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Pensions paid twice this week
Both my husband and I have our state pensions paid into our joint account weekly. This morning, when logging into the account, I discovered that both pensions had been paid twice. I realised that one set of pensions had been paid early, due to Bank Holiday Monday. But unsure why they have paid these pensions in twice. Has…
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National Insurance gaps in 2001 - 2004 when I was a student at university
Hello, I was just looking at my National Insurance record on the HMRC website and noticed that in 2001 - 2004 it says "year is not full" I was at university during those years. Is that what's expected? Is there any way of making those "full years"? Thanks.
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Standard life pension advice
Hi. I have a standard life group pension plan that I have discovered has a 20 fund limit on the lifetime of the fund. I have reached that 20 limit so can’t change to any new funds. Do I move this pension to a new pension? Having this 20 funds limit is a restriction on me getting the most from my pension and also putting my…
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Should I retire - help me debate
Would appreciate some thoughts on my thinking. I’m 57 in good health, married, no kids. DH is financially independent. my job is ok but there are things I’d rather be doing (and some like spending time with my 80 year old mum who won’t be around forever). I’m disincentivised to pay 40% tax in retirement so feel I’m getting…
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Refining retirement options
Hello Experts. I’m new here
and looking for thoughts please on retirement options. I hadn’t really been
thinking much about retirement, but have started doing so now with some urgency
since spouse received a cancer diagnosis earlier this year. Financially I feel
we are in a comfortable position. So my question is really…
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25% Tax Free Lump Sum Pre Budget
I am due to take my DB Pension in January which also has a significant Tax Free Lump sum in excess of £100k which I built up in linked AVCs through my working life always planning to use these as the Tax Free part of my pension. I have contacted the Pension provider to see if I could draw say 3 months early to beat the…
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Can I use AVC WISE or Do I have to use Prudential with regards to my AVC?
Stupid Question Alert?!? Hello everyone I'm currently in the process of looking at sorting an AVC payment with my LGPS ..on my employers website it says it offers 'Shared cost Salary Sacrifice' www.telford.gov.uk/info/21840/working_here/6636/employee_benefits I'm just reading stories on here regarding people's horror…
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move my pension to get drawn down ?
Hi All, Question any good ideas were i can move this to Details below My current provider only option is to move the whole thing in
or leave the whole thing out. My goal is to move the pension approx £50k and do a tax free drawdown of 25% leaving the remainer in. the pension is a personal penion [ defined
contribution]…
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Coming Up to Retirement - Portfolio Changes
I am looking to retire in 12 months or so. I am 58 and have a large SIPP (£895k), an ISA (£356k) and a Section 32 policy (£3.2k at 65 years). My state pension forecast is £12,034 when I am 67. My partner is retired and is drawing a small income from a SIPP until next April, when it will be exhausted, and she will then…
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Drawing down pension ti pay off Mortgage
I am 58 yrs old divorced woman with a £130K interest free mortgage repayable in 7yrs. Realistically l have no means of repaying. My original plan had been to sell off 2yrs before before the mortgage was due and relocate anywhere l could with the equity of about £250K. I now realise l don't want to move out of London and…
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DB Inflation protection myth ?
I have a deferred Final Salary pension which has 'lost' approx 23% over the last 10 years versus the growth that you would expect if it was fully protected against inflation (+41%). My Pension has a 5% CAP, so I understand that would not protect me well for a couple of recent years, however, that doesn't account for the…
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Tax Bill for Pensioner on Benefits
Hello Newbie here :) I have an elderly uncle (85 years old) who gets a state pension and housing benefit, he lives in local authority sheltered housing. He was very ill earlier this year and struggled to keep his place clean and social services ended up getting involved. This resulted in a £500 deep clean which was covered…
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Taking DB pension early to access tax free portion from combined DB/DC scheme
Without getting too much into speculation over forthcoming budget pension tax changes.... One of my pension schemes is a combined DB/DC scheme where the DB pension is a relatively small portion. I can take it 3 years early for an actuarial reduction of around 10.7% but this gives me access to the 25% tax free portion…
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Small pension query
This discussion was created from comments split from: Can I cash in my pension?.
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Pension drawdown and emergency code
I have a stakeholder pension and have already taken the jam; 25% tax free lump sum. I have current income from part time work of £36K gross. I want to take another lumpsum of 27K for some home improvements. My provider says it will have to apply Emergency Tax rates. As the 36 + 27 would put me into 40% tax bracket will…
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USS DB pension claiming tax free lump sum bur not the annual pension (just yet)
Due to me only finding out I have to pay CGT of my house sale, I need to make up a short fall. (I separated from my partner (not married) and moved out). My question has zero to do with speculation around the budget, I am 57. I have a USS pension (DB). If I understand the USS website, I can get £80K as a lump sum, and 25K…
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EDS to PIC to Athora
My EDS pension has been sold again to a company named Athora - has anyone heard of them ?This was done without my knowledge (I only discovered on-line)It was only sold to PIC last year
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Private pension no payout to children over 18
My M.I.L. passed away unexpectedly she was on benefits but we found out she had a private pension from decades ago. My s.i.l. sent in forms to claim but she just got back saying they don't pay out to children over 18?! My m.i.l. was never married and didnt have a partner at the time of her passing. Where will this money…
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Pension Help
Good Afternoon all. I need some advice if possible. I have a workplace pension and i currently salary sacrifice 20% of my wages into the pension. I currently have £50k in savings and i would like to transfer this to my workplace pension. I am being told there is a tax rebate on any contributions. Could someone explain how…
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Considerations of when to take DB Pension
I am targeting retiring in spring next year when I will be
57. I have a deferred DB pension with the PPF which I had fully intended to
commence payments from at the start of my retirement however I’ve started reviewing
the timing of this and would appreciate any thoughts / comments. The last PPF statement I obtained showed…
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