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Need to consolidate my pensions and open a SIPP
Hi, I'm looking for advice on which company to choose for opening a SIPP. Should I go for a DIY option or a ready-made portfolio? I don’t have much experience with DIY investing, but I’m worried that a ready-made option might not have my best interests at heart. Any thoughts?
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Civil Service Pension - Contributions
Anyone know how the contribution bands work for CSP Alpha? I work part time ( 4 days a week ) but my FTE has just moved
from £54,000 to 56,100 as part of the recent pay award. However if I was working 5 days a week this would mean contributions now jump from 5.45% to 7.35%
contributions – therefore my 3.25% increase is…
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Civil Service Pension & Tax
I was retired from the Civil Service on the grounds of ill health in 2013 (I was in the Classic Scheme). Due to circumstances, I didn’t claim it at the time; I am now looking at doing so. My annual pension will be 12k. MyCSP have confirmed that it will be back-dated (ie 12k x 12 years = £144000). What I was hoping to do…
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NHS pension - not sure whether to take standard or maximum lump sum
Hi all, I've seen some good informed discussion about NHS pensions here (such as https://forums.moneysavingexpert.com/discussion/6464889/nhs-pension-1995-section-delaying-retirement which helped a lot) and hope you can help with this. Partner is 61, in both 1995 section and 2015 scheme and wants to go for partial…
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Pension Query
Good evening all im wondering if you can help me please? My wife is currently finding her workplace difficult to be in & I’m wondering if there is a way to draw a lump from my pension to use to pay a years salary so she can leave, but for it to not cost me a chunk in tax on my earnings? ultimately the impact of work may…
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Overseas Pension
Whilst working overseas in the UAE from 2000 to 2011 my company set up an 'overseas' pension scheme administered in Jersey. The company (local to UAE) and I contributed to my pension fund. I stopped contributing when I left the country and moved to China. I continued to be Tax non-resident until 2022 when i started a job…
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Income tax avoidance
I would like some assistance from the board experts there are many on here I will be seeking advice as well I’m currently in a conundrum about not wanting to pay income tax or inheritance tax in the future Currently got HL Sipp 99k in cash drawing down each month enough to be £12000 this tax year L&G pot worth 400k…
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USS Personal Allowance Calculation - any advice please
How do I work out what I have left in my personal allowance (max is £60,000) if I retire at the end of this month? Is there a calculation I can make? The USS Contributions & Tax Calculator allows me to model against the Annual Allowance, but does this for a full year. I suppose I could divide by 3, (four months, April to…
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Is there any point claiming Marriage Allowance?
In all the discussions about frozen personal allowances the possibility that all state pensioners will be taxed on their state pension by 2027 doesn't take account of the effect of Marriage Allowance. Where the tax paying partner is in the higher tax band, it may still make sense to shift some of the tax liability to the…
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What to do with trivial pots
on my 3 year countdown to leaving at 60 have 2 main pots with a combined value of £350k which I plan to draw on and top up from my sticks ISA Discovered I have 3 small pots with about £2.5 k in each know I could cash them in first year of retirement or transfers to main pot. But wondering if I should fund these with the…
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Take tax free 25% lump sum triggers MPAA
Hi, I am thinking of taking 25% tax free lump sum from my pension. Does this trigger MPAA where mine (or my employer's) contributions cannot exceed 60K/annum or be taxed?
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TFC and 25% sanity check crystallised
Keeping the numbers simple. Say I have an uncrystallised 400k pot and I want 100k in TFC - I've never taken TFC before or withdrawn from the SIPP. This would mean I would have to put 300k into my crystallised pot with no uncrystallised left in order to get the 100k in TFC. If the uncrystallised 300k remains invested and…
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Advice needed please
I can take my state pension on 30th September (my 66th birthday). I have been awarded a state pension if £12,014p or £1001 a month) (which is below the Personal Allowance). In 2019 I was awarded an Tier 1 NHS Ill Health Retirement Policy, which is currently £15,073.32p (or £1256.11p a month. If i take my pension how much…
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Pension annual allowance. Which dates are used, payslip or provider receipt?
Hi I've searched the forum but can't find an answer. Apologies if I'm repeating an obvious question. In calculating your pension contribution in a tax year, should we be using the date that pension left our salary, or the date the our pension provider received that contribution?
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Current company pension, and a SIPP
Hi I’m 56 and keen to have greater control and options with
regards to my current Money4Life company pension with Scottish Widdows. So with in mind, im looking at the idea of moving the funds (around
388K) in this SW pension to a SIPP and then making ongoing transfers into that
SIPP (as both my employer and I will continue…
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Transfer out or leave in, thoughts please
I have a pension pot with an employer that I left 20 years ago. The value of my pot has reduced drastically in the past 5 years from almost £400k to £200k. As it stands if I draw the pension now I would get £45k tax free lump sum and £6k pa. I have taken some financial advice and for £150k I can get an enhanced annuity…
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Lifetime Allowance Question - Have Royal London got it wrong?
I am in the process of moving an AJ Bell SIP into Drawdown and withdrawing the maximum Tax Free amount.As part of the process they are asking if I'd withdrawn any other pre-April 2024 pensin benefits from any other providers and, if so, what percentage of my Lifetime Allowance I had used. I switched a Royal London pension…
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paperless retirement admin
Hi Trying to help my dad out, he has been getting letters asking him to log onto a new pension site to check and confirm his details. He is 89, has no interest or access in Internet. he claims to not have any account on their system. He has a db pension that's recently changed administrators. I sent an email to trustees…
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Are FA worth the money?
I have 2500k to invest and the FA (not even an IFA wants £2500) I am getting fed up with the run around and thinking of bunging it all in high interest accounts or bonds, which at the moment seems about a similar return, however can they really get me more? Is managing money that hard I need a FA? Could I do it myself? I…
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Buy Added Alpha Pension or ISA/Stocks and Shares
I'm 52. Civil Servant. Currently accrued 12 Yrs in Classic Pension and 3 years in Alpha (affected by Remedy/McLeod). I'm hoping to retire at 60 but not sure it's affordable. I can manage to save extra £800-£1000/month to enable me to do this. My question is what option should I choose? Buy added pension (this confuses me),…
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Most recent: Delays for P55 tax refund from HMRC by Fishingtime55
22 October at 8:39PM
