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Using Pension Pot to pay off mortgage?
Hi, I have a fairly hefty mortgage which runs for another 14 years. I have a pension pot from my last employment which is about £10k short of what I owe. I'm increasingly not liking the amount of interest I'm paying on my mortgage so am thinking, use the pension pot to pay it off then put the money which would have been…
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Paying into spouse's pension- tax relief
I understand that a spouse (my husband in this case) can make "third party payments" into a pension for me and that this can attract tax relief at 20% for him. Looking at this advice it seems that, as I don't pay tax, I will also get a 20% uplift of the contribution, or am I missing something?…
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Payments/State Pension Relationship
I am 53 years old I've just checked my state pension on the Gov.uk website. Apparently I have 33 full years of contribution but at the moment will only entitled to £129 per week once I reach state pension age. The site says that the maximum I would be entitled to is £159.55 a week and that for this I need to contribute for…
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PCLS - Should you always take it?
Is it always best to take the full 25% tax free lump sum? What criteria need to be considered? Commutation rate for my main DB pension is 17-1 If I take into account my 2 DB pensions, plus state pension I will probably go into the 40% tax band by £2k - £3k Should the objective be to keep in the lower tax band by taking…
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FS Pension Indexed Linked
I have two options. 1. Gives a fully indexed linked pension with lump sum 2. Gives a 2/3 indexed linked (1/3 frozen) with a lump sum increase of £6k and initial pension of £1k a year more (this narrows as the fully indexed linked 1/3 increases with CPI) If BOE expectations are to be believed then CPI is set to fix at 2%…
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LGPS - Advice please
Hi, hoping to get some advice regarding joining the LGPS scheme please. I am 36 and have no pension at all. Mortgage on £350k house is fully paid off (rightly or wrongly we ploughed everything into this as my husband had cancer some years back and we have 2 kids so we wanted the security of owning our own home). My husband…
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Contracting out and the state pension
I am a 35 year old male who has paid into the LGPS since 2009 and so I’d been contracted out until April 2016. I checked my state pension forecast online for the first time today and was surprised to find that these years are described as “Full Years” and I have built up 14 years of NI contributions so far. I thought my…
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Pension advice cost
Can anyone please tell me roughly what I should expect to pay for pension advice from an IFA . This is to give me advice on my private pension and where to put future contributions . Also any ongoing charges , thanks .
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Child Benefit - Tax Charge
reposting from family board as it's all quiet on there.... For those with earnings between £50k and £60k What is in scope as earnings? I know pension contributions clearly reduce the taxable earnings. Do childcare vouchers reduce it too? Does interest (and dividend) income get added or is this out of scope. I know I'll…
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Auto-Enrolment Overcontribution, or private SIPP?
Hi, I am currently employed and contributing the minimum amounts to the auto-enrolment pension scheme at work. I am thinking it is sensible to pay a bit more into my pension (for the tax relief benefit in particular) and am unsure whether I am better to just up my contributions to the auto-enrolment pension (although work…
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Retiring at 60 - can I increase state pension at 66?
Am taking work pension at 60 next year. According to the pension website my pension up to April 17 would be £126.86 but could be £158.77 if I carried on paying NI to 2024. Is it possible just to pay NI when not working and how much is it??
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Question on tax relief for lump sum pension contribution
Lets say someone earns £55k a year and they want to pay a lump sum of £20k into their pension. How much of this lump sum would attract 40% tax relief and how much 20%. Does it depend on other pension contributions also, for example 8%/month into a DB scheme?
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Annual £40,000 pension payment allowance query
Hi I am hoping someone can help me . I pay £300 a month (£3600 a year) and my employer pays £600 (£7200 a year ) a month into my defined benefits pension scheme. Total contributions £ 10,800 I understand I can pay £40,000 in to my pension scheme. Could someone tell me if this leaves me £29,200 I can pay in as a one off…
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FS pension question
I had a FS pension which was stopped and we were transfer into a DC scheme. Last statement showed that the FS pension would at moment as it obviously goes up slightly each year give me a pension of around £4500 a year i know not exactly big money. Mainly due to the length we were actually in it. Please correct me if im…
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Calculating maximum SIPP contribution allowed
I'm trying to calculate the maximum annual contribution allowed to a SIPP that my wife is opening. I know that for a basic rate taxpayer you can contribute up to your gross earnings, including the 20% that HMRC will contribute. However I think I am right in saying that you also have to deduct from the gross figure any…
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Best way to drawdown from HL SIPP
Hi following help on here we set up a SIPP for my wife to benefit from the tax relief . She now wishes to start withdrawing from this ready for next years payment, ie £240 pm which she will put in a regular saver and then transfer to HL SIPP in the next tax year.She is has no income other than this and will remain a non…
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Logistics of early retirement?
Being mortgage free and with savings I wonder what are the "nuts and bolts" of packing in work completely, but being too young for a state pension? Correct me if I'm wrong but I think with 35 years full contributations its possible to get a full pension once you reach 65-68? What about, say, 10 years of retirement with no…
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State Pension forecast less than full amount - NOT contracted out
Thought I’d start a new thread although it’s a similar situation to the one from yesterday about receiving a full State Pension. The difference is that my husband has never been contacted out. Husband is 57 – for much of his working life he’s been self-employed & had a few years living abroad, therefore he has gaps in his…
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How would I work this out- NHS pension
What if abatement applies to me? Our paying agents will let you know the amount that you can earn each year without affecting your pension payments. This figure is called your Annual Earnings Margin. When your NHS work begins your expected pay for the year will be compared with your earnings margin and if necessary your…
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Pension Website
I was looking on google to find the answer to a question I had on pensions. I came across this website that answered the question: https://pensionsorter.co.uk/get-a-pension/ what do folk think of the information on that website? Are they accurate?
