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FT - Tories to raid tax relief pensions
Notice front page of FT says that there are plans to cut back tax relief on pension contributions which would impact all 40% tax payers . I can’t access the full article to read it in depth and see the exact proposals, but other posters may be able to ? mick
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My Pension Expert
Has anyone had any dealings with My Pension Expert site? I’m planning to retire in July and I’ve contacted them about my options for a pension and they seem really knowledgeable and helpful. Their trust pilot rating is 5 star but it would be good to hear from anyone who has used this company to sort their pension.
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Clueless about auto enrolment
I have just returned to the UK on PAYE for the first time in many, many years. I have just discovered the auto enrolment into a private pension for employees regime. Bearing in mind ; 1. I am 50. 2. I have my own considerable 'pension pot' in ISA's. 3. I think I will live longer than the average. What would be the pros and…
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State Pension
I am bit confused about what happens when you defer claiming state pension. I had intended to defer claiming for a year or so as I am still working, however, I read on a financial site that even if you defer for just one year it takes 17.5 years to get that money back, so I have decided to claim it now and just pay the…
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New site very hard to read
I am finding the new site very hard to read: First, longer posts "spill out" of the box and overwrite the frame making them indecipherable Also, the new font doesn't seem to switch from bold to unbold after you have viewed a thread, making it very difficult to keep track of where you got to last time you visited the forum.
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IFA advice on pension transfer
I want IFA advice on transferring a Prudential Annuity to a SIPP. I want to be aware of any pitfalls. I do not want a full blown assessment of my financial status. I am prepared to pay a reasonable fee for the former but I am being quoted large fees running to £3-4K for the latter!
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Do I cash in my private pension
I currently have a private pension as well as a works pension . As I am over 55 I can cash in my private pension which would pay off my mortgage. I currently earn 43000 per annum and would get approx 53000 from my private pension. Does anyone know how this would affect my taxable pay
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Continue pension contributions during career break?
Hello, I’m taking a years career break from the NHS and have the option to continue my pension contributions for the year. This will be around £5000. I’m in the 2015 part of the pension. Anyone have any advice? It’s a lot of money but I don’t want to screw myself over later on. I’m pretty confused about the whole thing!…
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Splitting Sipp drawdown
Looking at retirement Sipp (I have some DB bedrock monies as well) I was thinking of splitting this 50/50, half taking the tax free amount straight away (I don't need access to all of that tax free money), and the other half taking taxable amounts as I go along... its not the immediate calculations or how it works that I…
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Sorting my wife's pension for remaining working years
Hi, To date I have been focussing on sorting out my pension rather than my wife’s. The reason being was I was a higher rate tax payer and as a result achieved better value. Having retired, my wife plans to work until August 2021. She is a teacher and this is the end of the next school year. I am now turning my attention to…
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Small Pension Pot halved in value in 2 months - Royal London
Hi , just wanted to ask if this sounds normal ? Received a letter from Royal London in November informing me about a small pension fund that i'd forgotten about , the letter quoted the value as being £949.00 and asked me to contact them in January 2020 (when i'm 60). I called them a few weeks back and they went through all…
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SIPPs and tax relief
Hi. I was lucky to earn 110k this year with overtime and bonus. I have only contributed 10k to my sipp this year though (and the same last year). I have 80k in an isa that I am considering using to pay a lump sum into my sipp. I have heard that I can get tax relief up to 40k, but I might be able to use previous years…
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Civil Service Pension - Do these numbers seem correct
I’m 57 and will have completed 39 years service this year. If I work until I’m 60 (almost all in Classic - taper to Alpha this year I think) and should be able to retire on a pension of around £26,000 per annum. I used a “salary calculator” app the other day that suggested I would get around £1950 a month - which is based…
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How much tax on inherited Sipps.
Hello, I've recently been informed that I am inheriting a % of my grandparents sipps pension fund (My late grandmother was over 75 when she passed away). I have been given 3 options: 1. Take a lump sum 2. Purchase a drawdown plan 3. Purchase an annuity Ideally we'd like to withdraw the funds but we're unsure of the tax…
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Pension contribution currently unemployed
HI, I was made redundant in Aug'19 and have not worked since. I have paid almost £40k gross into my pension for this tax year. I have unused annual allowance from the previous 3 years having paid approx £20k gross per year. Do the rules allow me to contribute a further £60k as per my unused allowane when I am unemployed?…
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Is CGT allowance transferable
If one spouse has no income and no investments, and the other held funds of £40,000 which were purchased for £20,000 (therefore £20,000 gain on disposal), can £20,000 of funds be gifted to the other spouse so that both can benefit from the annual CGT allowance? The receiving spouse then sells the funds in a normal dealing…
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ASI UK Smaller Companies Pension Fund and my retirement plan
I have been spending the last year reviewing and developing some retirement plans. After much thought and wrangling with spreadsheets and talking to as many people either retired or also preparing for retirement, I am trying to refine my plans as far as I can without paying for financial advice. It appears to me that there…
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Suffolk Life
Are Suffolk Life a good investment company for a private pension SIPP ?
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Drawing on tax free lump sum so you can pay more into pension
Something that just popped into my head which I am guessing probably isn't allowed but thought I would ask anyway. I have a hybrid pension with USS, part DB and part DC. One of the great things about this pension is that the TFLS can be taken on the value of the entire pension. So for example if you had accrued a DB…
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Nest or Sipp or..? Convince my OH..?
I'm nagging my OH to get her savings working harder & make better provision for her pension. I need to do some convincing so need to be sure of the facts but know little about latest pension rules & Nest: I see additional pension contributions as prob her best option - pay extra in while a BRTP, hopefully let it earn, take…
