Poker Pensions

[byronkincaid]

There are lots of blondes old and young who play poker for a living. I was wondering what you are all doing to plan for your retirement?

I read something about stakeholder pensions, apparently even if you don't pay tax the government will lump some money in as well. If you pay in about £2800 a year they round it up to £3600.

Or is the plan to sit down at the Vic every afternoon being grumpy?
 

[DaveShoelace]

Yep thats true, I worked in the pensions industry before I quit for poker and I should have paid more attention, they basically add tax on top of your own contribution, 22%.

I had an idea that an online poker site could pay a small percentage of your rakeback into a pension fund for you, that would be cool.

[TightEnd]

Assuming you have been in full time employment before relying on poker for your income, always remember to keep your employee NICs up to date via contributions to ensure you'll get the full state pension when you retire.

[byronkincaid]

Assuming you have been in full time employment before relying on poker for your income, always remember to keep your employee NICs up to date via contributions to ensure you'll get the full state pension when you retire.

does anyone know how to do that? who do i give the money to?

[Graham C]

There's an NIC department.  I'm self employed and I had to get in touch with them and set up a direct debit.   Giving money to the Government is surprisingly easy to do

[TightEnd]

Assuming you have been in full time employment before relying on poker for your income, always remember to keep your employee NICs up to date via contributions to ensure you'll get the full state pension when you retire.

does anyone know how to do that? who do i give the money to?

your tax office will know

if they haven't sent reminders in the post, then contact them, ask them how much you need to contribute to make up for however long its been since the NICs stopped, and then go from there as to what to pay and when, if any.

 

[Geo the Sarge]

There are lots of blondes old and young who play poker for a living. I was wondering what you are all doing to plan for your retirement?

I read something about stakeholder pensions, apparently even if you don't pay tax the government will lump some money in as well. If you pay in about £2800 a year they round it up to £3600.

Or is the plan to sit down at the Vic every afternoon being grumpy?
 

This applies to all types of Personal Pension and not only Stakeholder.

You can invest up to £3600 if unemployed and HMRC pays the tax  (currently 20%)

Yep thats true, I worked in the pensions industry before I quit for poker and I should have paid more attention, they basically add tax on top of your own contribution, 22%.

I had an idea that an online poker site could pay a small percentage of your rakeback into a pension fund for you, that would be cool.

This could only be done as an employers contribution and I doubt you would like to declare your poker earnings as taxable income.

Geo

[Geo the Sarge]

PM sent Byron regards 3rd party payments to Pensions.

Geo

[doubleup]

Assuming you have been in full time employment before relying on poker for your income, always remember to keep your employee NICs up to date via contributions to ensure you'll get the full state pension when you retire.

does anyone know how to do that? who do i give the money to?

your tax office will know

if they haven't sent reminders in the post, then contact them, ask them how much you need to contribute to make up for however long its been since the NICs stopped, and then go from there as to what to pay and when, if any.

 

You have to watch what you are doing now as only 30 years contributions are required for the full state pension.  As voluntary conts are flat rate and not higher as you approach retirement, paying the last 30 years will provide better value than paying the first 30.

[phatomch]

.

[Ironside]

i have a stakeholder pension not sure what it is but i put a couple of hundred away each month and they will give me it back IF  i make 65 in month blocks

[Geo the Sarge]

i have a stakeholder pension not sure what it is but i put a couple of hundred away each month and they will give me it back IF  i make 65 in month blocks

check your pm's mate

Geo

[doubleup]

If any Blondes are interested I work for a company that specialises in Pensions and Pension transfers, I have spoken to the boss and anyone is interested our company will review your pensions for free, we can also transfer any dorment / frozen pensions you have for free.

So you will rebate all the commission and not charge any fees?  Good man!

[phatomch]

.

[doubleup]

There will be no fee's and ill split any commission I make with the blondes in question.

That ain't free m8


ps I'm a compliance officer - we like to say we help the business, but we really just like being c*nts