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State Pension First Payment
Hi, I reached SPA last week (27.12.24) I applied for my SP back in September following the invitation letter. I got a email confirming my application but have heard nothing since. Am I right in asumming SP will automatically be paid to my nominated account around 23rd January. Should/will I receive a statement prior…
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Taking LGPS Early
Do all LG’s penalise early retirement / reduce pensions and lump sums in broadly the same way using the same percentages ? I found one area that publishes a table online showing the percentage reduction in lump sum and pension for years 1-12 if taking early, this is very useful for decision making, but my LG does not you…
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PCLS Recycling
I took a £90k PCLS from my SIPP in October, before the budget. My wife and I gifted £50k each to our two children (£50k of which was from my PCLS) and I deposited £20k into my ISA and £20k into my wife's ISA. I took the PCLS because I was worried about changes to the pension rules in the budget. My total taxable income for…
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Rather pay tax outright than have code adjusted
Hi, all I have yet to lodge my tax return, but I am ready to. One thing I noticed in my online calculation is "amount of underpaid tax included in your tax code for 2024-25 = £ 2042.00" I agree with the amount, but I just want to pay it, I don't want my tax code adjusted. How do I change this?? EDIT - I can see how to…
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Non earner HRT payer tax relief on £2880 contribution
If a non earner is receiving pension total income across all pensions that puts them in the 40% tax bracket, can they claim back the extra 20% after making a contribution of £2880 to a SIPP? e.g. total pensions 60K, contribution from after tax money £2880. After 20% tax relief this becomes £3600. Can you then claim back…
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Confused about inheriting SIPP tax allowances
Hello, I have inherited a SIPP and I am really confused on the tax rules, I am at my wits' end. I have been getting conflicting information - some sources write that if the SIPP owner died before 75, you can leave the funds in the pension pot and withdraw anytime tax-free, even in, say, 50 years. Others say that anything…
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Alpha Added pension with actuarial reduction - how to calculate
Hi, I am wondering how Alpha added pension is uplifted until it is taken early at say 60 (scheme age/SPA 67). I am not after exact figures but just the basic way of working it out. Eg. 600 added pension per month from payroll (7200pa) in 2025-26 with MyCSP AP calculator giving 500. Assuming CPI uplift is 2% every year…
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Dividends notification on accumulation funds
I received messages in an AJ Bell ISA about dividends that were paid on a couple of my funds. However these are accumulation funds so I guess the message is for information purposes only? I would only need this information if it was in a taxable account? I am holding some of the same fund in Interactive Investor SIPP but I…
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A great start to the New Year
The latest video from James Slack I think is a bit of a tour de force. Points we all can benefit from and really well explained and delivered as usual. https://youtu.be/ftXqtS2PQcY?si=O5HCrLepFQWh7dAo
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Avoiding 40% tax in SIPP drawdown
I seem to have overcooked my SIPP plans a little. I'd planned to retire early, 59, use SIPP drawdown as a bridging pension until DB pensions and state pensions kicked in at 60, 65, and 67. The plan was, draw down on my SIPP up to 40% tax threshold kicks in. Based on 2.5% increase in DB/state pension, and tax thresholds…
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Taking 25% tax free and still pay in.
Can I please ask for some clarification. I'm 55 this month and wish to take 25% from my pension but still continue to pay in. I pay in 10% and so does my employer. I plan to continue to work. If I wanted to take another lump sum in say 5 years how does this work with a tax free amount. I'm guessing it's 25% of anything…
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Am I better off with single or spit pensions?
Hi everyone - I run my own limited company and pay myself and my wife pensions from it, each to our own pension accounts. We are 40 and these were set up with the help of an IFA many moons ago and we just went with his advice. However I'm doing a bit of a financial audit and trying to get some thoughts on whether this is…
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Worth paying for advice for small pot.
Is it worth paying an independent adviser if you only have a small retirement pot, less than 100k?
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Pension drawdown tax free
Hi all. I have a pendion pot with Bank of America. I am 60 yrs old and have requested a drawdown of 25% tax free. They have refused to pay until I am 65. Are they allowed to do this? Thanks.
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What were your experiences of tax refunds when taking first drawdown
My understanding is when you make your very first draw down of potentially taxable / crystallised money (not tax free funds) , the pension provider will deduct 20% tax and you need to claim it back , if it results in you overpaying tax. I don’t know if anyone else is experiencing the huge delays over the last 12 months…
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Topping up SP
This may have been asked - sorry. I am planning to take my work pension in the coming months and will no longer pay NI. I will be short of a full SP by ~3 years. Can I 'top-up' in the coming years so that I reach my max SP when available? Thanks
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LGPS Question
Hi, I have two LGPS’s with different local authorities, one deferred (ex employer) and one I’m still paying into (current employer).I am 48 and planning to retire at 60, so my question is - can I take one LGPS pension early at 60 (with actuarial reduction) and keep the other one deferred until normal pension age? Or will I…
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Magement of pensions
Hello all I've read quite a few posts and thank you for all the contributions. I was interested in people thoughts on my circumstances. My pots are as follows. A lifesight worth £12 A HL SIPP worth £8k A standard life pension worth £22k As I am now self employed with still at least 20 years to work, I'm looking to get rid…
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Prudential - cash lump sum or continue with monthly payments
Hi there. My 82 year old mum has been offered a cash lump sum from her private Prudential pension. Or continue to receive a monthly payout. The lump sum offered is £4500. Her monthly received amount is around £30 after tax (should be £60, but pension pay rise means government taking tax from private pension.) She's not…
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Pension Bee - Death Benefit
Good morning and Happy New Year! Look for some advice. We lost my father-in-law suddenly in October. My Mrs is currently in the process of dealing with the estate (we have letter of administration). We found funds in a PensionBee account and have contacted them in order to claim the death benefit. Has anyone had any…
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