-
Deferred pension poor performance
Hi all, I worked for Npower for around 10yrs, in that time I joined their defined benefit pension scheme. It wasn't great as they (Npower), paid 0 in. I left in 2019 & the pension then was £3985 pa lump sum £0 today when I have logged back in there is a retirement illustrator which calculates if I take my pension at 65…
-
Offer from Morrisons Pension
My son works at Morrisons (Supermarket). He has received letter to take a 'One-Time Winding -Up Sum Offer to Take your RSP (Retirement saver Plan) Section benefits as an Immediate One-Off cash Sum'. (Italics bit inserted by me). He doesn't understand the letter. Neither do I. My main question is: Will he still be in any…
-
Minimum pension age from April 2028
I’ve just received an annual statement from my DB pension provider. It says that the minimum pension age will rise from 55 to 57 from 6th April 2028. It also says “this will affect anyone born after 5th April 1971 as they will be 57 in 2028.” Surely it only affects people born after 5th April 1973? Have I misunderstood, or…
-
Looking for an online-only pension
I'm really tired of dealing with my pension company over the phone, as it costs a bomb, takes for ever, has no paper trail and is horribly inefficient (the last thing I did with them took 3 months to sort out, for example). Does anyone know of any online-only providers I can move to? In the genre of Starling/Monzo banks,…
-
Drawdown strategy - tax, savings interest and student finance
So I have come up with a plan based on the following constraints: Personal allowance: 12570 - assumed to be fully utilised by state pension post SPA Savings allowance: 1000 and 5000 (reducing 1 for 1 with taxable income over personal allowance) Unearned income max pension contribution: 3600 - reduces income for student…
-
Reaching Tax Free Lump Sum Limit in SIPP - Worth taking this part now?
So I'm wonder what's the best thing to do (mostly tax wise) if someone was fortunate to have a SIPP where the tax free element had reached the c. £268,000 lump sum allowance limit. Would it be better to keep it in the pension - where any growth linked to this amount that was subsequently withdrawn would be subject to…
-
My retirement numbers; any advice?
So, here's me, 59, going to be 60 in a few months, hoping to retire somewhere between 61 and 62.I want about 30k in retirement, and this what I currently have:* DC pensions worth approximately 500K (430k in works pension, 70k in SIPP) * 100k in cash (about half and half NSI/ISAs) Between employer and salary sacrifice,…
-
Small pots to maximise use of 0% tax band
Hi I've been pretty successful in getting most of my redundancy (taxable bit) into my pension via salary sacrifice whilst meeting NLW requirements. As a result I have only earned £9,760 taxable this year and my employer has contributed £45,623 to my pension. Since I have the time to do the admin I think I can contribute to…
-
Keep AVC or take the money and run?
I have a smallish Teacher AVC of a predicted £16500 ( which I am very grateful for), It is due to mature( not sure if this is the correct word) in 6 months. I'm thinking of taking all the money but have noticed its predicted value seems to have gone up a lot in the last year, a fair bit more than if I put it in a savings…
-
HMRC National Insurance Record - Year not Full
I've been looking after my wife's Self Assessment since she became self employed. I've always done them as soon as they arrive and paid them pretty promptly, I've never waited until end of January. Looking at her NI record, 2022-2023 says Year is not full We are checking this year to see if it counts towards your pension.…
-
Pension draw down difficulty as an expat
I have a large private pension in the UK. I reside abroad. HMRC are aware. My issue is my pension provider, who will not make any payments into a foreign bank account, only British. Has anyone experienced this problem, and if so what was their solution?
-
Home responsibilities protection
Hello all. My wife started receiving her state pension in November 2023. Prior to this, and on Martins advice, she checked her pension forecast which showed that her N.I. contributions were showing a shortfall of 2 years, one of these years was to look after her first child. This meant that unless she " bought " those 2…
-
Access to pension at 55 - mitigating against govt min age changes
I'm just about to finalise a settlement agreement which will cover me financially until 55 (Sept '25) when I can draw my employers pension if needed at that stage (a pot c.£1m giving me £250k tax free option) Given the talked about changes to min age is there any way of protecting myself against this (other than continuing…
-
Leave in drawdown or move (slowly) to ISA
Question for hive mind. Sometime next year 2026/27 will fully retire (especially if redundancy package offered) and will take what I can get tax free (put £20K into ISA if still exists) and move chunk of AVC to drawdown. Question - in following years would it be better to leave the crystallised cash in drawdown to…
-
Retirement at Christmas
Trying to figure out the best way of funding the 2 years and 3 months pre state pension should I hang up my boots at Christmas. Currently spending around £2500 a month, but want to allow for a 3k income, which means a gross income of £42000 per annum. No debt, house paid off. Spouse has her own small pension and state…
-
What happens?
Hello. I have a question, a simple one that I hope the answer too will end up being of no use at all. So, i got thinking recently. Im 37, have a wife and 13 year old son, a mortgage, a dog and a cat. Very happy and can count ourselves lucky we are all in good health. But I got thinking the other day about the what if's of…
-
Changing SIPP Platform
I intend to change my SIPP platform from HL to Fidelity and wonder if there are important reasons why I shouldn't. Because I'm not resident in the UK, I don't read the UK press very much although I have read the Moneyvator article on changing platforms. My SIPP is high five/low six figures and in drawdown, it comprises…
-
Missed the 5th April State Pension NI contributions deadline...just been thrown a lifeline by HMRC
Had 6 years NI to top up but left it to the deadline but was not able to select any payments on the website + with the 5th being a Saturday I was unable to contact anyone at HMRC to confirm. Assumed that I missed the date and should have completed these payments before the 5th. Have kicked myself ever since for the lost…
-
CS Alpha.Can you put part into payment?
For student finance reasons I want to limit my taxable income for the next few years but I also want to put my take my DB rather than only using DC (I will top up taxed DB income with DC tfls) If I put all my alpha into payment it will be too much for student loan purposes so I just want to put enough to use up my personal…
-
USS mess - Statements v. Summary
Question for any USS experts - how reliable is the "Your Summary" information presented on the front page of the members' bit of the website? It seems to be giving the same information as the Annual Statement, and in almost identical language: "Here's what you've built up"; "Here's what you've saved" - which sounds pretty…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
703 discussions
6.2K comments
Most recent: HMRC call back wait times by molerat
29 August at 10:37AM
