DB Pension subject to tax?

guido

Registered User
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102
Hi

I have some quick queries on my DB pension - Apologies I didn't find the answers in the FAQ's.

Is my DB pension on retirement age subject to tax?
(presume it is) - On my latest statement I would receive 30K per annum.

As a PAYE worker, am I entitled to a state pension on top of my company pension and is this in turn subject to tax? How much is this?

I transferred some AVCs into my current pension scheme from an old pension fund that I had...I have approx 4K in it now....How is this paid at retirement - as a lump sum? I am 43 - Should I be making extra AVC's now?
Any help much appreciated - as you can see this is not my forte!
Many Thanks
 
Any income, including pensions, is subject to tax under the PAYE regime (deducted at source), but how much you pay (if any) depends on where you are in the tax bands at the time. Impossible to predict, I feel. Don't rely on guesswork.
Whether or not you are entitled to State Pension depends on a number of factors, including the type of stamp you paid, and your stamp payment record, as well as whether or not your DB scheme (occupational?) is integrated with the State Pension (refer to scheme rules). Phone Social Welfare on 071 915 7100 (Sligo) re state pension entitlement. More likely to get through earlier or later in the day.
You may have a number of options re AVC's - speak to a qualified financial advisor, don't rely on non-verifiable sources of advice, also re further avc contributions.
 
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