-
Taking 25% tax free lump sum from DC AND DB pension. Is this possible?
Hi I'm around 1 year away from retirement. I plan to utilise UFPLS to withdraw money from my one DC pension pot. I also have a DB pension, which is a 'frozen' pot from a previous final salary scheme, where I plan to utilise an annuity for guaranteed income. My question is; given that I plan to use UFPLS for my DC pension,…
-
Accessing PRU AVC (With Profits & MVR)
Hi I am looking to retire in two and a half years’ time (at age 60). I work in the public sector and am in two work place pension schemes. I will be taking my Final Salary pension at age 60. Will get approx. £15,000 PA & Tax-Free Lump sum approx £45,000. The lump sum and pension combined should give me a comfortable income…
-
LGPS Redundancy - Local authority
Hi, I started my LA on 3rd July 2000 and being made redundant aged 59 on 30 June 26. How many weeks redunduncy pay do I receive? My LA says 29 weeks but online im reading 30 weeks! Thanks
-
Transfer from HL to II
I am going to initiate my transfer this weekend I have been reading the information about transfers on both of their websites. However I have a couple of questions that I could not see answered in their FAQs. I will be doing an in specie transfer If I hold a OEIC with a different share class to that is available in II, do…
-
Calculating SIPP Contribution
Just trying to work out how much my other half would need to pay into a SIPP to get her out of the 40% tax bracket this tax year. Two sources of income with 25/26 tax codes and taxable pay for each as below: Taxable Salary of £19,920 taxed at BR Pension Income of £34,040 taxed at 342L Total income = £53,960 plus some…
-
Teachers Pension - Retirement Planning
Hello all, I am looking for some pension advice for my Teachers Pension and am not sure where to go. I have had some very brief discussions with the pension service but it was both too broad and went a bit over my head, and I believe I can't get advice from Pension Wise because they offer their free appointment for defined…
-
Is it worth keeping a Stakeholder Pension
hi I did have 6 different pensions from various employers etc I have since transferred 3 into vanguard, so left with 3 now Main pot Royal London and a Vanguard sipp ( although no truly a sipp), but i also have a RL stakeholder pension value less than £200, is there any benefit in keeping this?
-
LGPS - checking pension contributions
Hi, I saw a post on Martin's FB page about checking that all your pension contributions have been allocated to your pot. Do I need to do this for LGPS, and if so, how do I go about doing that? I can't see a monthly break down on the portal - is it a case of going through the annual statements? Thank you!
-
LGPS - AVC or APC?
I'm 53 and would like to retire a few years early. My current salary is £43k. I've been paying into LGPS since 2003, with a break just short of 5 years when I moved into the private sector. Jic it makes any difference, I've linked my old LGPS pot to my new to benefit from pay increases. I'm not sure of the longevity of my…
-
Keeping things simple approach in an HL SIPP
I have recently retired and have a DB pension and 2 workplace DC schemes. I have just opened an HL SIPP to utilise more of my possible tax relief for the 25/26 tax year. I would like to aim for 60% global equities, 35% Fixed income/MMF and 5% cash. Any suggestions for a handful of funds to consider? Thanks.
-
SIPP contribution needed?
Having salary sacrified throughout the year, I am now down to gross salary of 112k and cannot put do any further pension contributions. I plan to put some money into a SIPP to get me under 100k. Will a bank payment of 10k from myself be enough in view of 20% claim back or should I pay 12k from bank account into SIPP?
-
Unused SIPP allowance from 2022/2023 tax year
Hi, I have a SIPP with II and I can see that I haven't used any of the allowance for 22/23. Is my understanding correct that I can use 22/23 as long as I make the contributions before the 5th of April as it is within the 3 years? I've never used carry over before so I'm unsure as to how II handle it or the process for…
-
Cash SIPP - HL still best option?
Apologies if this has been discussed elsewhere recently, but a search didn't turn anything up. I wish to open a SIPP before the end of the financial year to deposit £2,880 pa in until I'm 55. I don't plan to trade, and will just hold as cash for a few years. Is HL still considered to be the preferred platform for this? Or…
-
Pension Drawdown in the new Tax Year
I know I am over thinking this, but not sure what to do in the current market? I an in my early 70's and normally drawdown a sum from my DC pension to take me just below the 40% tax bracket at the start of a new tax year. Currently have a full state pension and a small fixed DB pension. The drawdown would be 5% of my…
-
Voluntary NI payment from abroad. Any fees on UK/Barclays account side? (HMRC)
Paying 923GBP into the "GB49 BARC 2020 4830 9447 93" account for 2025-2026. This year I'm paying from Ireland (Bank of Ireland account). Last year, from another bank in Europe, I could select "pay fees on both sides" ("OUR" or something like that.) Bank of Ireland/Ireland charge no fees for transfers to the UK. But there's…
-
NHS Pension Extra Contributions - HRT
A friend of mine who works in the NHS and is a Higher Rate taxpayer has asked me about making extra pension contributions for tax reasons. I assume she means tax relief, particularly any amount that she pays 40% tax on. I have had a quick look at the website and it looks like there are 3 choices, very similar to the Civil…
-
Tax Free Lump sum
I have. Private pension from when I contracted out of SERPs. I am 55 and have a civil service pension. I work full time and will continue to work for 7 years. I earn over £40K. I have checked my state pension and have paid enough NI to receive full state pension. I would like to take 25% tax free lump sum from private…
-
Consolidating existing pensions and taking drawdown
I have unit linked pensions with Standard Life and Clerical Medical. Those are the main ones, although I have a couple of others. I'm getting on a bit and I would like some income. I'd also like to draw the 25% tax free lump sum. I need this in the next 6 weeks. I was thinking of setting up a SIPP. If I cash in the…
-
pension contributions refund advice
Just looking for some advice , nhs pension contributions, i have paid the wrong amount and my contributions have been adjusted to 10.5 not 12 percent , the refund of these contributions will they form my taxable pay for that month ? thanks in advance
-
Pension lump sum contribution
Hi member of SMART salary sacrifice scheme with my current employer with salary of around 28k and on call allowance of 5k. I wish to make max lump sum contribution to my old employee scheme . What is the max I can put into this and take advantage of tax relief contribution? , do I need to allow for my salary sacrifice…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
748 discussions
6.5K comments
Most recent: NI years are now full, existing OAP, when should I expect my monthly payments to reflect this? by molerat
12 May at 5:13PM
