Pension taper advice...

[gangzoom]

There must be forum members here effected by the pension taper? I'm fortunately enough the numbers mentioned in the Gov.Uk website are recognisable/relevant and therefore a 'worry'.

Being a PAYEE my entire working life I struggle with any kind of tax assessment, I've tired to engage a few accountants who specialise in public sector/NHS pensions but no one has got back to me as I suspect my employment situation isn't straightforwards as I'm not on a VSM contact unlike most other people on a similar none clinical pay scale.

Speaking to a few colleagues in similar situations their advice was to 'Just wait for the tax bill'.... Personally I rather not!! Especially as I'm still 20+ years from the official retirement age with no plans yet to scale back work, so the 3 year count back isn't going to keep the HMRC away for that long. I also really don't want be waiting around for an unknown tax bill to come either annually or as one massive hit.

Anyone here got any links/info for accountants who understand all this stuff?

https://www.gov.uk/guidance/pension-schemes-work-o...

Edited by gangzoom on Saturday 16th May 07:17

[Rufus Stone]

Maybe talk to an IFA instead. They likely understand pensions and taper relief better.

[sawman]

There is a facebook page: nhs and public sector pensions information
Which is hosted by a financial advice firm, they seem to dish out sensible advice and i believe will provide individual advice for a fee, separate to the fb page

[gangzoom]

Rufus Stone said:

Maybe talk to an IFA instead. They likely understand pensions and taper relief better.

Tried that before, but they all want to know about what investment ‘products’ I want…I don’t want any, I just want to know how much my tax bill will be and if there is a way to manage things better .

sawman said:

There is a facebook page: nhs and public sector pensions information
Which is hosted by a financial advice firm, they seem to dish out sensible advice and i believe will provide individual advice for a fee, separate to the fb page

Thanks, signed up/requested to join…..Looks useful, will update with anything relevant!!

[mikeiow]

There is also the more focussed specialist pension subforum on MSE you might want to pop questions on.
Some very helpful folk there, including a couple of IFAs who dip in with explanations (but never advice )

[sawman]

gangzoom said:

Thanks, signed up/requested to join ..Looks useful, will update with anything relevant!!

No worries, they do tend to turn off the page at weekends or else there are hundreds of posts bleating on about mcloud so they might not approve you til next week

[okgo]

I made a thread last year around carryover allowances which was related to taper (on phone so can’t easily find it now). It turned out to be quite easy but I’m just a PAYE drone with no DB pension. Would think it’s more complex for NHS pension.

Man of gas on here may be your man

[numtumfutunch]

Helpfully unhelpful, however if you think you have triggered something recently you have almost certainly been in the hole to HMRC for a number of tax years over the last decade

As a great man once said: do you feel lucky?

There are certainly many, many folks in the same position who have exceeded AA allowance and either been oblivious or chosen to wing it since it became an issue

And sorry but NHS pension issues are badly understood by FAs and pension "experts"
If anyone has a personal recommendation I would go with that

Good luck

[gangzoom]

numtumfutunch said:

As a great man once said: do you feel lucky?

That I think is the overwhelming advice from peers. So practicaly I think it just means having a decent pot in an easy access account of some kind waiting for when/if the letter from HMRC lands.

Meanwhile I'll simply just use SS schemes when ever if fits with what's needed in life.