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AVCs Attached to a Final Salary Pension: keep as is or move to main pension pot?
Hi all, I (M43) have just obtained an illustration of benefits for a final salary pension and a small amount of AVCs. Summary if taken at age 55: AVCs: £6832 DB pension circa £4688 per annum. I’ve been given various options at retirement to use the AVCs including taking tax free cash, converting AVCs to a small annual…
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Strategy Change in lieu of 2027 Pension and IHT legislation
I can't be the only one who is seething about the 2027 IHT changes next April. I am still trying to reconcile the impact. I have spent the last 30 years building up a sizeable pot to fund my old age and leave something to pass on to my children upon my death. I have been over multiple scenarios and keep coming back to the…
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Avoiding the 40% tax on pension pot withdrawal
My understanding is that at 55 (soon 57), I can start to withdraw from my pension pot. I can take 25% of the pot up to £268275 tax free and then £50270 per year at 20% tax (or less), assuming I have no other income. How big (small?) a pot do I need to avoid the higher rate tax in my lifetime and still withdraw the whole…
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Fidelity SIPP Personal Statement Issued to Employer - Data Breach?
I have a SIPP with Fidelity, into which I have a regular payment set up for my salary sacrifice from my employer. I discovered today, after finding a stack of documents on my desk, that Fidelity have sent my quarterly statement to my employer. This lists all of my investments and how they have performed in the last…
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Is there a really detailed online method to check NICs?
This check https://www.gov.uk/check-national-insurance-record only tells you if years are complete or not. This matters when checking your state pension eligibility. I'm going through my & wifes records online and called HMRC about some discrepancies. They don't seem to be able to go into any details but one HMRC helpdesk…
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Help finding an old pension
I was talked into taking out a private pension when I was around 18/19, I opted out of SERPS and I have contacted HMRC and they have given me the name of the pension it was paid in to but not the company. I called the goverment pensions tracing and they gave me a number which is not active. I have contacted ReAssure who…
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Freetrade SIPP - Payment of tax relief
I've just topped up my Freetrade SIPP and would like to know when I can expect the tax relief to hit my account. Does anyone have any experience to share? From memory I think with HL, for example, you can work out the payment date (something along the lines of contribution up until 6th of the month then tax relief is paid…
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Which pension pot to drawdown first?
I turn 55 next year and work sucks so I am looking at my options. Assuming I have a plan for after full state pension kicks in at 67, already checked, I need to work out the best drawdown strategy for 55 to 60 then 60-67. I have a small DB pension which starts at 60 paying £4000 per year hence the 2 time periods. My first…
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HL 2880 to 3600
Hi i paid 2880 into sipp which has been increased to 3600 and i am now trying to withdraw it I have been unable to set up a Nominated Bank account on line I rang them and they said i had to decide how i want lump sum before they send me application to withdraw. crystalizes something I am so outta my depth , i have small…
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Class 3 voluntary NI contributions: why was the 6th back year calculated differently?
Hello everyone! I recently filled all the gaps in my National Insurance record through voluntary Class 3 contributions. I applied before April 2025, received the calculation, paid the required amounts within the deadlines, and my record is now fully up to date. There is one technical point I am still curious about and…
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Sole Trader advice: pension & possibly otherwise
Hello everyone, I'm trying to get some advice to help someone close to me, who is a sole trader, get a pension, but it's an area I know nothing about so as I am PAYE employed, so I would appreciate your advice. I believe that sole traders can get the same tax relief PAYE employees can, but how does that work, on a…
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IHT 2027 Pension Changes: Using JLSD Term Policy vs Alternatives?
I'm looking for any critiques or pitfalls on a temporary IHT strategy I’m considering as I look out to the IHT changes from April 27. The Situation: The Estate: Expected to peak at around £2.5m when my wife and I hit age 60. Long-Term Plan: Draw down excess SIPP income to gift to the kids or move into ISAs, stopping…
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Pension pot drawdown
Carried out recent improvements to home and needed to access funds from my pension pot I needed to access £15000 to make payment and as a standard rate tax payer thought I would need to withdraw a £18000 gross. However it transpired that I would need to withdraw £25000 to meet my commitments and in doing so pushed me into…
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Trading 212 SIPP
I have a Trading 212 S&S ISA and cash ISA and and have just been reading they are supposed to be introducing a SIPP in the 1st quarter of 2025. It almost seems too good to be true that there will be no management fees just a 0.15% currency conversion fee (FX fee) for stocks and ETFs. If this is true then transferring to…
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DB Pension take lump sum or not?
My wife has an old DB pension.She has been offered a couple of options at the moment which are Full pension £12270pa or reduced pension of £9250 pa plus lump sum of £61560. She still has 8 years before she collects her state pension ,I'm already getting my state pension and have some small pensions which I will look into…
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SPPA Letter McCloud Remedy
One of my wife's friends got her Remedial Statement through…..she was a teacher and retired early several years ago. I really can't believe they are asking her to make a choice here (between her original FS and CARE for the remedy period) as the latter is unambiguously worse and would result in her having to repay money…
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De-risking Pensions
I am not too far from starting to think about retirement dates (c.5yrs) but having restless nights thinking about what might happen to my pension pot in the current geopolitical and economic context. Wars, corruption, AI bubble, chaotic governments etc. so much instability and just have a gut feeling there is something…
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SIPP payments and pension
Hi Everyone, Firstly a little background. I am 61, expecting to retire between 63 and 65. I have 2 X pensions and will obviously receive my state pension at 67. I will pay tax until the day I die but I'm not too upset about that. My wife is 10 years younger and employed in the NHS. If she (as expected) retires (or gives up…
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When/If to do a Cash Lifetime ISA transfer to a S&S Lifetime ISA
Just after a bit of advice (or what you might do in a similar situation?) for retirement planning. I am self-employed and currently have both a managed Stocks and Shares LISA (around 30K) and a Cash LISA (7.5K) I am using for retirement as I am already a homeowner. I opened the Cash LISA when I had more cautious approach…
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UFPLS Pension taken in March
Hi, I'm thinking of taking my annual UFPLS withdrawal of £16500, in March 2027, and I'm hoping to avoid the P55 Tax reclaim by taking the money after 7th March rather than after April 6th, using nearly my whole years Tax free Allowance. I wont have any other income for the year, as i can subsidise my income until March 27…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
751 discussions
6.5K comments
Most recent: If You Have Registered For A … by molerat
11 August at 3:06PM
