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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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Withdrawing all of pension at 55 which date in tax year is best
I plan to withdraw all of my pension in a scheme I am in at 55 (i have other pensions I still pay into). I know what I will be taxed on 75% of this - I still work. My question is which point in the year is best to withdraw the money start of tax year of end of tax year. I would prefer if my employed take home pay isn't…
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SIPP Transfer after Crystalizaiton
I have crystallized my AJ BELL SIPP and taken the 25% lump sum and I have started to take a monthly taxable payment from it. Charges are circa £1,000.00. Could I transfer my AJ Bell over to my Interactive Investor account where the charges are more favourable?
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Taking DB pension and MPAA
Hi Hopefully someone can confirm for me. I'm think I am correct in saying that taking my small DB pension will not limit me (my employer as all salsac) to 10K PA further contributions to my current workplace DC pension? Thank you
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Deceased father's pension policy
Hi all, My father passed almost 8 years ago, he died interstate and with very few funds so his bank simply closed his account and wrote me a check when I provided the death certificate and proof of who I was. At the time I did not think he had any private pensions, and considered his affairs settled. Very recently the…
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Scottish Widows - Mercer master Trust Works Pension Question
Hi I want to transfer out of my Scottish Widows / Mercer Master Trust Adminstered Works Pension to iWeb/Scottish Widows.SIPP.However i'm concerned about the timing of the fund sales - does anyone have any experience with selling Mercer funds adminstered by Scottish Widows? What was the timescales involved, as in how long…
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Bank - International transfers
Can anyone tell me which bank is best to use if I want to have my UK pension transferred to a European Bank?
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Interesting TEDx talk on the 4 Phases of Retirement
Just come across this interesting 13-minute take on retirement 👍 (apologies if this has been posted before) The majority of threads here focus on finances, & whilst that is clearly very important, perhaps not enough time/thought is spent on the other elements of retirement 🤷♂️ His topics cover vacation, loss, trial &…
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Maximum contribution to civil service partnership scheme
I am a civil servant likely to go in a VES at end of July. I am in the Civil Service Partnership DC scheme. I want to put the most I can into my pension from April to July for tax purposes. Is that 100% of my salary? I think I read somewhere that I have to be paid the equivalent of the minimum wage so I would need to…
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Thoughts on Delaying Claiming Civil Service Classic Pension
Hello, first post here, as I noticed some great advice on Civil Service pensions in the forum. I would be grateful for any thoughts or experience on my current dilemma as to when to claim my preserved civil service classic pension. Here's the situation: I turned 60 this year, so am eligible to claim my preserved Classic…
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Looking to retire soon……best options?
I really want to retire this year…..current age 63, but not a lot of funds to play with. I’ve got £110k in savings….mostly in isas £40k in a Nest scheme. Also have an old (DB?) from 30-ish years ago which current statement is quoting annual payout just over £9k. I contacted them recently advising that I wish to start…
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Transferring pension pots question
I just wondered is moving a pension pot to another pretty much the same thing as moving your bank account or savings account? Ie, one then old ones closed its just money that's transferred,? So there is no record of what your old job was or any other info? I am referring to solely DC pots. Thanks
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Tax & pension contributions in retirement
I retired at 52 living on savings but hitting 55 now have been able to access 2 pensions. Total pension income looks like it will be £9190 per year with cpi increases each April. (This is not my SIPP which is still in accumulation mostly vls80 , invesco BIPS and money markets) My tax code is 1257LX. Does this mean I can…
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DC Pension transfer
Hi All. Long time lurker. I have a question if I may. Wish to move a very old (small) DC pot from Royal London. They won't permit me to transfer to another modern Royal London plan. As it's old it needs to be processed manually so I'm looking for:-. A provider whom 1. Is reliable at transferring and receiving pensions…
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Claiming tax relief on private pension
Hi there. I pay into my employer's workplace pension as usual but for the past few years I've also paid into a private St James Place pension. I pay £300 per month into the SJP pension on to which a further £75 is automatically paid in tax relief giving a monthly contribution to the scheme of £375. My financial advisor…
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Erroneous Tax Code Notice due to duplicate Civil Service Pension
This is just for information in case it affects anyone else with a Civil Service Pension... A few days ago I received a Tax Code Notice containing a very large adjustment triggered by the addition of an extra non-existent pension. I receive a Civil Service Pension; the extra pension was a Civil Service Widows and…
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Is it worth me continuing my SIPP?
Some years ago, after retirement, I set up a SIPP purely for inheritance tax purposes. I have no non-pension income, so I'm limited to £2880 net payment (£3600 gross). I've been 'fiscally dragged' into the 40% tax band. Reeves has snookered that plan, but I'm wondering if continuing to pay into the SIPP is worth it. These…
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ready to retire & need to know her to invest
hi all im looking to retire at the end of 2026 my current pension is with Scottish Widows and I'd like to invest what I have (around £500,000) to get around 5% growth and allow me flexible drawdowns thanks
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