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Vanguard Life Strategy
Been reading a few threads on this forum and elsewhere ref. Vanguard Life Strategy (VLS) funds and if possible I'd appreciate a few thoughts from those who know far better than me. I am 61, still working, though considering retirement, and have 2 SIPPs with HL and Bell made up of 100% equity funds/ETFs - low cost…
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Seeking advice on contracted out Pru pension plan
Hello, I am no longer a UK resident and trying to understand a Prudential Personal Pension Plan started in 1989 (contracted out of serps). On the last statement in April it reads as follows * Current transfer value on 15 April 2025 was £64,800.00 * Selected retirement date is in 2032 * Current plan value (excluding Final…
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Results of Government consultation re IHT on pension pots today
https://www.gov.uk/government/publications/reforming-inheritance-tax-unused-pension-funds-and-death-benefits/inheritance-tax-on-unused-pension-funds-and-death-benefits#general-description-of-the-measure Key point of departure from original announcement, the liabilty has shifted from the pension scheme administrators across…
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State Pension, Marriage Allowance & Tax Implications
I'm 70 & receive both a State Pension & company pension, & my wife also receives a State Pension, but she has no additional income. A few years ago she transferred £1000 of her tax allowance to me, to reduce my tax liability. How does that work now? Does that £1000 off her tax allowance disadvantage her (or me) now? Is it…
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Pension tax announced in 2025 budget
Am I correct in thinking (and hoping) that the changes announced in the budget recently relating to national insurance on salary sacrifice pension contributions above £2k per year do not apply to private SIPP contributions that I make through my payslip each week? I'm aware the changes don't come in til 2029 but I'd still…
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Pensions
Approaching 55. in April 2028 the age for taking a private pension rises to 57? I am 55 just after this cut off(a tad annoyed if that’s the case.) I have :- Final Salary 1 Final Salary 2 Direct contribution salary 1. Approximately 7 years in each. Now I believe the final salary are saying I can take from 55, how do I check…
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Tax code change after cashing in pension
Hi All, I am wondering if anyone can help me understand HMRC processes please. I am currently taking a small DB pension, and have just cashed in a DC pension all in one go. Allowing for the tax free lump sum, this keeps me Just below the higher rate tax threshold. I have just received a notice from HMRC that they have…
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I'm due to turn 55
I am watching a lot videos on investing. I have came to the party late for investing, but I want to invest as much as I can. After I draw money from my pension when I'm 55. I know the rest of my pension is crystalized. I will still be working full time and paying into a workbase pension max at 13%, not touching this pot…
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Can anyone kindly confirm how much I can pay into my SIPP each tax year?
Hello to all, this is first thread after years lurking and learning a lot. I am 59 and in full-time employment. My gross annual salary is £58,000 which I am currently using sal sac to reduce down to minimum wage - c. £23,000 - by way of my work employer's DC scheme. I also have a SIPP with II and wish to pay as much as…
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What constitutes salary sacrifice on a pension
As I am already retired this doesn’t impact me now but I am curious. If I understand it correctly, pension salary sacrifice is where someone gives up salary for a larger employer contribution to the pension, normally a pension contribution by an employer is not subject to tax or national insurance. How does the system tell…
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Aptia woes
Hi all, I am a deferred member of an occupational scheme ( left job in 1996) Payable at age 65 ( which was early Nov ) received the quotes for monthly payment and lump sum back in June this year. All looked ok, so sent all the forms back as requested, and they confirmed receipt etc. Thats another job ticked off I thought.…
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FISCAL DRAG: When is the number not THE NUMBER
Jane Blogs worked and saved hard and retired at 55 in 2021. She had lined up inflation linked pension (including state pension) so she had £50270 in real terms for the rest of her life. Comfortable right? She had not anticipated the freezing of tax allowances though, so will she really have her number to spend in real…
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Budget Salary Sacrifice cap
Does anyone know if the 2K salsac cap announced in the budget will be gross or net? Edit: ie whether we can sacrifice 2K and get the tax+NI on top, or whether it will be 2K including the tax+NI I’ve searched but can’t find a clear answer.
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Pru pension difficulties
I’m in the process of dealing with my late brothers estate. Everything except his Pru pension has paid out. He had a Pridential flexible retirement plan. We completed a form with all 7 beneficiaries names in November. All of us are family members. I’ve chased the matter with his FA and have been told the following:- "…
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Question about activating the MPAA and the current tax year
I've recently had to give up my P/T job due to ill health and looking to start drawing down from my crystalised drawdown pot. I previously took the 25% TFLS and the remainder moved into drawdown. I also have a small uncrystallised pot with the same provider. My question is that given I have been working this tax year and…
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DWP pension advice to HMRC leads to wrong tax code
I retired in 2023 and began to draw a private and state pensions late in 2024-25. The aggregate gross income from both these pensions came to under £11K and I had no other income for the year. When I began to draw the state pension in Dec 24, DWP advised HMRC my annual income entitlement, although I would only draw 4…
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Moved: HMRC will stop cash-like investments in S&S ISAs
This discussion has been moved.
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Finding an annuity
Afternoon, all This question is prompted by another, recent thread. I have an initial meeting with an IFA later this week to start the ball rolling to purchase an annuity. I’ve done my due diligence, and the firm / individual appears to be suitable for the job. My question is, assuming we get as far as a product…
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What is the definition of income when assessing tax on pension
State pensioners with no other income will not have to pay income tax once over the tax threshold. Forget the detail whether just new state pension etc. Is it clear what the definition of income is? Is it taxable income or does it include money from savings, lump sum tax free cash etc. Any ideas?
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Higher Rate Tax and Pension relief
Hello All. So as a complete newbie now just opening my first pension SIPP ( albeit very late in life) , hopefully I am now right in assuming 60k limit ? Self employed and will go into higher rate tax this year but I am slightly confused on the part I claim separately on self assessment. I would like to pay in the max sum…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
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Most recent: Voluntary National Insurance contributions by pinnks
15 January at 11:27PM
