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UFPLS, MPAA & Recycling Rules
I am planning to retire in September 2021 by which point £22K will have been paid via salary sacrifice into my occupational DC pension and £11K into my SIPP for the 2012/22 tax year. I would like to take an UFPLS of £30K once retired, but am not sure if this would be allowed with respect to the MPAA rules. Taking a UFPLS…
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Full state pension
Hello. I might be missing some detail about it but looking at my gateway account NI records something is not right. O started working in the tax year 2004/2005 and so far all years are showing on my record list. Counting each year, I have a total of 16 full years. However, on top of the page it says I have 19. Not that I'm…
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Help with calculating classic pensionable earnings
Posted this in the wrong section originally. I am struggling to fully understand how to calculate pensionable earnings in classic pension and trying to help a workmate calculate what level of annual allowance charge he might face. If I earn 58k and pay into the pension for the full year then I get that it would be…
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Salary Sacrifice & Pension contributions
Salary sacrifice and paying into workplace pensions etc, I'm a little confused and hope someone can explain the rules. It says you can't pay more than you earn into pensions each year and a maximum of £40k It also says (specifically with salary sacrifice) that you can't sacrifice to such an extent, that your remaining pay…
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Pension Recycling - A tale of 2 PCLS
Hello, following a recent thread on Section 32 of all things, I re read the pension recycling link from Royal London given by @TVAS (thank you) https://adviser.royallondon.com/technical-central/pensions/contributions-and-tax-relief/recycling-of-tax-free-cash/ and one I…
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Gifting parents
Hi, I'd like a little advice please. My parents are currently retired but are not at state pension age yet. They are living on savings from the sale of their previous house and their private pensions. My Mum's is ok, but Dads is not. They have said that they will have to go back to work at some point as the savings/…
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Pension contributions
What's the minimum contributions for the work place pension, I don't think my employer is paying the minimum after the wages department said they pay 2%, and I pay 3% I thought it was supposed to be more than that. Is there a way to calculate how much the percentage they are paying into it? Thanks.
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Self Funded Early Retirement - Tax Code & Claiming Tax Back
I finish work next Friday and at the moment I'm taking early retirement and am not planning to work again. I'm 18 months shy of being able to claim any of my pensions at 55 but as I ended up working into the new tax year I will have paid a chunk of tax I would like to claim back. Trouble is I have a company car I hand back…
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Pension Returns
Hi all My Friday afternoon conundrum, Trying to play safe with my PP when I eventually get into draw down (4 years 4 months!), estimating my pot returns I know is a little folly but I need to base my finances on some sort of forecast. I came across some figures stating pension returns from 2008 to 2018 (don't ask cant find…
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NHS CARE Pension questions
Hello, My wife joined the NHS CARE pension scheme approx. 18 months ago, working in an admin role. We have a couple of questions - we've researched online and read various documents, but the answers aren't entirely clear (to us, at least!). * My wife is currently on Statutory Maternity Leave - long story short, but she…
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CS Alpha & Classic Death Benefits
Just tapping some numbers into my spreadsheet. My wife has both Classic and Alpha contributions. If she were to die Classic death benefits are 50% and Alpha something like 37% If she were to take either pension early I've been basing my figures on 50%/37% of the reduced pension. Is that correct?
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Lifetime Allowance - is it really that punitive in certain circumstances?
I'd like to make sure I've understood the LTA correctly, selfishly focussing on the best-case pension contribution scenaro where it is done via salary sacrifice and my employer pays all of the employer national insurance saved into my pension pot. All tax rates here are the combined income tax, LTA tax and…
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Moved: Health Insurance
This discussion has been moved.
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Sanity check on pension charges.
As the title suggests, I'm after a general feel for if what I'm paying is competitive. Bit of background - My plan was always to retire at 55 however I was able to go at 54 in February this year when I took a VR package. I'd always intended to to look at my pension charges when I'd finished work as I couldn't move whilst…
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Do I have other options with my section 32 policy?
My smallest pension pot is a section 32 policy with a value of about £90K. As Im coming up to NRD the provider has listed four options, starting with taking the whole amount as a lump sum, two 'intermediate' positions ie an annual pension of about £1800 plus tax free cash, the third a slight variant on the second one, and…
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Should I stay or should I go
Hiya, I’ve recently started a job and my employer has enrolled me into their company Nest pension scheme. I’m an higher and additional rate tax payer. I want to add as much as possible to my pension. My question is should I stay with Nest making the minimum contribution and take out a SIPP to maximise my full pension…
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Pension Lump Sum
Good afternoon, My wife is hoping to take early retirement at some stage this year. Her company pension is in two parts. A DB scheme which was frozen some years ago, and a DC scheme which replaced it. The DB scheme seems relatively straightforward. She will opt for the maximum possible tax free lump sum. The replacement DC…
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Annual Allowance Calcs
Help! I have been hammering the pension (s) and cannot see how to calculate where I am vis a vis the annual allowance for self assessment. Its complicated as I have a SIPP, as well as membership of USS and TPS. Can any kind soul point me in the direction of a way to understand how to work this out - I must be close to the…
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Women’s underpaid state pension
I recently called DWP to claim my deceased mother’s underpaid state pension, which I understood would fall within the rules according to everything I’ve read - only to be receive a letter advising - “you could have made a claim on behalf of ...following their death, but the time period has now ended” and this should have…
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Deciphering Pension Statement
I am trying to understand my annual pension statement. They estimate how much my pension will be worth when I come to my retirement age. The criteria they have used for this as as follows. * Any current contributions will continue until your selected retirement date. * Your investments grow by an average of 1.85% a year. *…
