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Pension Contributions Non -Taxpayer
Does anyone know if the current tax relief limit on pension contributions for non-taxpayers ( £2880 net, £3600 gross) will change for the 2016/17 tax year? Thanks
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Pensions when divorced
Hi, I'm really struggling to get information regarding my share of pension from my ex husband. We was married 22 years with now 3 adult children...it was an amicable divorce 2 years ago with no property or monies to divide, my ex has assured me when he is able to cash in his pensions he will make sure I get my share he is…
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Deferred pension calculator
I deferred my state pension and want to take it soon. Is there a calculator anywhere so I can work out the best week to take it. I mean just after another 1% has been added at the end of a 5 week period. It is difficult to work out exactly when deferrment starts. Is it the Monday after the week I would have qualified for…
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Deferred pension calculator
I deferred my state pension and want to take it soon. Is there a calculator anywhere so I can work out the best week to take it. I mean just after another 1% has been added at the end of a 5 week period. It is difficult to work out exactly when deferrment starts. Is it the Monday after the week I would have qualified for…
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Teacher Pension Question
A Female Family member who is 64 years old reached state pension age when she was 62 but carried on working as a teacher She is now looking into retiring from teaching but has been told that after the age of state retirement - 62 - there is a change in how her service is calculated/accrued Can anyone shed any light on…
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Letter from the Pensions Service about the increase in my state pension
I have just received my annual letter from the Pensions Service entitled “ABOUT THE GENERAL INCREASES IN BENEFITS”. The letter informs me what my state pension will be in the coming tax year. My state pension has three components: * The basic state pension * A pre 97 additional state pension, less a contracted-out…
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Tax and SIPP
Hi folks, I have a small (30k) SIPP taken out to allow me to draw down a pension. At the moment, the money is held in cash. I chose cash for I had planned to only keep it in there for a year. If instead, Indecided to invest the money within the SIPP, what tax would I have to pay. I am a lower rate tax payer.
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SIPP contribution
I'm retired already drawing a final salary pension and started a SIPP (already ISAed to max) at £2880 a year as the maximum allowed for unearned income. Can I therefore now deduct £2880 from the total of my taxable income for the year, since this will stop me going into higher rate tax? thanks.
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BT Scheme C pension
Hello, could someone assist please and please do correct me if I am wrong I am 55 years old. Been in BT Scheme C (final salary now career average) scheme for 31 years. Salary is £54k. I have tried to model retirement benefits and am getting confused. It seems to indicate that I can get £100k lump sum tax free and a £15k…
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nhs pension
I hope this is posted in the correct place . I am a bit confused since receiving my state pension. I have been in receipt of my nhs pension for 8 years but have now started receiving the state pension since 26th November. I was informed of a change in tax from the nhs at the end of December which resulted in a change in…
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Civil Service Partnership contribution rates
Hi, I'm a bit confused by the Civil Service Partnership employee contribution rates. What will my employer pay? Your employer will make a contribution as a percentage of your pensionable earnings . This varies according to your age as at the beginning of the tax year (at the last 6 April) and so it may increase in the…
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Voluntary national insurance contributions to fill gaps in history
I have been working full time for the past 5 years paying full NI contributions but prior to that I had been at university studying for a undergrad then post grad degree. For this period I have a gap in my contributions (7 years). Can anybody tell me if it would be worth paying some of these additional contributions now? I…
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can you help me understand my pension figures please
Hi can anyone help me with understanding my pension please a little better than I do. I used to work for BT and I had a Final Salary pension. I am now 55 and not drawing any pensions. The BT one pays out at 60. I recently asked for my pension figures and received the following Total Pension at date of leaving £11,986.19pa…
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Retirement housing options
Hi all, My dad is 76 and still working 4 days a week. He currently rents in the private sector. He is collecting state pension as well as a very minimal private pension, which will soon cease in a matter of months. He has no savings, capital assets or investments. Can anyone help me understand so I can help him what…
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Salary Sacrifice Car Scheme
Hi all, I'm thinking about using salary sacrifice to get a car on a PCP. Can I use it to fully pay my monthly instalments? Could anyone explain this calculator to me? Am I right in saying that if the car costs £1,284 a month, I would be paying that from my salary tax-free? I assume you still have to pay the deposit…
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Terminal cancer tax free lump sum
Hello all, I'm new to the forum so apologies if this has been asked/answered before. But, my Dad has been diagnosed with terminal cancer and he has two pensions that total roughly £80,000. One, he took 25% of a few years back and put rest in an annuity the other has never been touched. I thought he was entitled to take the…
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NI paid across two employers but "Year is not full"
I was having a poke around the "Personal Tax Account" and looked at my National Insurance record. I have one year that says "Year is not full" (2008/2009) but looking at my own statements it does not look too different from the other years at the time. I was a student working part time in three jobs. On two jobs I paid…
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Transfer defined benefits pension
i know the general opinion is that moving a db pension to a dc fund is bad value but, If you were only in the db scheme a couple of years, Were a low earner at the time, It's last transfer value I think was under 10k, It pays out at 60 but I doubt I will be able to retire then. I would prefer not to have a separate small…
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NHS pension over payment
Whilst I found this old thread on an issue very close to my fathers I could do with some up to date advise please (the thread has also been closed). My mum was in receipt of NHS pension and she sadly passed away on the 23rd December. My father informed them as soon as possible after the xmas bank holidays and he received a…
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Low earners and NI
Low earners don't need to pay NI. National Insurance and low earners You don't have to pay National Insurance if you earn below a certain amount - in 2016-17, this is £8,060. Does that mean you do not build up a years worth of national insurance towards your state pension. I'm guessing the answer is yes. So if you earned…
