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LGPS AVC to annuity
I have a quote from my LGPS provider to take my pension early, at age 56. In the letter detailing my AVC options, I cannot take it all as a TFLS and there is a line that says:"The remaining AVC fund of £5380.24 would purchace an annuity withing the LGPS scheme of £232.96 per annum."This seems to be offering me an annuity,…
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Salary Sacrifice to lower tax bracket?
Hello there, I would just like to ask the more knowledgeable people in this forum if I have my understanding correct, and if not what is actually the case. I am currently in the 40% tax band, and am currently salary sacrificing around £300 a month to my pension. If I were to increase this by an additional £1,100 a month…
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Pension Contributions Refunded - Re-invest into new pension scheme?
A family member previously worked for the NHS but left to take up their dream job in the private sector. Unfortunately, my family member wasn't too savvy with pensions and wasn't aware that the NHS pension was a DB scheme. The new company is however, providing a fairly generous DC scheme. A knock on effect of leaving the…
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40 year old (pension) virgin
Hi Peeps, I hope you're all well. It recently dawned on me that I don't have any kind of pension/investment/savings habit/plan. Pensions give me the hebegebees, as all I seem to hear as the companies go broke and people are left without their ££. It doesn't seem that safe an option. Does anyone have any advice on what sort…
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Please can I get some advice for my dad that retired early
Hi there, Need some advice from the MSE community on how you would approach this topic for my dad on investments and budgeting... Apologies for my long post, however thought more background would be useful. I recently moved back home due to virus (30 yo son), work in fintech with hedge funds. Good understanding of personal…
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Very small NEST pension help please.
Hello, my OH has a NEST pension valued at £1,640 in total. He is a non tax payer with an income of less than £10,000 pa. Can he gain access to the entire £1640 as a lump sum without paying any tax on it? If so what's the best way to sort this please? tia s x
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54 no pension
My husband is self employed and has no pension, we have just got a lump sum of £80000 from a house sale, is it worth paying some into a pension or is he to old?
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How does LTA test at 75/work.
Suppose at age 55 i have two sipps, both equal to 50% LTA and i crystallise them. By age 75, one has doubled and one is worthless. (1) the sipps are at two different companies. Is there an lta charge on the doubled one or can it be offset by the worthless one? (2) if not, is the answer different if the crystallised sipps…
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State Pension when spouse passes away
Hi everyone. First time poster here. I've been trying to figure out my mum's State Pension entitlement but not able to find definitive answer online. Here's the scenario: * My dad passed away in June 2020, at the age of 64, one year away from State Pension age. He made full contributions and would have received the full…
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Pension annual management charge
Self employed with a private pension scheme that no contributions have been made to for several years. Can this be frozen until age 55 to avoid paying the Annual Management Charge (AMC)?
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Drawdown Lumpsum
How does drawdown lumpsum work? So I get my 25% tax free. Any good guides or tutorials that explain the process please?
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Scottish widows
I had to ring them recently, I have a stakeholder pension with them, they said it would be a good idea to move it to a retirement pension, I do not know the difference, I am married age 51 with a 18 year old daughter, the pot I gave with them is of the 60k mark what do you think
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Carry Forward Rules
Hi, I am being made redundant this year (20/21 tax year), will receive around £125,000, and will need to use carry forward to put the maximum possible into my defined contribution pension. I have some carry forward available from 17/18, 18/19, and 19/20, but my questions relate specifically to the amount of carry forward I…
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Pensions - Baptism of Fire
I'm wondering if any of you guys can help point me in the right direction? At the ripe old age of 52, I'm looking to get a pension. My situation is positive that I'm restarting my life after overcoming long term mental health difficulties and, I'm due to start university in Sept with a view to becoming a mental health…
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Moving my pension to an IFA
Just found out i have had a pension. Hi all, am new to this forum & am asking for a bit of advice please. Two weeks ago i found out that i had a pension that i paid into for just 12 years with an old employer that i totallly forgot about in my younger years not 30 years on & i found it sitting in a Phoenix Life pension…
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cash in or not
My daughter-in-law is considering cashing in an old pension
pot of approx. £10,000. It is not being invested into now and is doing little. She
intends to add it to the Sipps, that she has just started to invest into for a
pension. Although the Sipps have just started, she will not retire for another
35 years. The existing…
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Pension affected by compulsory redundancy
I’m 50 and I’ve been told that due to compulsory redundancy there is a discretion applied to my pension which means if I take my pension at 60 (rather than 65) it’s un reduced and if I take it earlier at 55 it has a 5year reduction applied. What does this mean in simplistic terms? Thanks for any advice as I’d like to…
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What To Do , How to Do it
Hi there I have £ 111,000 in some old pensions and my partner has £66,000 they don’t give us an living income so we want to take the pots . We have no rush for the cash I am just 55 but like it all out by the time I’m 60 . What is the best way and most tax efficient way of getting the cash out . many thanks in advance
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Adjusting fund holdings to match planned drawing profile?
WE have talked a lot about the number (annual income required in retirement) and a fair bit about how risk tolerance might impact a split in holdings between 'equities' and 'bonds' in a long term growth portfolio. There is also discussion about holding 'x years' of expenditure in 'near cash' to avoid having to divest…
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State Pension and credits for child benefit
Hi I wonder if anyone could advise on this: Back in 1975 I lived on the Isle of Man for nine months which has meant I haven't been able to get a state pension forecast or see my NI contributions until now - 3 months before my state pension is due to begins I have just had a state pension forecast which shows I have 33…
