension takes away a pound of my personal allowance.
The treasury did not increase the personal allowance for this year, so the increase in my state pension meant there was less of my allowance to put against my occupational pension.
My occupational pension increased but but that was more than wiped out by the extra tax I had to pay.
Should be more than that.Rishi stopped the triple lock for this year.The figure you quote are for the new state pension.Many older pensioners are on the old state pension currently £141.85 per week.Also with the new state pension,anyone who paid into a company pension and was contracted out[serps]would receive less.e.g a mate of mine gets a post office pension currently gets £160 new state pension as opposed to the full rate £185.Many older pensioners are annoyed that there are currently two state pensions in operation.
In other words its all smoke and mirrors.
Have my state pension, occupational pension, Cambridge Uni pension - and I am still working. I have never been so well off.