please can any of you wrinklies out there tell me how many hours we can work without it affecting our pension?
2007-09-24 05:30:11 · 5 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
I receive widow's pension also 2 large private pensions, which i do not want to loose, but i have excess energy, that i would like to spend at work.
2007-09-24 07:28:50 · update #1
I receive widow's pension also 2 large private pensions, which i do not want to loose, but i have excess energy, that i would like to spend at work.
2007-09-24 07:29:40 · update #2
As many as you like just don't get paid.
Or don't tell the Taxman
2007-09-24 05:35:58 · answer #1 · answered by Rick J 5 · 0⤊ 1⤋
Pensions count as income
You pay Income tax on your total income.
State Pension ("Old Age Pension") is not means tested - it's flat rate, and you can work or not as you see fit.
Same goes for private Pensions .. your private Pension just gets added to your total Income (including Old Age Pension & Wages & bank / building a/c Interest & Share Dividends etc etc) & you get taxed on the whole lot.
NB> To make it 'easy' the Taxman will inform your Pension provider of your Tax code & the pension Provider will usually deduct tax at source as would an employer (PAYE) i.e. before paying you your pension / wages
In this respect, having a job DOES effect the (private) Pension you recieve, especially if you end up paying 40% tax.
2007-09-24 13:25:21 · answer #2 · answered by Steve B 7 · 0⤊ 0⤋
You can work as many hours as you like,the effects on your pension are marginal,all you need is 44 contributions,anything over this(working beyond retirement age)has very little effect on your pension ,but saves the goverment a heap of money.A private pension is a different kettle of fish ,if you want to take the risk.
2007-09-24 12:42:41 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It doesnt depend on number of hours but on amount of money you earn. If you are UK you have a Personal Allowance of how much you can earn before tax is deducted. If you are 65+ that personal allowance is increased, so just add up what your annual pension is and take it away from your personal allowance and you can estimate how many hours you can work.
2007-09-26 10:27:26 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It really depends which country you are in and what the upper limit is and how much you earn part time.
2007-09-24 12:42:19 · answer #5 · answered by Montgomery B 4 · 0⤊ 0⤋