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NHS ill health tier 2
Hi i have been awarded a tier 2 ill health pension and just got details of my benefits. I was a member of of both the 1995 and 2015 scheme. It would seem looking at the letter that they have only added a tier 2 enhancement to the 2015 scheme and not the money in the pot of the 1995 scheme. Is this correct? I was led to…
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Calculating additional LGPS contributions to retire early
Hi all I've started making some AVCs to my lgps to male the most of the tax efficiencies it allows. It's made me wonder, how do I work out how much extra I'd need to contribute per month in order to retire at 55 on a pension income of £35k before tax? What I'm looking for is a formula to follow so I can try to calculate it…
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Tax liabilities on Pension when retiring abroad
Hi experts I have a private pension pot to which I contribute through my employer. If I choose to retire and reside outside of UK will my pension withdrawals will be subject to retirement country or calculated as per income tax rates in UK. Secondly, if the pension withdrawals are calculated as per the country of…
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Teachers Pension....Additional Pension
Hi, If you want to purchase the maximum available (£7000), is it worth doing as £250 per annum and keep applying every year in £250/£500 per annum elections. OR purchasing the full £7000 over say 15/20 years as an ongoing contract. Advice Please. Thanks
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Best way to get from 55 to NPA?
Hi all, Just turned 36 and think I need to start properly planning for retirement and how early I can actually retire. I'm aware I'm in a fairly fortunate positions as I have a partial RAF pension built already and also am a decently paid public sector worker. My wife is also a public sector worker so I guess this question…
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Any disadvantage taking multiple tax free amounts from SIPP with Flexi drawdown
I have £200k in SIPP with ii. I do not need to take the full 25% tax free lump sum initially, but I am concerned taking say 2x 12.5% lump sums may be detrimental. The concern arose when ii said I do not need to sell any funds moving into drawdown - so it appears if SIPP & drawdown investments are not segregated. Here is a…
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Combine my pensions?
I have 4 pensions from company’s I've worked for and a personal pension which I have not paid funds into for a while, would I be better leaving them where they are or combining them to one pension.
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Pension fund growth
Hi all Looking for a little, very approximate, guidance, I've pulled together a basic spread sheet showing my possible retirement position (am 53 want to retire or at least minimise work by 58, probably need to work a minimum salary 16 hour week till 62 ish) I have 201k in a Scottish Widows (level 7 risk i believe) pension…
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Paid 35 years, do I still need to pay more?
Hi According to HMRC, I've paid my 35 qualifying years and I'm fully paid up and forecast to get a full state pension. If I quit working now, and not pay any more for the 10 years till retirement age, will I still get the full amount? Thanks
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Pros and Cons to using Mortgage Capital repayments into an SCAVC or AVC just before retirement
A few months ago me and few others were discussing AVC's and senarios ways to boost the pot.Certainly in the year before retirement, its generally considered good to increase as much as possible contributions into the AVC pot which would be taken as part of the TFLS (from my DB pension, and standard LS+AVC). With this TFLS…
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Tax free lump sum
I am now at an age (56)w I can access the 25% tax free lump sum. I have 2 frozen DB pensions and my current pension is a DC one. I have had figures off one of my frozen pensions which would give me a lump sum of £21,000 and just over £3k a year. My question is. Would it be worth taking the pension and putting the lump sum…
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Pension Emergency Tax - HRMC Form P55 & PAYE Reference
Hi. Where do I find out a PAYE Reference Number for my mum, as required in Form P55 for reclaiming back emergency tax on a pension lump sum payment? She has not taken the lump sum yet - I am just checking out the form to understand it for when we do need it. She has not worked in a long long time so we don't have pay slips…
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Retirement info required
My wife will reach pensionable age in November of this year. She currently is on ESA and in the support group. She gets a small pension from local government which has been paid since she first claimed ESA. What exactly is the procedure and will ESA be replaced by state pension. Will she be notified or will she need to…
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Interactive Investor SIPP drawdown and income tax
Hello, Does anyone have an ii SIPP in drawdown and know what income tax ii withhold? My intention is to drawdown up to my personal allowance of £12,500 and do not want tax unnecessarly withheld, that I then have to claim it back. I have heard that it is best to drawdown £1000 first to avoid an emergency tax code being…
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Company Pension after redundancy
I've recently been made redundant just wanted to know what will happen to my Pension now. My employer paid into it for 10 years 10% of my income. Is there anything I need to do ie in terms of contacting pension company regards to investing the money. Up to this date ive just left it to them to deal with.
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two pension payments
Can someone advise me please as I have received two lump sum payments from one provider.The question is how do I go about declaring this to HMRC is it a self assessement I need to do as I have been advised by my provider I pay tax on the interest only.What shall I need to do?
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Leaving the NHS after 5 years
So, I've never really had to think about my pension, auto-enrollment and all that jazz since I've worked in the NHS since the age of 22 (my first proper job). But now I'm leaving for another employer who also has a pension scheme, and it looks like I'm best off leaving my NHS pension where it is. So this has got me…
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Have I lost out because of Contracted Out Pension?
I have just done a pension forecast on the government website which includes the following:- "Contracted Out Pension Equivalent (COPE)Your COPE estimate is£12.66 a week. This will not affect your State Pension forecast. The COPE amount is paid as part of your other pension schemes, not by the government." This happened…
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Paying Voluntary Class 2 NI in year of retirement
hello, I will be 66 next year 2021 on 10 September and I am currently paying voluntary Class 2 NI contributions. I will not have a full UK state pension. As regards tax year 2021/2022, if I pay a full year year Class 2 NI contribution, will I get credit for a full year or will it be limited to accrual period of 6/4/2021 to…
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On what number is the LTA Excess tax charged?
On what basis is the tax levied on an excess over the LTA , For example taking the standard LTA of 1073100 and an assumed transfer from a DB of 1200000 is the 25 % applied ( assuming left in a SIPP) to the delta , or if you pay an IFA 30,0000 for advice leaving a 1170000 transfer is the tax charge on this delta rather than…
