I just wanted to check I have been calculating this correctly:
I earn £558.98 a month. I pay £31.30 into a work based pension and £22.00 into a private pension every month.
31.30 + 22.00 = 53.30 a month pension contributions
53.30 x 12 = 639.60 a year monthly pension contributions
639.60/52 = 12.30 = a week monthly pension contributions
12.30/2 = 6.15 a week in deductible pensions contributions
558.98 x 12 = 6707.76 earnings a year
6707.76/52 = 128.99 earnings a week
128.99 - 6.15 = £122.84 which is under the £123 threshold.
Are my maths corrected?
your maths looks right to me, however I’m not an expert in such matters (nor do I have personal experience of this.) If you are worried then contact the Carers Uk helpline or Citizen’s advice bureau for advice.
You can email us at > email@example.com > and we will respond to your enquiries within 10 working days, although it can often be sooner.
Our telephone helpline providing information is open on Mondays and Tuesdays between 10am and 4pm - 0808 808 7777
If you are also claiming Universal Credit, then definitely seek further advice as that makes matters more complicated.
I have been told to expect a form that needs to be completed due to perceived overpayments. They wont have a record of my private pension so this is unsurprising.
I can’t see any other way of calculating this so will be surprised if they say differently.
Everything is such a slog isn’t it. Good job you are organised and have everything to hand.
Let us know how things go.
Just in case anyone reads this thread in the future who may be in a similar position…
My calculations were correct.
Thanks Nicola, this sort of feedback is really useful.