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Pensions, annuities & retirement planning
Archives for May 2021
Discussion List
Carry forward
If you are a higher rate taxpayer in 2019/20 but a basic rate taxpayer in 2020/21 and 2021/22, but you paid nothing into a pension in any year, is it possible to pay something in now and claim higher rate tax relief for the 2019/20 year? In other words is it possible to backdate pension contributions since you can carry…
Pension 20% tax relief on Self Assessment
As a higher rate tax payer I've stupidly not been claiming my extra 20% tax relief for my pension on my tax return. I've read you can claim back up to 4 years, is that 4 years up to the current tax year or 4 years including the current tax year. So given the current tax year is 20/21 can I claim back to 16/17 or will it be…
Old Pension Found - But no original paperwork
Hi all, So we have found, eventually an old L&M Pension. It turn's out to be five seperate policies, all now held by Aviva. Each policy is for a different sum and all the paperwork received so far comes as five individule items. The last being pension projections, they range from just over £3000 to £64000. A total of not…
The Masterplan
Right, here’s my masterplan and I’d like your comments, suggestions or advice. I’m 40 with a pension through my employer (DC) of 170k, not too great but not too shabby I guess. My plan is to max out pension contributions for the next 4 years, maybe 45k per year (carry fwd allows) to get to circa 400k pot at which point I…
NHS pension overpayment
Hi I am hoping that someone can help me. I retired from the NHS last October. I based my decision to retire and take a lump sum on the figures supplied to me by NHS pensions (NHSBSA). My pension lump sum was paid on my 55th birthday last December and I have been getting a monthly annuity. I received out of the blue this…
Retiring early DBs and DC AVCs
I am not contributing to my pension and have not done so for a few years and have LTA fixed protection 2014 i.e, £1.5m. I have a preserved occupational DB pension of approx £40k from age 60 plus, alongside it, an AVC fund of approx £280k. I am considering whether to start taking benefits from age 55. Is it possible for me…
Financial independence advice
I have read many of the threads on here regarding financial independence. It seems to me I am very unlikely to achieve the dizzy heights often referred to. However I have been paying into a DB pension for coming up for 38 years (though membership suffered from working part time to look after my family..recently separated…
Mercer messed up, can I seek compensation?
Hi all I took redundancy in December last year based on pension forecast from Mercer of the company final salary pension which was closed in 2017.Mercer have finally got back to me with a new forecast which is significantly lower , stating that they made an error in using a wrong factor in calculating the original…
SIPP tax relief
Can anyone tell me how much I can put into a SIPP in regards to the tax relief situation? I keep rereading articles but am not 100% sure. I earn around 21k a year and have always paid into my nhs pension and have just opened a SIPP. I have inheritance to put in but am very unsure about limits? I have read about backdating…
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