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Drawdown plan
Please can you critique my drawdown plan? 1: Basic needs are covered by partners defined benefit pension plus an Index Linked Bond Ladder covering between retirement and State pension age. 2: Nice to have’s, holidays new cars etc etc are to be covered by a SIPP pot plus S&S ISA’s (x2 one for me one for my partner) 3: We…
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Paying into SIPP and a workplace pension
I took a voluntary redundancy package in December and I'm now starting my retirement journey. I was paying into a workplace scheme via salary sacrifice (50% salary) and also sacrificed bonus plus redundancy amount above £30K (which went in as an employer contribution). Given this is the likely final year with significant…
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When to cancel transfer of married allowance?
My wife has transferred 10% of her income tax allowance to me (marriage allowance). She has only had very limited income for a number of years and didnt use all of her allowance. Next April (in new 2026/2027 tax year) she will start to take her DB pension and will be paying basic rate tax. So she will stop the marriage…
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GPPP is it Workplace or Personal - limited to 3 cash-ins?
Hi all, Going through some pension documentation for a friend. We're trying to trace some, update others with correct address and personal details. Basically, get them all registered for online access and see what is what. As my friend has worked a number of jobs over the years for fairly short periods of time, each…
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Drawing from an inherited SIPP pot - MPAA is NOT triggered?
Anyone else read the article in today’s Telegraph? Quite apart from the imminent changes to the fee structure, I think what I’ve read this morning (assuming I’ve understood it correctly), is probably the final straw for me. Over the last few years, I’ve had cause to raise complaints about the service I’ve received - I…
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Most tax efficient way to draw down personal pension
I am 60, retired early and look forward to an NHS pension when I am 65. In the meantime I have a personal pension of about £70K which i would like to withdraw ALL as income between now and then (2030). I have no other income but living on my husband's pension. What is the most tax efficient way to draw down the £70K? -…
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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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Early-retirement wannabe
I would like to create a topic (don't see it at the moment - other than the NUMBER thread). Who is aiming for early retirement (or who has retired early already)? When did you begin planning and what drove the decision? What is the strategy for getting there? How much of a relative decline in income are you prepared to…
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AFPS 75/15
Please bear with me… I joined the UK Armed Forces in ‘97 at 22 yrs of age. I served to ‘16 and elected to remain on the ‘75 scheme throughout. This 18.5 yrs served on AFPS 75 gave me an immediate pension of £14.5K p.a. but I opted to take full commutation so my annual immediate award dropped to £12K until I reach 55 yrs of…
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I have been left a £50,000 inheritance, I want to add it to my pension pot.
I have just turned 64, I have a part time job earning £1,200 per month and a small HM Forces pension and a little savings. I also have a personal pension with Aegon and have a pot in the £40,000's. I have just been left a £50,000 inheritance and I want to add this to my pension pot. Seems like a straight forward thing to…
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Deferred State Pension application - why the insistence re 4 Months?
I posted the completed relevant form re the above subject. Received a letter from the Wolverhampton office stating I'd applied too early. Oh, by one week. That was it - no forms returned, no advice, no personal name given by the brainiac who sent the letter (which is beyond infuriating). Fortunately I took photos of all…
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What to do with old contracted out pension?
Hello. I'm seeking views on whether it makes much difference which pension to access first in the following scenario. My wife will be retiring shortly (turned 60 in 2025). All the pot figures given below are approximate for ease of calculation. All three of the pensions happen to be with Aviva and allow the usual options…
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Pension age
Hi my wife is 66 at the end of June 2026 and thinks she won't receive her state pension until September, she also thinks she won't get an interim payment for the period June to September. is that right ? Thanks Mark.
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Pension stopped
Mum's work pension didn't pay out this month. We phoned the provider and learned they'd sent a form out to her old address back in October, which obviously she hadn't returned. So that explains part of it, although we're none the wiser about why it was sent out in the first place. She's since received the form, which is a…
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Redundancy Payment Methods into a Company DC Pension?
Hi All I’m looking for a bit of clarity regards to how an employer pays redundancy into a DC company pension. My employer is offering to pay a defined amount above the tax free £30K, from my redundancy settlement pay, into my current company DC pension. This is good news apart from the payment method they are choosing to…
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DB Pension
Hello I am 54 yrs old and will be 55 in June. I started a works pension in July 2003 which was a Final Salary pension. My company stopped the the final salary pension in July 2012 and we started a Define Benefit pension up untill Oct 2021. Then my company changed the pension again but this time you could have a 2 year…
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Drawing down one pot and continuing to pay into other SIPPs? plus backdated contributions questions
Hello again, hoping some forumites can help confirm how things work in terms of continuing to pay INTO a personal pension in the same year as taking some funds OUT (via drawdown) of a different personal pension (both DC not DB pensions). Also, I have some associated questions on paying personal pension contributions for…
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CAN I STILL GET UP TO 25% TAX FREE?
Hi I have been retired for 4 years now, and did not take all my 25% tax free allowance when I started to take monthly payments from this pension scheme. Now that I have reached state pension age, I have stopped taking monthly payments, and would like to know if I can somehow get the remaining 25% tax free allowance which I…
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Phoenix Life
Hi there, I have just received a letter from Phoenix Life via DWP Bulk Letter Forwarding Mail Service. Firstly was unaware the DWP had a Letter Forwarding Service and unsure as to why this company is requesting I forward on my personal details. Can anyone verify if this is legit or scam attempt to upsell a policy I may…
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Pension winding up - advise needed on tax
Friday I received a letter from an old pension scheme saying it was winding up. They have offered me a cash withdrawal to shut the account as it’s under £18000. I am 49 and could use the cash. This will for the tax year push me into the next tax bracket which is not ideal. It appears to be taxed at 20% before being paid.…
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742 discussions
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Most recent: Proof of Class 3 Validity - Working Abroad by pinnks
8 April at 10:19AM
