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What is the definition of income when assessing tax on pension
State pensioners with no other income will not have to pay income tax once over the tax threshold. Forget the detail whether just new state pension etc. Is it clear what the definition of income is? Is it taxable income or does it include money from savings, lump sum tax free cash etc. Any ideas?
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Higher Rate Tax and Pension relief
Hello All. So as a complete newbie now just opening my first pension SIPP ( albeit very late in life) , hopefully I am now right in assuming 60k limit ? Self employed and will go into higher rate tax this year but I am slightly confused on the part I claim separately on self assessment. I would like to pay in the max sum…
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Employer Pension Requirement
Hi everyone, Recently, I have started being employed as an employee with the business I work at. Previously, I was a contractor with them, but I felt the need for a more secure monthly income coming in. The business is small and we have quite a few contractors that we use to provide our services, but there is a small…
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Pension options
Hi, My son has 8/9 small pensions with 5/6 providers after being auto-enrolled by previous employers. He has now found a job which he will hopefully stay in for many years and will soon get auto-enrolled in their pension scheme. My question is where is the best place to get advice about what to do about all the small…
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Aegon could not locate pension contributions more than a year
Hi everyone, My employer paid my contributions to Aegon but due to some systems issues they were unable to add those to my pension. They located some of the contributions but some still missing. This is now more than a year unresolved. I escalated this to Financial Ombudsman and Aegon lied to Ombudsman saying the issue was…
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Playing the ball as it lies
Hi, Have been thinking about things post budget and think we've managed to dodge most bullets, however, with us now being perilously close to certain allowances etc I'd welcome any thoughts or comments. Figures rounded but you'll get the gist Me 57, OH 55, House paid Full SP for both Me £8K db scheme payable 65 OH £8K db…
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In specie Sipp transfer
I’ve requested a transfer from Charles Stanley direct to AJ Bell, it contains crystallised and uncrystallised funds - there are only two investments, HSBC ftse All world index inc. and Royal London Short term money market fund inc. plus a few hundred in cash - CSD charge £180 + £10 per investment for the transfer out but…
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Assessing my pension Pot.
Dear forum. My financial adviser has changed my draw down pension to a different pension fund. Actually Aviva to Fidelity. Apparently to make it easier. Not sure who for. It does not help me assess any changes to the overall fund. I am extremely disappointed with the fact that I cannot look
at my funds by a line graph or…
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State pension but i pay tax
The chancellor stated nobody would pay tax on a state pension if its there only income.I only get a state pension and its my only source of income,but because I paid into NIC for 52 years (D.O.B 17.08.1952) entitling me to a pension of £1199.per 4 weeks I have a tax bill for £467 for year 24/25 which has to be paid by Jan…
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HRP missing from NI record
My wife retired on
the old state pension at the age of 60 years old. It’s recently been reported
on the Martin Lewis website about Home Responsibilities Protection (HRP) should
have been transferred to your NI record if you had children between 1978 and
2010. We have looked at her Government Gateway and it says “Year is…
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New CS Pension website - are previous ABS no longer available?!
So I set up an account with the new online CS pension portal but it seems that previous ABS (annual benefit statements) are not available. Seems like a bit of an omission. I don't remember being advised to download the old ones before the old website closed. It also seems to have 'lost' my beneficiary nomination. It is…
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Is there any point claiming Marriage Allowance?
In all the discussions about frozen personal allowances the possibility that all state pensioners will be taxed on their state pension by 2027 doesn't take account of the effect of Marriage Allowance. Where the tax paying partner is in the higher tax band, it may still make sense to shift some of the tax liability to the…
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Interactive Investor Notional Split
Cany someone who has an II account with both drawdown and uncrystalised components tell me whether I am supposed to see the notional split on the screen at my investments summary? According to a google search this should show up, but after recently transfering U/C funds into my II Drawdown pot, I am not seeing anything (I…
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National Insurance class 3 contributions
Hello I can’t quite believe that it’s taking a year for the government to set up a direct debit mandate to pay class 3 NI contributions, I sent the form off in April according to their website this should have been actioned 23rd September, which is just a ridiculous time frame for a simple task. I’ve just had a web chat…
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Retired and now alone. Comments welcome please
Hi. I was supposed to be the one who'd keel over first - but life happens while you're making other plans. I find myself at 68 (male) thus:House worth about 650kIsas 400kOther savings/shares etc 750kPensions gross, private (from wife's) + state 30k pa.I have accounts at HL, ii, AJB,T212 (I day-trade, sometimes) which have…
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State Pension Over-reporting by DWP to HMRC
For the first State Pension payment into the bank each year from the DWP, my OH gets an amount equal to 2 weeks at the previous years rate and 2 weeks at the new rate for for the current tax year. The subsequent 12 payments are at the new rate and don't vary. That all makes sense. When DWP report the yearly figure as…
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I Think I Can Retire at 57
Firstly, a thank you to you guys, I’ve been lurking on this forum for over 8 months now and have found it to be one of the best information resources available. Back in November’19 I didn’t really understand what I had in place and what my options were, now after crushing the numbers I think I can retire in 7 years at 57.…
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Self Assessment: Baffled by State Pension figures
I am attempting to complete my Self Assessment for 2024/25.The State Pension figure on the online form is already filled in by the system. The figure given is £13031.I may be being stupid here but I cannot understand where that number comes from.The HMRC website only gives weekly figures for the state pension.…
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The Occupational Pensions (Revaluation) Order 2025
For those interested, this was published last week: https://www.legislation.gov.uk/uksi/2025/1211/made
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Utilising PA for spouse with small pot? Good or bad?!
Just to give some context, my circumstances are as follows- My SIPP with value of £460k - age 63 with full SP entitlement in 2027MY OH with a SIPP of £110k - age 60 with full SP entitlement in 2030 I retired last year and my goals in very simple terms were as follows:- Withdraw £16760 UFPLS from my SIPP to use PAwithdraw…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
727 discussions
6.3K comments
Most recent: Voluntary NI contributions cut off 2025 by Silvertabby
19 December at 7:04PM
