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Workplace pension
At 67, i have decided to retire. The last 3 years ive been paying into a workplace pension. There is not enough to give a steady return, a few thousand. Since i will be no longer working. Will the withdrawal be subject to the usual 25% tax free and the rest subject to 20%? Or will the taxman be generous
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tv licence
just been onto the pension credit,my wife is now 84,so i asked about getting a free tv licence from the first of august.until she is reaches 85.you cannot get one they said,is this true.
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Taking drawdown with lowest fees
Hi everyone I am due to take my private pension with prudential. I’ve decided I want to do a drawdown and take my money out ASAP within 2 years allowing for the tax years. Every financial advisor I talk to wants at least 1.5% of my pot plus other charges. Does anyone know if there is a cheaper way to do a drawdown. Ty
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Pension adviser charges
Sorry in advance if this post sounds ignorant, but I have had the same pension adviser now for around 8 years. I pay 0.75% on top of the charges on my pension portfolio and he does an annual review, although most of the time I have to remind him that it's time for our review. Obviously my pension has gone down like most…
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Pension and Taxation
Hi. I want to understand what Pension I could draw down in a tax year, before I have any tax liability, just as a one off in my final year before I fully retire. (I'm assuming I would draw down as a single lump sum and would have no other income in the tax year). I say this as I believe that I get 25% of any pension amount…
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2 x Pensions with Different Providers - Tax
I have two pensions with different providers. One is under 12,500 whilst the other is over. Over the last year I have taken the lower pension but will soon be taking the higher one also. So far the lower one has not been taxable. When I take the higher one (with a different provider) what happens regarding how the tax free…
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Self employed pensions
Hi everyone, I'm just after some general advice or resources you can recommend for investing for future retirement if you're self employed? I've basically been working in jobs for about 7 years in which I paid pension contributions through my employers so whatever I've got in the pot there, is there. However, I've recently…
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Lgps benefit from £155 k transfer in from personal pension
Hi. Just incase any experts here, but roughly what would a transfer in of £155 k from a personal pension Into the LGPS provide as an annual pension. This is for a male, age 50, normal state retirement age . Thanks chaps
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Are you one of 10,000s of women missing out on £1,000s of state pension? - MSE News
Tens of thousands of women are likely to have been underpaid the state pension. In June, we reported that married women who hit state pension age before April 2016 could be owed, and some have now won backdated payouts worth £1,000s. But other women - including widows, divorcees and the over-80s, whether married or not -…
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Pension statement addressed to old employer
Hi Can anyone point me I the right direction for some info please? I received a statement for an old workplace pension from a previous employer- the statement was addressed to the employer and I was named on page 2 as the “member”, so someone at the previous employer had opened it and forwarded it on to my home address. I…
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Guaranteed Minimum Pension
I just received a letter from a long lost employer. They have said that I have a GMP which I will receive at age 65. It is £4300. This doesn't say if it's a one off or an annual amount. This was my first job until age of 22. I am now 62. This was because I opted out of serps and entered into a defined benefit pension for 5…
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Pension Credits
Hi there. I received my old age pension last year after it getting put back 5 months because of new Government rules. I receive £535 every 4 weeks and am not eligible for pension credit as my wife is not yet retirement age. She is in poor health so is unable to work, and retired early from her job with a small work…
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How cash rich should we aim to be at retirement?
I can find a lot of advice about how to work out how much you're going to need as an income in retirement (which I think we've got sorted) but can anyone give, or point me to, any advice on how to work out what cash pot to aim for? I appreciate some things are very specific, like perhaps saving an amount for maybe a…
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Finances in retirement
I'd welcome advice on how to manage my finances in retirement. I'm single, one son, no mortgage. I've just retired at 69. I have a TPS pension of £31, 500 a year and a lump sum of £94,000 which I've put straight into NS&I. Together with existing savings I currently have £120,000 there with interest going into their savings…
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Claim deferred state pension of deceased spouse
Hello, My mother, who is currently 63, previously lived in the UK for about 20 years. Although she never undertook paid work there, my father was working that entire time, so he made plenty of NI contributions. He took early retirement and went back to his home country in the early 2000s.Although he was receiving an NHS…
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in a dither
My IFA has asked me to consider, as he maybe retiring soon, to transfer my Royal London pension fund to True Potential Wealth Management. I retire at the end of the year 2020 and don't want to incur extra transfer costs or dip in the pension pot re a transfer. I have not heard of True Potential Wealth Management and don't…
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Is my income enough to retire on?
Hi All, I'm wanting to retire next September (2021) at 58. I've worked full time for 40 years and want to enjoy some well earned 'me time'. I've done extensive calculations on what my retirement income will be. I have a public sector db pension and a separate SIPP which I plan to draw down to bridge the gap between…
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Pension payment taxed at 45%; any experience with claiming this back early?
I have requested a UFPLS payment from my pension, the whole of which is below my tax-free allowance. However I have been informed by the pension provider that 75% of the payment will be taxed at 45% and that I have to claim this back from HMRC. Is there an easy way of doing this as thousands of people must have this same…
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Tax Year vs Benefit Year
Every employer and pension provider reports annual payments in a Tax Year to employee or pensioner via P60 and also to HMRC - except DWP. DWP report annual pension to HMRC based on "Benefit year". Except where a pensioner's annual increment date is 6th April, this amount is higher than the amount actually paid in a tax…
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Why do posters here have disproportionately higher than average pension funds...
Ok. I am just 60 and have just had my 1st pension start paying (superannuation)..... So for a while now I have been trying to follow the posts on this forum to attempt to gain a little knowledge..... But, my question is... Why do the majority of posters in this forum appear to have much larger pension pots than the average…
