Pension Planning - The Impact of Tax on Your Pension Plan
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The Impact of Tax on Your Pension Plan
Pensions that you put together yourself and State pensions are taxable, however these savings receive age related allowances. The tax system maybe very different at the time you retire, but as a rough guide the calculator can be used to calculate the extra income you may need in order to pay the tax bills. Adjust value at B with suggested income in table: * it by % next to it in calculator.
Rough guide to tax on your future retirement income:
Add this percentage to the after-tax income you need (B in the Calculator) |
If the after-tax income you need (B in the Calculator) is: to account for tax Single person / each person in a couple | |
|---|---|---|
| 0% | Up to £6,000 | |
| 5% | About £8,500 | |
| 10% | About £10,000 | |
| 15% | About £13,000 | |
| 20% | About £16,000 | |
| 25% | About £24,000 | |
| 30% | About £30,000 | |
| 35% | About £35,000 | |
| 40% | About £42,000 | |
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1998 - 2007 UK Pensions - Planning before, at the onset and during retirement.
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