Four pensions

[freespeech]

Am I right in thinking that those of us with a bit of service are likely to end up with four different pension payments in retirement?

In RM terms we will have the NRA60, NRA65 schemes and the new NRA67 scheme and then state pension (currently 67) on top of that. How do they prioritise which one to tax?

[deltaforce]

I have three pensionsThe state pension is paid without Tax deduction but the two other pen RMPP and RMSPS bears the tax due on the state pens by adjusting your tax code. For example my RmPP pen has a BR code and my bigger RMSPS pen has a reduced tax code . Confusing at times but works out eventually.

[RobertT]

Am I right in thinking that those of us with a bit of service are likely to end up with four different pension payments in retirement?

In RM terms we will have the NRA60, NRA65 schemes and the new NRA67 scheme and then state pension (currently 67) on top of that. How do they prioritise which one to tax?

Some of those posties who've already taken their NRA60/65 and are still working for RM, might also be a member of the RMDCP, which they may draw down or use to purchase an annuity.
Some might go a similar route with their AVC's!

So there's the potential for 6 or 7 different pensions in some cases. Plus any from previous jobs or set up individually.

All of them will be considered when working out your overall tax liability.

[Dorset Plodder]

I love the one I get thats about £35 a year. Hardly seems worth the effort to administer, but it's better in my pocket than RMs I suppose.