Pension Planning - The Impact of Tax on Your Pension Plan
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The Impact of Tax on Your Pension Plan
| Add this percentage to the after-tax income you need | If the after-tax income you need 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 |
Pensions that you put together yourself and state pensions are taxable, however these savings receive age related allowances.
Tax system
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.
Rough guide to tax on your future retirement income is shown in figure 1.
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