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Deferred Civil Service Pension
Hi - wondering if anyone has intimate knowledge of the civil service classic pension scheme as were not getting much sense from Capita. My better half took redundancy from the civil service in 2006 after 18 yrs and became a deferred member of the classic scheme. The retirement modeller available under MyCSP showed options…
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Passing 'Surplus To Requirements' Pension To Grandchildren
I have an inflation linked DB pension, more financial assets than I will ever use and a house that is way too big for us so we should be downsizing. (This is just to illustrate that I am 'comfortable'). I also have a separate pension worth around £250K. I have kept this in case I died before my 75th birthday and, under…
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Early Retirement Hopeful - Sense check and thoughts
Hello, Long time reader here and would value thoughts on my plan: Age 54, married but we are working through separate finances (he is all DB), two kids aged 21. Am I able to retire at 55, end of next March? Would like £3,500 a month after tax. Own our home and have no debts. Pension pot W is DB from aged 65 at £4,292 a…
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Tax implications of pension pot after annuity purchased
Hi, I purchased an annuity with my pension pot last year and did not withdraw a lump sum. After this there were still a few months of contributions as I did not finish work immediately meaning there is still £4000 in the same pension scheme. The £4k is only worth a very small amount from the total annuity purchase /…
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Arbitraging pensions?
I would be interested to know if anyone is trying or thinking about this? I have two pension, pension A is my combined stakeholder from all previous employments. There are no contributions going into it but it's growing about 14% per year. My second pension is my current work pension, my employer puts in 9%, I put in 11%,…
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Old Aegon SIPP workplace pension
I have an old workplace pension from an old employer, it is a SIPP with Aegon 'Retiready'. I stopped paying into it in 2022 when I left the employer. I do check it regularly and it's currently worth just over £6,000. What I'm thinking is would it be better to transfer it to another platform with lower/better fees or just…
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Correct me if I have got this wrong TFLS (again)
I would be grateful for the hive mind to sense check my analysis of my “draw” from my SIPP with HL. I am 70 and never taken any pension benefits. Personal allowance used pretty much by SP. I want to draw out approx £75k from the SIPP. This is less than 25% of the value in the pot and there is enough cash in there. I don't…
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UC & Tax implications of cashing in small SIPP
Hope everyone is fine and dandy and getting some much needed sunlight. In a couple of months I'll be 55 and I have a small amount (£1600 approx.) in a SIPP. I am on UC and I get Standard + LCWRA + Housing My pickle stems from what my tax liability on withdrawing the lot. The back of the fag packet calculation for the…
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State Pension vs Income Tax Threshold
I don’t know if has come to the attention
of the DWP or the Treasury, but the increase due to come into force in April
for the State Pension, In some cases (ie pension +protected amount) ,
will result in the yearly Pension becoming more than the income tax
personal allowance. This means that I, for one, will be seeing an…
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New option added
I was pleasantly surprised yesterday to receive news via the annual newsletter that my old workplace DC pension will offer drawdown as an option upon accessing it from this year onwards. Previously the only options were to buy an annuity, or take it all as a cash lump sum, otherwise transferring it out to a different…
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Pension Shortfall
Hello, Last year i took receipt of my DB pension all looked okay until the end of the year when i worked out that over 12 payments there was a significant shortfall in agreed payment. This is estimated to be around £3k. Now you may ask why i did not spot this but i have had a horrible 12 months due to death in family and…
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SIPP contributions by HR pensioner
Having a bit of a debate whether a higher rate tax payer now aged 70, only income from pensions and savings, would still benefit from paying £2,880 into their SIPP. The SIPP is currently fully invested and is not expected to be drawn on in the next 7-10 years. The investor is in great health but has quite a low risk…
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Aviva pension policy disappeared from MyAviva
Hi, Posting here out of desperation as Aviva are unable to correct an admitted 'error'. I have a pension with Aviva which was originally with Friends Provident that Aviva took over 10 years ago. It has a different policy number than the standard AVxxxxxxx format. There must be many many thousands of people with similar…
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United Communications Group Pension
Hi, my husband has an old pension that he hasn’t paid into for years but it has grown into a decent amount. He asked to take it out as a lump sum but was told he wasn’t able to because he had already exceeded his his lump sum allowance! So he can get a small annual pension only. Is this correct? He is still working so this…
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Over 75 move to flexible drawdown.
I have a pension pot with Standard Life of about £80K. I've just turned 75 so it seems sensible to crystallise at this point to protect my TFLS (tax free status would be lost if I die before my husband). We don't need additional pension at the moment, and we have other assets, but when one of us dies the other will need to…
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HMRC higher rate relief online form - confused by 'total net contributions'
I'm completing the HMRC online form to claim higher rate relief against pension contributions. I'm not clear what the form wants when it asks for 'total net contributions'. If, for example, I have added £12k contributions to a SIPP, had £3k automatic basic rate relief and am claiming £3k higher rate relief, is the 'total…
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Self Assessment / pension / tax calculating
Hi, I've searched for something like this for a few days now but nothing quite fits. Basically as you can't use the Gov.UK website to run a simulation of a self employed return prior to the end of the current tax year what I'm looking for is some kind of simulator or calculator that allows you to input profits, interest…
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Transferring part of a SIPP
I have an ii SIPP and a 212 stocks and shares ISA. I much prefer the 212 platform and the lower fees. I would like to leave my stocks/holdings in the ii SIPP and transfer the cash to a 212 SIPP. Is that allowed? I do not want to go into drawdown.
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SIPP tax deadline day 25-26
I am thinking of starting a SIPP this tax year 25-26 to take the advantage of the tax break of investing a lump sum as I am no longer working paying 20% tax on my two company pensions, on ii website it states has to be done by Sunday 5th April but also seen online that for tax purposes it’s has to be done today Thursday…
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USS log on
Can I ask those who have a USS pension, are you having problems logging on to the site? I have tried over the last couple of days and keep receiving the following message: Sorry, something went wrong... We seem to be experiencing a few technical issues in My USS. Please try again, or maybe come back later.
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
