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DB to DB transfer
Hi All, I am 33 years old and have three small DB pensions: My current Alpha Civil Service pension, a SAUL pension (£3,594 / year + £10.8k lump sum) and a USS pension (approx. £2,452 / year + £7.3k lump sum). I also have a very small DC pot with USS (£1,183) as this was a hybrid scheme. I have asked Alpha to obtain quotes…
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Almost 55, tax lump to pay off mortgage?
Hi, I was thinking of using the tax lump sum that is available from 55 to pay off the mortgage. Is this a good idea, if i can replace the money taken with interest, at 62? thanks James
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Self Employment and Lifetime ISA contributions
My Wife is self employed and has been for 6 years now. She does a self assessment online every year as required. Last year she opened a Lifetime ISA for pension purposes on Martins advice which she contributes to from some of her earnings each year. Are any contributions she makes tax deductible on her self assessment? The…
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Prudential keeping pension pot after death of my father
Hi there im looking for some advice please of where I can take this problem. My Dad was advised by financial advisor to take out an enhanced annuity with 10 year guarantee back in 2012, however my Dad always said on his demise the pension pot would go to his beneficiaries. Unfortunately he died last year very suddenly from…
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Query on HMRC Personal Pension Relief
Hi I am in a company pension scheme which is a salary sacrifice plan. My employer pays 5% and I now pay 10%. I pay income tax at 40% I rang the HMRC the other day to query something else on my 2021-2022 tax code and asked whether my employer has informed them that I have doubled my pension contributions. I was informed I…
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Financial services
Hi all Was just wondering if anyone uses h/l to manage the pension portfolio And if so why did they chose h/l over I. f. a.
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Can loan payments be made into pension
I am going to lend an amount of money to my son, he will pay me back as and when he can. Can he make a payments diret to my pension so that I can claim tax relief.
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Pension contributions and self-assessment
Hi all, I'm hoping for some guidance as I can't work out the correct way to fill my self-assessment, and maybe I've misunderstood something. I'm an employee taxed through PAYE, making pension contributions via a company/workplace scheme with no other income. So in theory it should be simple! My 2020/21P60 shows a figure…
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Hargreaves Lansdown Transfer To Interactive Investor
I am looking to transfer my SIPP to ii due to the platform charge of HL which is 0.45% and works out double the fixed £240 per year of ii. However, as many of you will know it's not quite eggs with eggs due to all of these spurious fund types. ii have informed me a number of the funds need to switch to a different fund…
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Missing contributions 12 months+
I need some help. Company i work for have admitted in October 2020 that there had been an administrative error in the allocation of pension funds to NEST. 6 months on and this hasn't been resolved and the company missed the NEST deadline in November for funds to be allocated. I don't know what to do now last payment was…
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All at once
I quit my job last month aged 57 with the intention of taking time out to decide whether to take early retirement or look for a job. Meanwhile my mum has died and I now have to decide what to do with her estate as well as my pensions. She has left me a house with a mortgage of one third value. Between my pension lump sum…
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Find a pension
I am trying to track down a pension that was called Transplan-plus the job movers pension plan. thank you
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Financial Adviser Fees
I've used a FA to transfer £160,000 personal pension from Prudential ( they didn't offer drawdown on my particular product ). He has advised transfer into an LV Flexible Transitions Account ( Flexible Guarantee Fund Series 2 Balanced ). His initial charge is £3250 and annual charge of 0.5% thereafter to manage it. Are…
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How does UFPLS work with a tax code
A simple question I hope.Mrs Notepad is about to take her second UFPLS from her Fidelity pension (but the first in this tax-year) and after going onto the government tax portal has found that her tax code for her pension is set as 1131N. I think that means that if you ignore the 25% tax-free part of the UFPLS, then…
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How to decide when to retire once financially independent
Hi everyone. I am fortunate to be able to afford retirement aged 54. My OH has already done so 18 months ago but I’m struggling with whether to jump ship or not. I quite like being a ‘worker’ and enjoy my job to an extent (always some good, some bad parts to everything I guess!) but feel like I’m sacrificing things that I…
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First drawdown payment
I have just received my first taxable flexi access payment from my Hargreaves Lansdown SIPP. I know that this has triggered the MPAA restriction which is fine and I have made a £2880 contribution to my Vanguard SIPP and won’t be making any further contributions until next tax year My question is Do I have to inform…
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Can I change how I receive my pension?
Hi, I had a very small deferred staff pension with Nationwide which dated back to the 80's. I was made redundant last year at the age of 57 and decided to take the 25% tax free lump sum (9k) to pay off a loan and an annual pension which pays £90 per month. From what I remember I was given two choices, the one above or no…
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Avoiding care costs
My sister owns her own house and is 69 yrs old. She is in good health, but has started to suffer from arthritis. She has no husband, but does have a son and daughter.She is still working to keep the money coming in, but could have £5/£10,000 in savings. I have heard about putting a house into a trust, but I would think…
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Tax position on bulk arrears from delayed pension
Hi My husband has 3 DB pensions, all deferred (from past employers and into which he’s no longer contributing). NRD for all 3 is 65 and he is planning to retire at 67. He’s presently a 40% tax payer which will reduce to 20% after retirement. Two out of the three pensions offer a late retirement factor (enhancement) but the…
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Divorced Widows Army Pension
Hi, Looking for advice or a place to contact to make enquiries. My parents got divorced late 80's and my mum was scared of my father, so the house was sold as he wanted HIS money and we moved with Mum. My brother and I were at school in our early teens and my mum never claimed any money for maintenance support or spousal…
