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Paying income tax when taking money out of drawdown pension
I am retired and living off small pensions and savings, and a non tax payer, due to my income being below my tax code. Not eligible for state pension until 2030. I have taken my 25% tax free sums out of my pensions in previous years. I decided to take some money out of my drawdown pension, whilst keeping my total income…
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Missing years.. Dodgy employer
Hi. I recently saw a post relating to checking your state pension and any gaps. Thought I'd check mine out. To my suprise I have a handful of missing or incomplete years (even though I've worked since leaving school at 16). I won't probably need these years filled, I'm early 40s and only need another 10 years for full…
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Asset rich, cash poor…
I’ve never been particularly money minded or materialistic, but always debt free. But I’ve hit a crunch. My partner and I have had the privilege of inheriting his parental home. We would love to refurbish it, it needs a new boiler, windows, kitchen and bathroom. Nothing fancy needed, but nothing done to it since the 70s…
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Anyone heard of myfptools for retirement forecasting - is it legit?
I'd like to use a free or low cost online tool for retirement forecasting. Is this one legit? Good? https://myfptools.co.uk/savings-model Or does anyone have any alternatives they'd recommend? Thanks!
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Opting out of serps
Help needed. Back in 1990 i opted out of SERPS when i was 18 i appreciate this scheme has since ended back in 2012 and I've automatically been enrolled. I'm now 53 and i was looking into my pension situation i can see my opted out pension with the company who took the funds and that is expected to be about £4500 per year…
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Invitation Code for new State Pension Claim
Hi, anyone else having trouble trying to obtain an Invitation Code to initiate a claim for State Pension? As advised to do so by the Pension Service, and being within 3 months of her due date, my partner went online, only to see a repeated message that the service was not working: 'Sorry, there is a problem with the…
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Taking tax free lump sum from SIPP
My husband has a SIPP, currently valued at approximately £215K. He has never needed to draw any money from the SIPP, and it's general purpose is to leave the funds invested for him to use if I die first, or for me to inherit if he dies first. However, he is 75 later this year, and our thoughts are turning towards taking…
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CIVIL SERVICE CLASSIC PENSION - WORKING RULES
Hi forum. I have a deferred Civil Service Classic pension that I can access in 3 years time when aged 60. My question please; are there any rules about on-going employment if I were to continue to work beyond 60 whilst accessing the CS pension. I am currently employed via an umbrella company, working in social care for a…
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Conflicting Pensions Advice
What a nightmare, and i don't know what to do next!? I have a £122K pension pot that is still growing annually.I have a £13K pension pot that's frozen.I'm up-to-date with my state pension, with just 3yrs to complete over 4yrs.I'm 63yrs old, self-employed, but my business is buggered thanks to the smartphone! With no…
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USS - to TFLS or not, and tax implications
Hi all, I'm just pondering my USS pension (all DB). I can take TFLS, or not, and get a higher monthly amount. The max TFLS is 25% of the pot. My question - which bizarrely I cannot find an answer to on the USS website - is, if I choose *not* to have any TFLS, are the monthly payments taxed at 75% (i.e. the equivalent to a…
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Anyone else having problems with Civil Service Pensions ?
I have just gone through the registration process for the new site (which I only discovered because I had tried to log in to the old one) and was told that my account could not be set up because I had done something wrong and needed to contact them......No contact us email or any other way is provided.Anybody successfully…
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Most efficient way of taking my DC/SIPP whilst already taking my DB (before the tax man gets it)!
I retired at 55 (now nearly 60) and my DB is £33k PA (did not take any cash free). I will get full state pension in 7.5 years (I've checked), unless things change! I also have a work DC with £107k (untouched) & a SIPP with £53k (untouched). I planned on leaving my DC & SIPP for the wife and kids (previously outside estate…
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Help with difficult SIPP question which is confusing ChatGPT
Hello there, I came here a few months back and received some very sound advice from some very clued up people, I was hoping for the same again, as I am going to find myself in a very similar position to the below scenario come March this year. Lets say you're approaching the end of the tax year and receive your final…
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CSSP
I retired on 31/10 I had sent my request in August 2025 and received my quotation. I then sent the completed paperwork. It is now January and I have not received my lump sum or my monthly pension. I have called several times and been advised it is with the finalisation team but there are no timescales. Call wait times are…
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Unexpected inheritance - views ?
I am unexpectedly about to receive an inheritance which will be in the region of £120k. This was not something I ever fed into my retirement planning. Appreciating this is a "nice to have" problem in financial ways, though not in emotional terms re the bereavement. I'm retired, not currently taking on paid work but I am…
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Understanding Kingfisher Pension Info (Aptia)
Hi, I need a bit of help understanding the retirement quote I am seeing on my pension portal. This pension is a very tiny deferred Kingfisher DB pension. However, I don't understand the figure demonstrated at the bottom. I have already filled out the paperwork and submitted it to start the ball rolling and this is the…
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Uk pension for someone with a low number of years NI contributions possible.
Hi folks, A question for some of the more knowledgeable people on here than me. If someone worked in the UK for 5-6 years in 80's paid their Ni contributions in a salaried job, but then returned to Ireland to work, are those NI contributions basically lost and they are not allowed to top it up through voluntary payments to…
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Source of funds?
My wife is trying to withdraw a few thousand from a Wealthify savings account ironically to pay into a Wealthify SIPP (can't do it directly as Wealthify only allow one linked bank account across all your accounts). When withdrawal has been requested Wealthify are asking for proof of where the money came from. It was an ISA…
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MyCSP - missing years/transfer out - could it be fraud?
Bit of long story but I have a classic and alpha pension,
and subject to the McCloud judgement, so my pension statements are pretty
complicated have changed a lot. As I’m in my early 50s I’ve started to pay
a bit more attention and questioned why my pension is so low. The answer has turned out to be quite simple, the first…
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100k+ earnings and max TFLS
Hi all Wanted to check my thinking age 46 current DC pot value £1.02mil Earn 104k basic + (typical) bonus 10-30k Company max pay in 10% at employee 5% sacrifice (Sal sac scheme) As I’m nearly at the max threshold for the 25% TFLS am I right in thinking that there’s no benefit in trying to stay under 100k earnings , and…
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Most recent: Proof of Class 3 Validity - Working Abroad by pinnks
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