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Readers' forum : Nearing retirement

23 February 2016
Issue: 4539 / Categories: Forum & Feedback

The liabilities on a retirement award and the effect of additional pension premiums.

I have a question about long-service and retirement awards.

My employment terms and conditions continued with me when I was transferred from one employer to another under TUPE (Transfer of Undertakings (Protection of Employment) Regulations) in 2004. These terms stated that I would be entitled to a retirement award of £200.

My employer’s human resources adviser states that there have been changes to legislation and the award is no longer available. Do readers know whether that is the case? Assuming that I am entitled to the award still will it be subject to income tax and National Insurance contributions?

On the related subject of retirement and pension entitlement I have read that having a salary of more than £100 000 a year reduces an individual’s personal tax allowance by £1 for every £2 earned above that. Can readers clarify whether this limit comprises total earnings or just taxable...

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