Brauny
The optimistic pessimist
My mum's private pension which she inherited after my dad passed away 3 years ago as gone down from £140+ to £120 + a month. I know that's a very small pension but it all helps top up the state pension. I don't understand why it's dropped though.
Once you draw on a pension shouldn't that then be guaranteed? I know the fund varies when saving for the pension, because it depends on whether the investments are up or down, but once you have finished your contributions and taken your pension, is that not guaranteed?
I know state pensions have gone up in line with inflation so the increase would be about 10%..
I know that you are allowed to earn something like 12k before paying tax, so any increase in income would result in paying more tax. Surely though the overall income would still increase albeit you pay more tax, but your money would not go down unless you entered an higher tax bracket (40k +).
So anyone know why that pension as decreased ?
Once you draw on a pension shouldn't that then be guaranteed? I know the fund varies when saving for the pension, because it depends on whether the investments are up or down, but once you have finished your contributions and taken your pension, is that not guaranteed?
I know state pensions have gone up in line with inflation so the increase would be about 10%..
I know that you are allowed to earn something like 12k before paying tax, so any increase in income would result in paying more tax. Surely though the overall income would still increase albeit you pay more tax, but your money would not go down unless you entered an higher tax bracket (40k +).
So anyone know why that pension as decreased ?
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