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on the 6 march 2014 i can claim my stste pension but i want to carry on working but i dont understand how?

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  • on the 6 march 2014 i can claim my stste pension but i want to carry on working but i dont understand how?


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Answer #1 | 13/12 2013 09:07
Your receive your state pension tax free. HMRC adjusts your tax code so that the tax due on your pension is deducted by your employer together with the tax due on your salary.
Positive: 61 %
Answer #2 | 13/12 2013 09:10
You have two options: You can take your state pension and carry on working. You will be taxed on the total of pension plus salary (but only have one lot of personal allowance). The tax code for your salary will be adjusted to take account of your pension, so you'll get the pension without tax deducted but the tax bill on your salary will go up. The effect will be exactly the same as if you had been given a pay rise equal to your state pension. You can carry on as you are and defer your state pension. For every year you defer it, the starting figure will increase by 7% over inflation.
Positive: 55 %
Answer #3 | 13/12 2013 12:06
Just tell your boss that you want to continue working even though you are of retirement age. If he agrees you will not have to pay any more National Insurance and in addition to your wages you will also get a pension from the government. Soon you will become rich in your old age.
Positive: 35 %
Answer #4 | 13/12 2013 13:37
Keep working, feel free. The pension is taxable income and allowances will be allocated against the state pension. Tell HMRC you will keep working, they will be notified of your pension (and you will receive a P161 in February). Complete and return the P161, your tax codes will be adjusted to include the state pension. If you decide to defer the state pension do let HMRC know this.
Positive: 3 %
Answer #5 | 13/12 2013 15:50
If you want to carry on working and don't actually need the money, don't claim the state pension, defer it. It is a great way of saving. You don't lose it, your pension account gets credited with it each month and when you decide to stop work you submit your claim and can either take the deferred amount as a lump sum or use it to increase your pension.
Positive: 10 %

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