Tax for older people
Article Abstract:
Retired people are subject to taxation on their pension income, but older people may qualify for extra tax allowances. People past the state pension age also do not make National Insurance (NI) contributions. Individuals who have made sufficient NI contributions will receive the basic state pension, which is taxed as normal income, and may have allowances offset against it. Other state pensions include the State Earnings Related Pension Scheme and an extra pension for low-earners over 80 years of age. The Inland Revenue collects tax on employers' pensions under the Pay As You Earn scheme.
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Subject: Consumer news and advice
ISSN: 0043-4841
Year: 1999
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Making your pension grow
Article Abstract:
Employers' pension schemes and personal pension plans (PPPs) supplement the basic UK state pension. Some employers' schemes pay pensions related to the final salary. Others pay annuity income following investment of contributions and purchase of an annuity with the proceeds. Pension income is taxable, but a pensioner may elect to take part of the pension as a lump sum, which is tax-free. Pensions from PPPs are subject to tax deductions under the Pay As You Earn system. Contributors to PPPs earn tax relief on their contributions.
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Subject: Consumer news and advice
ISSN: 0043-4841
Year: 1999
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Saving for your retirement
Article Abstract:
Financial advice is given for pension planning, with information on employers' schemes, stakeholder pensions and tax relief associated with pensions.
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Subject: Consumer news and advice
ISSN: 0043-4841
Year: 2001
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