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Receiving lump sum state pension
My mum is in a panic, for the 2018/2019 tax year she has received the following:- 1) April to July 2018 £4,200 pay from her job 2) Aug to 5/4/19 state pension 3) Dec 18 deferred state pension payment of £34,000 She is in a panic as in her words - she was expecting a letter to say how much tax is owed for last year. Reading…
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no more free TV license for over 75,s
Unless you are on benefit
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Information from SIPP trustees
I have a SIPP which is managed by trustees and constantly have difficulty getting information from them. I have now been waiting almost six weeks for a valuation with a detailed breakdown for each holding. Under the terms of the trust I cannot be a joint trustee and cannot therefore have direct contact with the platform…
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Recycling Pension Lump Sums
Hi Having done a bit of research on the forum, it seems that it is quite legitimate to take my 25% Tax Free portion from my SIPP and then pay it into my wife’s SIPP, assuming the requisite levels of income are correct for the tax benefits and not over AA/LTA etc. Question is, can she do the same? Take hers and pay it into…
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Why I don't want to go with drawdown
My pot is £250k An IFA says he can put this into draw down He says it could make 4% pa Fees would be a total of 1.35% pa I am very risk adverse I cannot see that the proposed drawdown can consistently make 5.35% going forwards I would be concerned that the pot would get smaller every year I would also be concerned at the…
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starting a pension in 40's with a fair amount
Hello all, I was wondering if anybody can help me with some financial planning. My situation is I have a limited company my salary and dividends come through at around £120k-£150k per year (pre personal tax). I have £200k left on my flat with equity of about £400k. I have no personal savings, no ISA and a pension from…
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Pension overpayment?
Hello My father passed away earlier this year and one of the pension companies are asking for an amount of money to be returned that was an over payment. It's only a small amount, so I'm not that bothered, but I just wanted to know if it's possible to request money back that was paid before death? The company says that the…
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Boris wants to raise 40% threshold
Apparently Boris Johnson said he wants to raise the 40% threshold to 80k if he gets in. I guess that mans a loss of 40% tax relief for a lot of people!! Or it just means we get more in our pay packet to invest?! Should this be the case, is it reasonable to think we could still use our last three years allowance, or will it…
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Thirty Year Guarantee Annuity
I am considering the following as an option Single Annuity Guaranteed 30 years RPI Escalation I am assuming this will continue to pay out to my wife on my death for the full term of 30 years And to my family after her death if before 30 year period ends Is this correct
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GAR Options
I have read some posts on this forum and understand the advice regarding GARs. Just considering the options provided for purchasing an annuity using a fund with GARs. I understand a lot depends on individual finances/circumstances but I have been quoted a rate of 8.8% (I think. i.e. 40k fund - £3,468 p/a) to purchase a…
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Where to save beyond annual allowance
I am looking for some opinions on approaches to investment if you are using up all of your annual allowance, and more. As a result of some final salary element to my DB pension and a few decent pay rises I will breach the annual allowance this year and have used all my carry forward. This will likely be the case each year…
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PCLS Timescale
Just a quick question I'm 55 this coming week :beer: I intend taking the full 25% PCLS to enable a cash house purchase. I have already met with my IFA a few weeks ago and completed the PCLS request forms in advance, and the investments in my Royal London SIPP have all been transferred to cash at present. IFA is a little…
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Partner-1 SIPP vs Partner-2 workplace pension
This post is a branch from my post at: forums.moneysavingexpert.com/showthread.php?t=6011256 (Cant post links at the moment) Wife has no income or pension account. Husband is 40% taxpayer (before and after pension contribution) Should we open SIPP for wife and get £720 top-up on £2880 contributed. This £2880 will come from…
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.Gov site information
Just signed into the .Gov site to check my State Pension and checked my other info whilst there. Can someone confirm that as my stakeholder Pension is probably salary sacrifice that is the reason for the difference between my payslip yearly amount and the amount they are using as a tax income? Nearly £4000 difference…
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Have yet to receive my state pension invitation letter
I am due to start receiving my state pension on 6th September but still haven't got my "invitation to claim" letter. I have accessed my estimated pension amount via the gov.uk portal but this has obviously not been confirmed yet and there is less than 3mths left to sort it all out (especially if it is not correct). I have…
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State pension confusion
I have just checked my online info - 'Headline' is £154 but when I look at COPE amount its £108 I have moved my Final salary pension to a SIPP- thus I am no longer a member of a works pension scheme. QUESTION - will I be paid £108 or £154? I am confused as I know about contracted out / in but I have paid NI for 47 years…
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LISA vs additional workplace pension contribution?
I currently pay in 8% to workplace pension via salary sacrifice which my employer matches (8% is the maximum employer contribution) I’m 32 and lower rate tax payer, circa 30k salary, and I’m looking to increase my pension contributions (as currently overpaying mortgage to maximum without penalty) Is is better to increase…
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State Pension forecast (individual request)
Hello, With regards the recent errors re State Pension forecasts, could anyone please help to clarify the following case. Female aged 62, retired with small company pension, no state benefits. Online forecast has been checked for past 3 years and always shows full entitlement.Latest online figures as follows: £ 168.60 is…
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Advice on NI Record Gaps, Pension and self employment
I have worked many years, some years been on dole and some years self employed but low income so as a result not paid NI contributions. I did a State Pension forecast here: https://www.tax.service.gov.uk/check-your-state-pension It states I would be eligible for £X amount in 2048, and says I need to contribute another 24…
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Buying missed SP years
Can you still buy additional SP years if you have started taking the pension or must it be done beforehand?
