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Adjusted Net Income with Relief at Source Contributions
How do I calculate my adjusted net income please? I asked my company to make a £375 contribution per month to my pension. My payslip shows £300, which figure do I use for calculating my ANI? My total annual gross income takes me into the 40% tax bracket and, at this level of contribution, the whole contribution amount sits…
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Teacher's Pensions Transitional Protection Payment
Hello, I was just wondering if there was anyone here who has retired from teaching and have received their transitional protection payment. I returned my form nearly 6 months ago and have contacted TP asking if they were still on track to make the payments within the 6 month window they had allowed themselves. I have sent…
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Royal Mail Pensions
My hubby has pensions with Royal Mail. The first being the RMSPS that ended in 2008 then the Royal Mail Section C plan since then to recently followed by a collective plan tat started last year. WE have been told he can take a lump sum from the RMSPS but not from the Section C plan - They have made these pensions super…
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Is opening a SIPP the answer?
I'm currently 57 and in full time employment with the NHS. I have one LGPS DB in payment and plan to take the NHS DP in 10 years or hopefully much sooner if circumstances are good. As things stand, I am going to be in the higher rate tax band in Scotland from this year onwards, so tax on over £43,663 will be paid at 42%.…
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Timing and order of DB access and DC withdrawal
I’m looking for opinions on some real life numbers. Whilst
being a (self-confessed!) person of moderate intelligence, the options are
numerous. I know there won’t be a perfect answer and I do fully understand the
mechanics of DB and DC pensions. It'll be post that most look at the numbers and skip by...but some people love…
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Annuities or take the cash ?
My first ever post, your thoughts would be appreciated as I have no financial acumen and am going round in circles. I am 60 and my freestanding AVC has matured and I have £36,500. I want to take the 25% tax free ( £9000). Do I get a drawdown product, a fixed annuity or a lifetime one at £ 1300 pa ( escalating, joint life…
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Paying deferred State Pension into private DC pension - tax status?
I deferred taking my state pension when I was eligible 7 years ago (in 2018) and I'm considering claiming it now. I'm still working occasionally and drawing a (USS) defined benefit pension and pay tax at basic rate. I also have a small (c. £20K) defined contribution pension (with Aegon) from a previous employer. According…
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Bond element of pension portfolio
I posted here last year as I was trying to work out some sort of strategy for my SIPP in retirement. One of my questions was about the extent to which I needed to follow the common guidelines like a 60/40 equity/bond split, given that we will also have a reasonable DB component coming in. In the responses, there seemed to…
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Drastic reduction in CSP pension Gross amount
In May my Gross figure was £1940 per month, in June it was reduced to £1559, my future gross payment for July will be £595. I had assumed that it was connected to the start of my state pension, however that would only affect the net figure. I have contacted CSP, I wanted to know if anyone could shed some light on this and…
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Finding an annuity
Afternoon, all This question is prompted by another, recent thread. I have an initial meeting with an IFA later this week to start the ball rolling to purchase an annuity. I’ve done my due diligence, and the firm / individual appears to be suitable for the job. My question is, assuming we get as far as a product…
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Annuity choice
I've been made redundant at age 58, and given the current state of the job market, I've decided to take the giant leap into retirement! I recently obtained quotes for an annuity from a respected and well known broker. I was quoted around £50k a year for a flat rate annuity, £35.5k a year for an RPI annuity and £36.5k a…
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Drawdown question
Is the only difference between a SIPP, before and after some or all of it gets put into a drawdown account, that when you withdraw some, it's all taxed? I have a SIPP with HL, which has not been touched. To keep the question simple, if, currently it was at £100k. With 75k invested in two different funds, and 25k cash. If I…
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Address for the DWP Complaints Department
Can anyone please help providing an address to send a letter of complaint to the DWP Complaints Department? I have sent three letters to the Future Pensions address but I have had no response, nothing. I then sent a letter of complaint about this lack of response to the DWP Caxton House address. No response from there…
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Relevant earnings for pension tax relief - pension income?
I have been contributing to a stakeholder pension as a non-tax payer, so max £2880 per annum. I am now in receipt of an annual pension of £18k, can I increase my stakeholder contributions accordingly? Thanks!
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State Pension entitlement versus actual payments for tax
I’d be glad of some help to understand State Pension payments - the significance of ‘entitlement’ compared to actual payments to my bank account in a tax year; and which amount should be included in a tax return. I have read the notes at HMRC which say I am taxed on the entitled amount rather than, in my case a lower,…
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Defined benefit pension.
I can see similar posts but wanted to get people’s views on our current situation. My husband is eligible to take his DB pension this month. We have obtained a Transfer value and it 128,000. The quote from the scheme is 20,000 lump and 380 a month for life. I am 12 years younger than my husband and way off retirement. My…
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Retirement Timing: May vs. March
I understand that retiring in March is beneficial for fresh personal, CGT, and other allowances after the new tax year starts. However, my March bonus won't be paid if I'm under notice. If I give notice after the March payment, with two months' notice, I would retire in late May. As a higher rate taxpayer, I'm considering…
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FIRE Girls Pension Diary - Aim High & Dream Big
10 year targets are set and I'm aiming high and dreaming big. :) A bit of background. When I was young I grew up with a family of 4 children, Dad worked and Mum stayed at home. We had very little material things or new clothes and I remember I was always dreaming of how I could possibly become a millionaire. So why not…
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NHS Pension 2015. Using redundancy payment to buy out pension reduction.
I am currently considering whether to make an Expression of
Interest for a Voluntary Redundancy Scheme. I’m 61 and am (mainly) in the 2015 NHS pension scheme (I joined the NHS in
2014) I’ve heard that if ultimately I applied for redundancy and
was accepted, that it may be possible to use my redundancy payment to help…
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Lump Sum Pension
I have just received a lump sum state pension with 20% tax deducted on the whole amount. I thought with a lump sum a percentage was tax free. Any ideas? Thank you
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
