Lets start another contentious Thread

[Chippy_Tea]

If they keep pushing the pension age up why bother with a private one, all that means for most people is your skint during the prime years of your life and no garuntee you will see it, just all start eating from the same trough as they are and fiddle everything you can

You can get your private pension at 55 even if you are still working, I assume the Government changed the rules so they could get their hands on it (tax)

Can I take my pension early and continue to work?
The short answer is yes.
These days, there is no set retirement age.
You can carry on working for as long as you like, and can also access most private pensions at any age from 55 onwards – in a variety of different ways.

https://www.unbiased.co.uk/life/pen... take my pension,a variety of different ways.

 

[Leon103]

It's not that simple. In the NHS, the allowance applies to a calculation which is nothing to do with how much has been paid into the pension, and not a matter of choice for the NHS Scheme. ie it's not a case of paying in or affording to pay in 40K of pension - sheesh I wish. The calculation means that when inflation goes up and you are in the last few years of service, you'll exceed the calculated limit automatically and have a fee to pay on money you never earned. I'd happily pay tax on my pension contributions throughout the year, it would be an awful lot less than the calculated charge and I don't come close to paying in 40K a year.

I'm wishing I'd not brought this up - but the situation is incredibly unfair for the NHS, it means for many doctors over 50, they will be penalised for working 5 days a week rather than working 4 days a week.... which is one of the reasons the NHS is struggling with staff. You ask someone to do some hours to help out, oh and we'll charge you for doing those hours. I am utterly daft since I still help out in the evenings in the hospital 2 days a week, one of a shrinking number of people willing to help. I feel an out dated sense of duty and vocational obligation that doesn't make any financial sense, but I do so anyway.

So what's the point of posting here on a brewing forum - I guess it's to inform, that it's not a case of doctors paying more than 40K into their pensions, or even having any choice over the matter, and left unchanged with the inflation rate as it is, this is going to far worsen the staffing situation. Ok I'm going to leave it at that, it's actually quite upsetting as I want to help patients, work to retirement age and give back through education and support of those coming into the profession, but the charges are punishing and it's making me re-assess what I can do for the next few years.

Not just Doctors. Isn't there a cap on everyone and anyone earning a higher wage will come up to that cap later in life.

 

[Brewnaldo]

Not just Doctors. Isn't there a cap on everyone and anyone earning a higher wage will come up to that cap later in life.

Around 1.1 million

 

[Crappyfish]

Around 1.1 million

Anyone lucky enough to be able to pay more than 40k a year in pensions. Unless it's topped up from savings most won't hit the 40k

 

[Druncan]

Forget pensions let's get serious,,,, you get what you get. Nowt you can do about it minions!

Jreemy *unt has re-instated the planned increase in alcohol duty and the upgrade of the duty system. Fiddling with the low rate for small brewers. Not totally sure of detail but the duty exemption for artisan cider producers <70hl may be going. Wrong time for my cute brewery expansion eh?

 

[Rodcx500z]

When will people realise there is no golden pot at the end of the rainbow, somewere along the way your presious pot will be robbed, Sir Phillip slippery Green, Robert Maxwell and others will use it for their own benefit, work till you drop is the order of the day

 

[Leon103]

Anyone lucky enough to be able to pay more than 40k a year in pensions. Unless it's topped up from savings most won't hit the 40k

I guess it depends and what scheme you are on. The current £1.1m cap (down from £1.8m is total pension pot including employers contributions.

 

[Clint]

It's not that simple. In the NHS, the allowance applies to a calculation which is nothing to do with how much has been paid into the pension, and not a matter of choice for the NHS Scheme. ie it's not a case of paying in or affording to pay in 40K of pension - sheesh I wish. The calculation means that when inflation goes up and you are in the last few years of service, you'll exceed the calculated limit automatically and have a fee to pay on money you never earned. I'd happily pay tax on my pension contributions throughout the year, it would be an awful lot less than the calculated charge and I don't come close to paying in 40K a year.

I'm wishing I'd not brought this up - but the situation is incredibly unfair for the NHS, it means for many doctors over 50, they will be penalised for working 5 days a week rather than working 4 days a week.... which is one of the reasons the NHS is struggling with staff. You ask someone to do some hours to help out, oh and we'll charge you for doing those hours. I am utterly daft since I still help out in the evenings in the hospital 2 days a week, one of a shrinking number of people willing to help. I feel an out dated sense of duty and vocational obligation that doesn't make any financial sense, but I do so anyway.

So what's the point of posting here on a brewing forum - I guess it's to inform, that it's not a case of doctors paying more than 40K into their pensions, or even having any choice over the matter, and left unchanged with the inflation rate as it is, this is going to far worsen the staffing situation. Ok I'm going to leave it at that, it's actually quite upsetting as I want to help patients, work to retirement age and give back through education and support of those coming into the profession, but the charges are punishing and it's making me re-assess what I can do for the next few years.

Some lads I work with went into the higher tax bracket and paid tax on some of their pension contributions.
They were advised to write to HMRC and "claim back tax made on higher pension contributions "..do check the wording you need! They all received refunds.

 

[GhostDoggyWoofWoof]

It's not that simple. In the NHS, the allowance applies to a calculation which is nothing to do with how much has been paid into the pension, and not a matter of choice for the NHS Scheme. ie it's not a case of paying in or affording to pay in 40K of pension - sheesh I wish. The calculation means that when inflation goes up and you are in the last few years of service, you'll exceed the calculated limit automatically and have a fee to pay on money you never earned. I'd happily pay tax on my pension contributions throughout the year, it would be an awful lot less than the calculated charge and I don't come close to paying in 40K a year.

I'm wishing I'd not brought this up - but the situation is incredibly unfair for the NHS, it means for many doctors over 50, they will be penalised for working 5 days a week rather than working 4 days a week.... which is one of the reasons the NHS is struggling with staff. You ask someone to do some hours to help out, oh and we'll charge you for doing those hours. I am utterly daft since I still help out in the evenings in the hospital 2 days a week, one of a shrinking number of people willing to help. I feel an out dated sense of duty and vocational obligation that doesn't make any financial sense, but I do so anyway.

So what's the point of posting here on a brewing forum - I guess it's to inform, that it's not a case of doctors paying more than 40K into their pensions, or even having any choice over the matter, and left unchanged with the inflation rate as it is, this is going to far worsen the staffing situation. Ok I'm going to leave it at that, it's actually quite upsetting as I want to help patients, work to retirement age and give back through education and support of those coming into the profession, but the charges are punishing and it's making me re-assess what I can do for the next few years.

This! My wife us a Consultant and she retired last week, she can claim her pension now as she has MHO status. She didn't want to retire but pension tax rules are taking huge chunks of her pension every year. And lifetime allowance will take another huge chunk. Crazy system.