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Retirement Funds - advice and ideas welcome
Hi guys, long time lurker here, looking for suggestions on how best to play my money in retirement. There's not much to play with to be honest but I am going to retire this year that's a definite. I'm 66 in July, full state pension due November 30th, currently working three days a week (I just dropped down from 4 days a…
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Fixed Term Annuities
Am considering going down the Fixed Term Annuities route when i retire - likely 3, with terms of 5, 15 and 25 years. Does any one have any knowledge of how far in advance i can secure the annuities? Using Money Helper website calculator the rates/figures look quite favourable at the moment, so locking in a decent rate…
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Income Tax on DB Payment
I have been drawing on a DB whilst still in work so have been paying 40% tax. I am now about to retire and will not be in the 40% tax bracket anymore. Do I need to inform my DB provider or will it all work out in the end?
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Regular Drawdown Interactive Investor
Question for those with Interactive Investor who might be using the regular drawdown function. Does it work like a payroll - do I get to specify a particular day of the month which the payment will be made, and this specifies the tax date and the date it will hit my account? So for example, if I initiate a regular drawdown…
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Between 'Buy In' and 'Buy Out' stage....
does a deferred member of a Defined Benefits pension scheme usually have rights to a statement/ongoing statements during this stage? Before a 2023 Buy In was secured, the scheme Trustee/Administrators provided Tri-ennial statements, with the next one due in 2024. Buy in has not yet reached full Buy out status (taking a bit…
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NHS Partial retirement and Redundancy 13/11/2025
I am in this position. I took partial retirement in March 2025, to get my lump sum for home improvement's to enable my husband to come home from the hospice, he unfortunately didn't make it. This seems so unfair. I haven't had a break in service 35 yrs in total I reduced my hours by the required 10%. I worked 37.5 hrs one…
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Pension carry forward
We’ve inherited my father estate when sadly losing our father last year. Although employed, I haven’t been in a company pension so haven’t contributed. Would it be best advice to use some inheritance to top-up pension contributions since 22/23, given the tax benefits? Edit: thanks for all of your replies. I’m 60, will be…
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CSPS: Some (probably very stupid) questions about Civil Service benefits statement
Hello! I've been a member of the CSPS since 2010. I've paid very little attention to pension statements hitherto, happy that it's whirring away in the background. Now I'm 40, I'm trying to ensure I'm better informed as my husband and I make decisions about his SIPP/our mortgage liabilities/how much money we save for our…
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S226 Standard life policy
I have a Standard life pension that is a S226 Retirement Annuity policy I started it in 1985 , I am wondering if as it says the only option I may have with this policy might be to take an annuity and not drawdown. Obviously I could transfer out . I know I could just ring them but wanted to ask if any one knows here first.
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Taking Drawdown Whilst not Paying Tax
Curious to see what peoples views are on below. Currently 63 years old and retired at 59. Spouse has state pension and NHS pension which she pays 20% income tax. House was paid off about 20 years ago worth approximately £280K. No debts. I receive about £4700 per annum in final salary pensions. I have already taken out the…
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Pension recycling if buying car?
Hi, I have a question on taking part of my tax free cash allowance to buy a car. The background. I am still working and sacrificing a significant percentage of my monthly pay to my pension. In 2022/23 I started to overpay into my pension from savings after remortgaging a BTL property, most of which went to 'carry forward'…
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Pension Buy Out timeline
I’ve just been told that one of my deferred DB pensions is being wound up with a full buy out. This doesn’t seem to be particularly bad news. However, the timeline has the handover to the insurance company happening around the same time as my 60th birthday when the pension comes into payment. Should I be worried about…
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tax liability on LSDBA for multiple payouts & beneficiaries
A relative died recently at age 55 and left two pensions, both of which count toward the LSDBA. He had 100% of his allowance available when he died. Individually the lump sum death benefits are each below the LSDBA, combined they breach the limit. Each lump sum was paid to a different beneficiary. The first was paid out in…
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You can gift any amount, prove me wrong
BLUF: family member with £250k estate, considering gifting ~10% per year each to two family members while fit and independent. EDIT: 10% was a figure plucked, in reality I think it would be £10k. £250k consists of a flat at £60k and the remainder in cash. Family member is receiving a £14k pa pension (state+defined benefit…
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Can others check out my plan please.
I'm am planning to retire end of May at 64 with 3 years to go before I receive full state pension . I have spent the last 2 winters in the evenings educating myself about pensions and how to make an tax efficient and workable plan . But I have no one to run my ideas past and looking for others to give their thoughts on it…
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Fidelity workplace pension (PlanViewer)
For Fidelity workplace pension, my employer (not them) going to set it up with our workplace email addresses, but I'd prefer to use my personal email address, as for correspondence and less messing about if future leaving. Does anyone know if it can be changed after creation?
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Help with recycling rules - civil service pension
I am 60 and looking to retire at 65, 18 months before I turn 67. I am a higher rate tax payer with the civil service paying a standard 7.35% into Alpha. I joined the civil service in October 2020. In April 2022 I started paying £300 gross pm in the Alpha added pension scheme which I still do. April was the first…
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Timing the market
I know in theory you shouldn’t try timing the market, however I have just completed a transfer to A J Bell, and it’s now held in cash. I had planned to immediately move it to the cautious fund, and then the investment pathway 4. As I’m going to start withdrawing in April I’m vaguely tempted to leave it in cash for the…
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Annual Earnings Into SIPP And Tax Relief
My friend has her own business which earns circa £18k per year. She understands that she can contribute 100% of her earnings into a SIPP to provide a pension, obtain tax relief and also avoid paying income tax on her earnings about the threshold. So 12 months ago, she opened a SIPP and funded it with her annual earnings.…
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MSE News: 'Give families more time to pay Inheritance Tax bills on pensions', Lords Committee urges
Families should be given at least 12 months to pay Inheritance Tax (IHT) once it starts being charged on pensions from April 2027, a House of Lords Committee has told the Government. In a new report published today (Wednesday 28 January), the Committee also recommended that late-payment interest is frozen for two years…
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