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Sense check my LGPS tax-free calculations
Can any resident LGPS experts cast an eye over these
tax-free lump sum calculations please? I am using round figures in this example of £20k annual
pension, £32k lump sum and £100k of AVC contributions. My understanding is the maximum tax-free lump sum is 25% of the
total of: * 20x annual pension + lump sum + AVC’s. In…
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Is a full state pension due?
Hi, Aged 61, working part-time (talked out of retiring several times), currently in receipt of my private pension. Looking ahead to see when I can stop working part-time. Therefore I'm turning my attention to the state pension. On the HMRC site it states that I will receive a full state pension of £221.20, and below the…
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No support by BP for discretionary pension increase above the 5% cap in 2024
Back in April 2023, I wrote a thread expressing
my surprise that a request by the BP Pension Trustee to BP to support a pension
increase above the 5% cap, for the second year running, in an era of immense
profits for BP, was declined. This year, BP pensioners were recently informed
that a request for a 2% above cap pension…
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Capita pension administration
Hi - I want to raise a complaint against Capita for their ineffectual administration. My wife put them on notice that she was retiring in January and still nothing happening. Does anyone have a link to where the complaint can be raised as it isn't obviously available on their website? Thanks.
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ill health retirement
Hi, I may have to retire through ill health. I have a final salary pension that I stopped paying into in 2015. I have been reading that most people that take ill health retirement with final salary pensions can receive their pensions with no reduction for taking it early. My pension provider says if I’m eligible a…
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State Pension Amount - More Than Anticipated
Hi all. I regularly see the state pension amount quoted in the media as £221.20 per week or £11,060 per annum. I'm registered on the HMRC website. I logged in and checked what I can expect when I reach 66 in September 2025. The amount is £13,923 per annum which is more than I see headlined. That is what I would get if I…
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Money Purchase Annual Allowance
A very basic query. Please bear with me. Am I correct in my understanding that the MPAA applies as a limitation on payments INTO a pension pot? I am retiring and with no intention to be making any further payments into any pension pots of any kind. Given that am I correct in thinking that the MPAA is not something I need…
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Personal Savings Allowance for a Pensioner
How is the personal savings allowance determined for someone who has retired and receives a pension? When earning, I know that the higher rate tax threshold is £50,270, but once retired if your sole income is from a pension (approx £3300 a month) and a small amount of interest from savings, does that put you as a basic…
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equity release draw down scheme and another valuation
I have had equity release as drawdown, for about 11 years I can release cash when I need it - not in one lump sum - which I find helpful. My lender has contacted me and said that as I have had the drawdown mortgage for some time now they need to do another valuation (why is this because they are going to up the amount I…
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How do I change my post address after submitting my online application to pay voluntary NI?
I've submitted my online application to pay voluntary National Insurance contributions. However, I hadn't anticipated that it might take several months, or even up to a year, to receive a response. Additionally, as I'll be relocating for the foreseeable future, I'd like to know the procedure for updating my postal address.…
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Claiming back tax on redundancy pay 4 years ago?
Took voluntary severance in July 2020 and was paid £41k before tax and then 40% tax on the £11k over £30k so £4447 tax was paid I believe. I then took a DC pension which was transferred to Aegon and put into drawdown. Just now sorting out claiming my FS pension and they wanted to know how much of the LTA I had used so went…
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TFLS - Self Assessment
I’m thInking of taking some of my TFLS whilst I’m still working, will this trigger me having to do a self assessment? Currently I don’t do one
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DC Pension Contributions
I am 45 and earn £59,000 from my teaching job (been teaching since 2002) and around £7k from rental income. My current pension benefit statement indicates a around £17,000 at age 60 if I stop paying in. I'm now coming out of the TPS and into a DC scheme. The employer has offered to pay into this scheme at rates of 8%, 15%…
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LGPS and teachers pension
Hi all i have an old teachers pension with a mere £10800 in it, and an old LGPS pension with about £30000 in it. I'm paying into another LGPS scheme (different county) with not much in it at all yet. I've not transferred one to the other. I'm 55 and have a private pension too. I'm working and intend to do so for the next…
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Am I able to make voluntary National Insurance after decades of leaving the UK?
If I have accrued 4 years of National Insurance (NI) records in the UK and subsequently relocate to work and reside in another country for several decades, would I still be eligible to voluntarily contribute to make up for the remaining 6 years of NI contributions before reaching retirement age? This way, I can ensure that…
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Pension Illustration Error?
Hi pensions experts, I have a Defined Benefits pension - I won't say at this stage who the employer or the who the Pension administrator is. Upon retirement I have been planning on taking the 25% tax free lump sum and reduced annual pension. The pension administrators system has an illustrator that provides an estimate…
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Downsizing and retirement planning
Reading posts on here is bitter sweet, I wish I had joined earlier! I may have missed a few opportunities to make a better retirement pot than I did. But I am lucky enough to be mortgage free at least. So on that theme, has anyone got any pointers on how to optimise for retirement any funds released from downsizing ?
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Small Pension Pot
I have a small 2nd pension pot worth £5500. This is standalone form my main pension fund. I have not yet taken any taxable pension payment, only a small portion of my tax free allowance. I am retired and aim to earn less than £12570 this tax year. Can i take the 5500 tax free if i stay under £12570? Are there other…
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USS - growth fund
I started with the USS investment builder in 2016. My main aim was to preserve child benefit by
being under the income threshold and also get
some additional pension. I put the funds,
plus employer contribution to DC, in USS growth fund which was marked as high
risk, but potential high return and seemed an easy choice.…
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Interactive Investor TFC Withdrawal 25% value date
For anyone who has done this, and if I ask to take the full 25% TFC from my pot, can I ask whether II warn you in advance what will be the actual date that they will calculate the value of the 25%? It says on the website that they take approximately 10 business days to process the request. Does this mean I need to…