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Original poster

Taxing pension

3 replies

coccyx · 24/02/2011 08:40

We are preparing for likelihood of OH being made redundant from army. Trying to work out some figures. He will get a 25,000k pension. I assume this is taxed????
can anyone refer me to a webpage to work out tax credits. We have 4 children. Hubby thinks i am jumping the gun but i need to know what our finances will be like if he is unable to get a job

OP posts:

ajandjjmum · 24/02/2011 08:46

Pension is taxed in the normal way - ie. if you go over certain limits, you pay tax.

Hope things work out for you.

Original poster

coccyx · 24/02/2011 08:56

Thank you.
Just had a look on Directgov website, gosh what a lot of reading i need to do.I know the army will help us to work it all out if it comes to redundancy.
Sooner we know the sooner i can we can get organised

OP posts:

Chil1234 · 24/02/2011 11:09

Try this site to work out if there are any benefits to which you may be entitled. The rules on tax credits are changing from April and the HMRC tax credit calculator will be updated from April 6th. Pensions are taxable and, if he were to get other employment post army, will count towards his total tax due.

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