-
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…
-
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'…
-
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…
-
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…
-
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…
-
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…
-
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?
-
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…
-
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…
-
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.…
-
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…
-
Looking for a new pension provider.
My current £400k DC pension is with Standard Life and until now I have been happy enough but I need to move it. I’m looking for suggestions/recommendations. Not my original plan but I found out that I can get an enhanced annuity of £7,900 pa for £150,000 (3% growth, 50% spouse and 10 year guarantee) and I could then use…
-
41 years paying into CSP
I applied for partial retirement as advised 5 months before my 60 th birthday but they couldn't even get the date right . They chose the day before - I was told in October I would get another offer by e-mail within 5 working days, I am still waiting and on part time earnings only. So stressful my thoughts are with anyone…
-
Teacher's Pension (TPS), faster accrual arrears and reclaiming tax
Hi I'm really hoping someone can give me some advice with regards to getting a tax rebate for paying a TPS faster accrual arrears. I am in the Teacher's Pension Scheme and have always paid extra for Faster Accrual. Normally this comes out of my gross salary and is all sorted out between TPS and my HR department. However,…
-
Short Term Money Market Fund
Folks Put me right here please. I noted the below on Bell as a possible alternative to setting up a gilt ladder to preserve what I have in the SIPP. Couple of Qs. What is the risk compared with gilts? It seems I may receive a wee bit of growth? Is this right? The primary aim is to preserve what I have in the SIPP until SP…
-
MSE News: WASPI compensation rejected again following fresh Government review
Women who argue they were not fairly notified about a rise in the State Pension age will NOT be paid compensation, the Government has announced today (Thursday 29 January) following a fresh review. Insisting that the majority of affected women knew about the change, ministers said a compensation scheme "would not be the…
-
McCloud Remedy
I joined the NHS pension scheme in 2003 and left the service in 2022. So a large proportion of my pension is affected by the McCloud Remedy. I am now 60 and was hoping to take my pension this year, so I need a comparison between the standard pension and the remedy. I have been in contact with the NHS Pension, but with no…
-
advice on regular payments into a SIPP please
hi following excellent advice on here regarding an old DB pension, im now ready to leave that alone and start regular investments into an existing SIPP for the next 5 years when i retire (im 60 now, planning to retire at 65). i have a Hargreaves Lansdown SIPP, its around 7 years old and has grown from £80,000 initially to…
-
Ministers still reject Waspi calls
A bit surprised this hasn't been posted yet but the Government's latest decision review is once again a "No". BBC report at https://www.bbc.co.uk/news/articles/c1jeyn3yxn9o I thought of adding this at the end of the previous post about this, but thought it might confuse any new readers if they started at the beginning of…
-
Pension Being Withheld
I don't know if anyone can help me. Last year my husband hit 65, he works full time and through his employer had two pensions. One with Clerical Medical which in 2009 was stopped but held in trust (as far as we know) and then the pension went to Aegon. In June 2025 we saw a financial advisor who got the Aegon pension…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
739 discussions
6.4K comments
Most recent: reduced pension payments by Silvertabby
20 March at 1:54PM
