Old Age Pension

[mikey4444]

Just had my "get your Old Age Pension" letter today, rather earlier that I had anticipated, as I am not 65 until June 4th.

Can hardly wait !

[Zacs-Master]

Don’t spend it all at once!

[Jackdaw33]

They send out letters 4 months in advance.

[Baldric]

See Post @ 12:06

https://www.theanswerbank.co.uk/ChatterBank/Question1587265.html

[fiction-factory]

Yes, the 4 months figure was mentioned in your original thread mikey. Good old Tories, eh, keeping you fully informed well in advance. Will you carry on working?

[redtrev]

I had a letter today informing me that I can start to claim my pension on 4/6/2027, nine years time !!!!!

[gulliver1]

Mikey , it is no longer known an old age pension, it is now known as a Benefit?

[mikey4444]

Gully....I couldn't give a flying firkin what its called !

Actually, it still seems to called a State Pension by the DWP.

[Jackdaw33]

It is now known as the State Retirement Pension, classed as a benefit (which it isn't, it's an entitlement for all those who qualify).

[Tilly2]

Save a little spend a little, Mikey.

[mikey4444]

FF...Financially, I should be much more secure from the summer onwards.

But yes, I probably will keep on working, although not as many hours as I am doing at present. I get bored if I don't have anything "proper" to do !

[Mamyalynne]

I got my letter a few weeks ago too.

[bhg481]

You are aware that you will be taxed on it, aren't you.

[mikey4444]

Yes....Woody Allen was right....two things that you just can't avoid ....death and taxes !

[gulliver1]

Mikey . keep calm , think it was Iain Duncan Smith that re/ invented the name.
Will that make you feel better! OK!.

[Jackdaw33]

You are taxed, yes, but only if you have other sources of income which lift you into the tax bracket. If you have not then you will not pay tax as the pension rate is currently below the personal allowance.

[Tilly2]

The tax will be taken from your employment pay, not your pension.

[Flonska]

Strictly speaking, the State Retirement Pensions is paid without Income Tax being deducted. The amount of the pension will, however, be added to any other income and you may receive and if the total amount exceeds the amount of your allowance(s), you may be liable to Income Tax on the excess amount.

[Flonska]

^ Pension^

[Jackdaw33]

As I said above. When I first got my state pension my monthly tax went up from £20 to £120. This is deducted from my works pension.

[mikey4444]

I have worked out that even if tax is taken out, I should still have approx £520 a month net, which will be very nice indeed !