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Normal expenditute out of income Vs Carehome deprivation of assets
It is my understanding that under HMRC inheritance tax rules, if my 88 year old mum was to gift to me and my brothers her excess pension money on a regular basis (ie set up a standing order) as a means of early access to our inheritance then that would be completely legal. Further, she could backdate money sitting unspent…
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Questions on Private Pension
I’m new on this thread. I have some questions hopefully someone can help me 1. Can someone recommend a company who can trace all my pensions? I used the government sponsored pension tracing but none of my previous employers’ names were shown and I couldn’t remember my pension providers. 2. I’m happy to pay for the tracing…
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Continue contributing to pension or something else?
My combined DC pensions have recently exceeded £1m. I have 5 years left before I can start drawdown. My wife and I run a small limited company (no employees, just us) and make employer contributions monthly to both our pensions as well as a lump sum towards the company year end. My wifes DC pension is currently at around…
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Taxable state pension query
My mum is 80 and living only on her state pension which is a little higher since my dad passed away last year and is now around £1200 but she doesn’t have any other income. We’ve just had a tax bill for £600 . She wasn’t made aware she needed to pay tax on her state pension so this is quite a shock. I am going to call them…
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What's the lowest income that still permits me to pay class 2 NI?
Background… I'm retired, age 60 but 2 years NI contributions short of full state pension. I've been asked to do a small amount of self employed work that will earn me around £1k for a couple of years. I was thinking of using the opportunity to get 2 years contributions with voluntary class 2 NI. I've not been self employed…
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Taxed on SP due to late husbands SP
I receive the new SP and approx £7 per week of my late husband pension and do not pay tax, I do have a draw down private pension but not taking it and haven’t used my full 25% tax allowance yet. Today’s I’ve received a new tax code K35 which if I’m reading it correctly it says I’m due to pay tax on £362 in 26/27 which…
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Scheme specific protected tax free cash questions
Hi, first time poster, long term lurker, so please be gentle. I have a ring fenced Scottish Widows, protected tax free Retirement Acc pension, of which I was told several years ago by SW that the tax free portion was 34. something %. Its current value is £173000. As this is ring fenced, no contributions are made, just…
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Transferring Royal London plan to II SIPP
I have a Royal London plan through a past employer that's sat with RL since I left. I've confirmed as best I can this is actually just a RL personal pension but via a group discount so around 0.35% all-in. Main thing is it doesn't have a protected access age and it doesn't have any safeguarded benefits. I can't think of…
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Taking flexible retirement from a LGPS while still working
Hi there, hoping to get some advice on behalf of my partner
who is a member of the West Yorkshire Pension Fund (Local Government Pension
Scheme). She’s 55 and has recently been looking to reduce her hours
from five days a week to four. When she requested this from the HR department,
she was offered the option of taking…
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Sanity check
I would be grateful if someone could please check my cunning plan for pension withdrawal possibilities prior to my appt with Vanguard? I have topped up state pension to max and will start that in 2029 I am 64 and have circa £200K in Vanguard sipp and £55K in with profits with old CGU, now with Aviva. Aviva have confirmed…
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Avoiding triggering MPAA
My wife is considering taking about £4000 per year - but on a monthly basis. The MPAA rule I think we want to utilise is: Small Pots (Under £10,000): You can take up to three "small pots" of £10,000 or less (from non-occupational/SIPP schemes) in their entirety without triggering the MPAA. Does this mean she should take…
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State Pension - amount
I still don't know whether I will receive a Full SP in 4 years (I am 63 next birthday) With 33 years Contracted out credits- with another 7 years ESA paid class 1 credits by 2030 !! According to Chat GPT "Maximum new State Pension 2026/27 maximum: £230.30 per week For someone who was contracted out for all their working…
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Exercising Share Options and Relevant UK Earnings for Pension Tax Relief
Slightly niche question. When you exercise non tax-advantaged share options from a current or former UK employer, the difference between exercise price and value on day of exercise is subject to UK income tax and NI at the prevailing rate (any further gains, if you don't sell, being subject to CGT). My question - is this…
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pension minefield.
I am employed by the NHS and contribute to their pension scheme via my wages. I have a pension from a previous employer and applied to transfer it into my NHS pension. I was informed that this was not possible because the NHS scheme only allows a certain amount of time to do this and I was out of time. Would it be possible…
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Civil Service Pension Switching
Hi, After reading through many posts I figured I would post my own question rather than trying to find answers in other's situations that might be similar. I am currently 47 years old and have been employed in the Civil Service for 9 years. When I joined, I had previously been part of a Stakeholder Pension with a previous…
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Tax on pension arrears
Hello. I'm wondering if anyone has experience / knowledge about tax on pension arrears. My father recently gave up work at the age of 75. He had a Royal Mail workplace pension that he didn't claim until now, and they will be paying him 16 years of arrears that would have been paid to him whilst he was still working, if…
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Not Getting as Much State Pension as Expected
I checked my pension several times during the run up to receiving it and was told it was fully paid up and no top up was necessary. On receiving it in November I found it was around £30 less than expected because "In the past you paid into a workplace pension instead of the Additional State Pension". this is called being…
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Pension drawdown
I have 2 private pension pots 1 from past 1 from current employment - I decided to take out 4K but ticked the wrong box so it is not from the tax free amount. I noticed the mistake & conatcted the pension co. Howver they said it cant be changed. This was prior to reciving the money. It was my mistale however it has now…
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State Pension/National Insurance contributions
Was a trainee driving instructor, but failed my final attempt to qualify fully. Was self employed. Checked online and have 37 years full N.I. contributions. Been refused Job Seekers Allowance as haven't paid Class 1 N.I. contributions. So, 2 questions: Are there any benefits I can get as will be looking for part time work…
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Should I take out an AVC/APC or save up for early retirement
Hi, I retired from a job after 30 years at the age of 55 years with a pension. I have since gone on to work part-time, working 22'5 hours weekly. I contribute to the TW PF which is a CARE pension. Contributions are at 5.8%. I would like to retire at 60 years, which would mean that I have contributed for 5 years. I would…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
737 discussions
6.4K comments
Most recent: Gaps in National insurance contributions by molerat
12 March at 10:53PM
