NRA60 Pension breakdown

[fly-catchers]

Got my first two NRA60 pension advice slips today. One from RMSPS & the other from RMPP. This first payment was quite small as it just consists of a weeks worth. And of course both pension amounts are taxed by 20%. There has not being any real breakdown on how the amounts are calculated. The bigger amount from RMSPS is the final salary part and covers 30 years. And yet if I try to calculate what I might expect from my 30 years I always end up with a bigger figure than it is. But equally if I assume the smaller amount from the RMPP covers 2 years worth of CARE pension that is bigger than expected! I am also slighly confused because while I knew there would be two payments- I thought that RMSPS was handling all the final salary to 2008. And the CARE to 2010 (both paid at 60). As well as 2 years of CARE to 2012 (paid at 65). With the RMPP handling the final 8 years of CARE to March 31st 2018! But these two payments come from RMSPS & RMPP.

Of course as I am still working I have used up all my pension allowance of currently £11500. So this makes the monthly pension payments on the smaller size. Even if I left 6 months into a new tax year I assume my remaining pension only payments ( when boosted further by the pension supplement) would still be taxed quite a bit more than a straightforward pension only year? Is there a way of roughly calculating how much you would pay in the tax if as I say I do leave about 6 months in from April 20018?

I assume my ADDED years contract finishes this week and next weeks wage slip should I assume reflect this.

On the Zurich web site for my Bonusplan AVC the date on the Selected Retirement date has now changed from 2018 to 2023. Though the Normal retirement date below it still shows 2018. As yet the amounts shown have not had anything deducted from it to reflect the two payments I received this week.

[Lincox]

If you leave 6 months in to a new tax year you will have used up approx 50% of your personal allowance which for next tax year is £11850.00
So you will have approx £5925.00 worth of allowances to offset against your pension income. So for example if your total pensions including any state pensions for the tax year amounted to £15,000 you would be liable to pay tax at 20% on £15000 minus £5925.00 which is £9075 @ 20%=£1815 or in monthly terms a tax deduction of £151.10
Of course in the following year you would get the full allowance against your pension income and this would reduce tax down to £75.05 per month assuming that personal allowances and your pension were to remain the same.

[fly-catchers]

If you leave 6 months in to a new tax year you will have used up approx 50% of your personal allowance which for next tax year is £11850.00
So you will have approx £5925.00 worth of allowances to offset against your pension income. So for example if your total pensions including any state pensions for the tax year amounted to £15,000 you would be liable to pay tax at 20% on £15000 minus £5925.00 which is £9075 @ 20%=£1815 or in monthly terms a tax deduction of £151.10
Of course in the following year you would get the full allowance against your pension income and this would reduce tax down to £75.05 per month assuming that personal allowances and your pension were to remain the same.

Thanks for that breakdown. As I am in Section C I get a pension supplement paid to me providing I am not working for RM and before my state pension at 66 kicks in. I would imagine their annual figure they have quoted would be divided up into 12 equal payments. So you would get that once you finally leave for the remaining months. And continuing on the following year.

[Lincox]

Yes thats right. It continues on until you are entitled to your state pension, paid monthly along with your RM pension.