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L&G moving Work Pension from "PMC Multi-Asset 3" to "Lifetime Advantage Fund 3" - is that better?
As stated above, I got an email from L&G Pensions today that they intend to move my Workplace pensions (from my previous employer) from their "L&G PMC Multi-Asset 3" scheme to the new "L&G PMC 2040- 2045 Lifetime Advantage Fund 3" scheme. The only thing I know about these two schemes is that the current scheme that I am on…
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Transfer for major company to running pension pot
Who would have known back in 1988 that I would be required to know who the trustees of my pension scheme are! I am 75 and have various pensions that I am trying to consolidate. I have had a pension scheme in my name, set up by the company that I owned, back in 1988. My financial adviser suggested that we should move these…
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SPPA Remedial Service Statements
These have now started to arrive. My wife has just received hers (she's a nurse) and I'm sure mine will be here soon (I'm a teacher). We both retired some time ago so fall into the category where we have a choice between the status quo or choosing the care remedy. As far as we can see there is a small benefit (about £160…
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Dormant pension - should I take money out
I've got a pension I haven't being paying in to for 30 odd years. Now sitting at £38,400. I put about 5k in so I think bonuses have taken it up to that amount. It's going up about £800 per year. Should I take that money out and put it in a bank account now I'm 55?
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Cashing in dB and DC pensions at 55
My total in both pensions is around 170,000 , I am no longer working and unsure if I am making the right decision. Thank you
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Switching out of Standard Life WP, no MVR but a negative bonus?
I'm considering switching my old SL "Serps" plan with c£40k in which I have had since 1992 (only £10k of this is in a WP fund with a 4% increase guarantee, the rest is multi asset funds), either to my current CS AVC (with lower charges), or to another more modern SL pension that supports drawdown/UPFLS (neither of these…
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RSS for NHS Scotland retirees - I am confused
I retired in 2020 after paying into the pension fund for 20 years. Yesterday I received a letter re RSS and I'm totally confused. The way I read it my perception is that it's better to choose option B which is CARE rather than staying with my current pension which is option A. I'm not a stupid person but pensions, tax etc…
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Taking an annuity with only part of a DC pot
If I want to use about half my DC pot to buy an annuity, and use HL or an IFA, will they do all the paperwork for me? Do they communicate with Standard Life and does the remainder just stay where it is? Is there anything special I need to do when using part of my pot? Detail below but I don’t think it is needed for the…
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RPI - linked annuity
I am considering buying an RPI-linked annuity with part of my pension fund. I am at early stage but wonder whether the RPI reference point is for the life of the annuity or, like linkers, will change to CPI in the future? I have also heard that the RPI increase may be subject to a cap. Presumably this all depends on the…
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Aviva workplace pension part transfer to Interactive investor
I am considering switching my workplace fund to my SIPP to save on cost. I am just unsure if I am missing anything. Aviva have been hopeless when asking anything and simply in end sent me a form. With me already paying £12.99pm for the fund in ii (which is identical to my aviva workplace supermarket fund) it seems a no…
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Pension Lump Sum + Further Pension Contributions
Hi I am 65 and have two pensions, a workplace salary sacrifice pension (£80k) and enjoy tax relief (I am a 40% tax payer) together with a SIPP (£320k). If I take a lump sum of say £70k from my SIPP and increase my workplace pension contributions (not greater than £60k / year), what tax relief can I receive via my workplace…
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New Higher Rate taxpayer as a result of State Pension
I have just started receiving my state pension, pushing me into higher rate tax band and now reducing my PSA to £500. (I was a HR taxpayer as live in Scotland, but PSA was £1000). Is there any benefit in contributing £2880 to a SIPP each year, and if so how does the tax relief work. Is it automatic or do I need to claim to…
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State pension age review
This article has come up in my Google feed. https://flyeptportugal.com/state-pension-age-update-2025/ It's saying that the state pension age isn't going to be increased to 67 as planned after 2026. Seems too good to be true. Does anyone know anything about this please ?
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Top up Sipp from ISA and then utilise tax free cash for House renovation.
Hi, I am struggling to work out which option makes sense. Currently 56 years old and drawing a DB pension and working (Higher rate taxpayer) My DB pension is sufficient to cover my living expenses and I have another DB pension growing with my current job. I pay into a SIPP current value approx 200k and currently contribute…
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Hmrc
Hi :) New to the forum - don't know if this is the right board, but hope someone can help :( I was trying to complete my wife's self assessment tax return today but couldn't get past section 3 - tailor your return - as a result of hmrc categorizing an old pension payment this year as an employment. We found old pensions…
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Transfer Advice Complaint - Do I have a leg to stand on here?
Hello All I recently transferred my DC pension that had some guarantees which meant I needed to take advice to do so (technically it was classed as a DB for transfer purposes but in reality it was a pension consisting of several normal funds that I could buy and sell at will). I paid for the advice and the transfer went…
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'Inefficiencies with the TeachersPension Scheme' - T-13 days!
I have recently finished teaching after (give or take) thirty years in the classroom. I have been planning this for a while, but especially after having a heart attack in 2018 and a triple heart bypass the following year. I applied for early retirement and my pension on November 2nd 2023 (giving the full maximum six…
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AVC/SIPP
I’m looking for a bit of advice. I want to set up an AVC on my part-time job with the local authority. I’d originally planned to pay in £120 per month, but my employer has said I can only contribute £57 because of the way it’s linked to that post. Would it make sense to set up a SIPP alongside this so I can put the…
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Pension calculators - why are they all the wrong way round?
I know, I know, it's not the "wrong way round". I'm probably just thinking about this weirdly or doing something wrong. I have been ill for over a decade and unable to work. Recently I had an operation that was successful and I'm back at work. My husband and I are now desperately trying to get across our awful pensions…
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Income, Expenditure and Gifting from Excess Income
I am trying to get my head round income, capital and gifting from excess income. The figures are for discussion purposes and are not real or well thought through. Suppose I have a pension income of £40k (from DB schemes and the state) My yearly expenses on food/energy/holidays/housing are £30k leaving an excess of income…
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708 discussions
6.2K comments
Most recent: Retrospectively claiming NI credit for a carer? by molerat
20 September at 8:31PM
