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Tax on pension withdrawals
Despite lots of good advice on here and elsewhere I'm still a little confused about the tax rules when withdrawing from a DC pot! Assuming the pot is in a scheme that allows withdrawals as and when required, and assuming an individuals tax free allowance is £12500 / year, is it correct that I could take out £16666 / year…
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Totally confused
Hi there, I'm a 48 year old singleton that has worked all my life and paid into workplace pensions since 1989. Im looking for some advice as im really struggling to understand my options. I have a few pensions that I've accrued over the years with a combined current transfer value of about £230k and I've been trying to…
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Just about to retire early - how can I increase state pension to maximum?
Hi Thanks for looking Planning to retire early in next few months (age 57) and have sufficient DB and DC and savings to cover my needs. When I log into State pension website, info says I have 36 years of contributions and need to contribute 4 more years to achieve maximum state pension. If I work until end of May 2021,…
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Max state pension still £175.20?
Hi all, every year we get an updated SP forecast. Just got one for last year (2020), and it is still showing the maximum we can get is £175.20 which is the same amount as the previous year (2019). Just wondering why it has remained the same as I would have expected it to go up by whatever the inflation rate / triple lock…
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When is an emerging market not an emerging market...?
...when it's in the Emerging Markets equity fund in my pension! What do you think the biggest holding in this fund might be. China, maybe? No, it's the USA! For me, the whole point of investing in emerging markets is investing in emerging markets! Especially as the USA rather dominates a developed world tracker. Putting a…
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Trying to Project DB Scheme Benefits
Looking to retire 4 years early in October this year age 61, but struggling to try and project deferred member DB scheme benefits payable from age 65. I think I'm suffering paralysis by analysis and need some help from the knowledgeable folk on here! To clarify, I have no intention of taking this early, but need to put a…
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Does PPF compensation count towards SLA & trigger MPAA?
I took compensation from the Pension Protection Fund in 2016 at the age of 56. It was a tax free lump sum and an ongoing monthly payment for life. Perhaps naively I understood this to be "compensation", rather than a Pension, so gave no thought to it affecting future pension arrangements. I have checked with them…
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DB to DC Partial Transfer
Hi, a DB scheme of which I am a deferred member allows partial transfers to DC schemes. If I were to transfer less than the £30k threshold would I be required to take advise from an advisor who specialises in this or would it be the same as transferring a pension with a CETV of under £30k?
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Barclays pension CETV divorce!
Hello all! I've written before about my ongoing divorce, it is still ongoing! I am trying to work out how much a pension maybe worth now. It appears in Scottish law you don't have to disclose finances like in English law. The pension is with Barclays Bank 1964 scheme. I'm wondering if there is a formula to give a more…
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With-profits terminology
Hi, I currently have two active pensions which I contribute to. First is a Sal sac scheme from my employer, second is one taken out in 1996 ish (standard life with profits). I’ve been debating transferring the SLWP pension to my employers and upping the contribution using Sal sac. Looking at the SLWP details, it says: -…
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LGPS AVC
I have been paying into scheme since 1983 and will benefit from R85. I am 56 and hoping to retire at 60. I pay £300/ month into a linked AVC set up around 18 months ago. Is it worth pouring more into the AVC at this stage?Thanks.
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Employer failed to put pension contribution in a fund
Hello All I was employed by a company from June 2015 to August 2016. During this time I was auto enrolled in workplace pension where I was making 3% contribution for my pension. I have the payslips to prove that. The company was supposed to make 5% contribution. Last year I found that the company was acquired by another…
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To retire, and pay off mortgage with pension fund?
I have a pub business in Wales, I have been paying rent on the premises since last March, and really only been open for a maximum of 10 weeks all year, the landlord has not offered any assistance with the rent or utilities at all, and there is no opening date in sight. We bought a second property nearby for our eldest son…
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Could someone please explain to me... (pension tax & inheritance question)
Sorry if I am asking stupid questions but I'd really like some help. My husband & I are joint directors of a Ltd company that by now has acrued a substantial amount. We are no longer going to do that work so we are considering * Closing the comapany with MVL/Members Voluntary Liquidation so that we can get the money out of…
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Pru smoothing
I believe these funds dropped by up to 10% in March. Am I right in thinking these drop the same amount as other funds in the same risk bracket but then do not go up the same. Seems like a very expensive way of doing things with the charges they have, and I just cannot see the point of them. What are peoples views of the…
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Change in pension contributions due to car allowance becoming part of basic pay
This month my net salary has decreased in comparison to previous months, so has my car allownace. I now no longer see my car allowance as an allowance on my payslip, as it
is now being included in my basic pay, which now means that it's pensionable and so is deducted from this. Due to this change my…
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Pension application as a power of attorney
Hi guys, I’m coming to you all as a last hope advice before either myself or my dad end up in bother. Background: I am my dads power of attorney financially. I live in the north of England, he in the south. He is a permanent resident at a care home so I have not seen him since prior coronavirus. He has full mental capacity…
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Claiming Pension Tax Relief - Higher Rate Tax Payer
I would be grateful for some advice re. claiming higher pension tax relief and HMRC. I have a workplace pension with Aviva into which I occasionally make ad hoc contributions and where they claim the basic tax relief for me. As I am a higher rate tax payer I understand that I can claim back the extra higher rate tax relief…
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£34.6k DC pot - take annuity tax free lump sum? or not?
Hi, I’d be grateful for advice please to help work out whether or not to take the 25% Tax Free Lump Sum before buying an Annuity with the remaining taxable 75% of my DC £34,600 pension pot, because I will have unused tax allowance. I’ve been doing a lot of homework into pensions and my preferred option is to purchase an…
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New job with non contributory pension
My hubby is just changing his job. This involves a massive pay rise of about £20k as his salary will be £70k. The contract says there will be a non-contributory pension of 8%, but there is an option to make top up payments. Please could someone explain how this works, because as it's such a huge pay rise if he was to pay…
