Welcome to the DAD.Info forum: Important Information – open to read:
Our forum aims to provide support and guidance where it can, however we may not always have the answer. The forum is not moderated 24 hours a day, so If you – or someone you know – are being harmed or in immediate danger of being harmed, call the police on 999.
Alternatively, if you are in crisis, please call Samaritans on 116 123.
If you are worried about you or someone you know is at risk of harm, please click here: How we can help
I'm seeking clarification on pension benefits from a Civil Service Pension scheme and if they are considered when calculating child maintenance.
The payments will be less than my personal allowance of £11,500 so aren't taxable but would the CMS still consider this, as its non taxable income give its below the threshold. Adding to the confusion HMRC apparently don't classify income from pension plans as relevant UK income and not elligible for tax relief when re-investing into another plan.
Also I'm considering registering as self employed with HMRC at the same time as I access some of my pension, though income is likely to be ad-hoc so how would that be dealt with by the CMS. I currently don't have any income following redundancy, so am on a zero contribution.
I'd appreciate any comments or clarification.
Sorry I can't help with this one, but someone with some know how on this should be along soon.
Your pension will be counted for child maintenance as far as I am aware - there is a difference between taxable and paying tax insofar as below £11,500, your income is taxable, but the personal allowance is an allowance against paying tax. With regards to investing your pension into another pension, it becomes more complex - the reason there are limits is that you may have probably received tax relief when contributing to the first pension, so by investing this into another pension, you would be doubling up on the tax relief. You would be well advised to speak to pensionwise, though they can only explain the technical side of what is available, and not give financial advice, but it is a free service.
Welcome to the DAD.info forum.
We don’t like to set ‘rules’, but to make sure that you and the other dads are kept safe, we have some requests. When engaging with the forum, please be aware of the following:
- The forum is not moderated 24 hours per day.
- Many of the moderators do so on a voluntary basis. Whilst they may be able to provide some guidance, advice or support, they may not be able to deal with specifics.
- We are not an emergency crisis service so if you or someone else is in immediate danger, please call emergency services.
- If you are concerned about the safety of a child, please click here to find the support you can get for them (link to new page)
- If you are in crisis, please call Samaritans on 116 123. They are open 24 hours a day, 7 days per week.
We hope you find this forum a supportive environment and thank you for joining us.