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Tax year end 2026 is a Sunday - Easter Sunday
For anyone planning to make last minute contributions to a pension, ISA or whatever where falling into the tax year 2025/26 is important, and hasn't yet clocked the fact, 3 April is Good Friday, 4 April is a Saturday, 5 April a Sunday and 6 April Easter Monday. Paying a little earlier than you might otherwise have in mind…
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Soon to retire - how to take my saved money
I am 66 and will be retiring at 67 in a few months time. I am already benefiting with a full state pension. I have a very small NHS DB pension of £700 per year. I have £80K in savings , 60 in ISA's rest in fixed term bonds. I have 2 DC pension pots , £600,000 and another will be £12K. I am a saver but I want to spend the…
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Messy pension contributions
Good morning. Could someone please advise what's the easiest way to check if my current pension pot would have been higher if my contributions were being added on time? My employer had some delays with sending contributions last year but on top of that the pension provider had a disastrous, non working processes for nearly…
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Why is HMRC giving me a tax allowance for 26-27 for SIPP now 75
Says it all in the title really. Doesn't the Gov know that I cannot contribut AND get tax a;llowance once 75???? Not really expecting any comment.
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Tax treatment on starting drawdown from SIPP
I appreciate this question will have been asked here many times before, but I wanted to find out how the tax will be handled when I start drawdown from my SIPP (held with ii) in April. I’m self-employed and still earning but only around £15k a year and I plan to take £12,570 a year (the tax-free allowance) from my SIPP -…
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Private Pension Company - Drawdown - Is this correct?
When I started my application to drawdown 25% (tax free) from my pension, it was early Feb, this year. I was assured the process would take 2-3 weeks and funds would be in my bank account. It's now 7 weeks and I have a concern having received the following Friday afternoon last week: '… the speed of the actual bank payment…
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LGPS - BUYING EXTRA PENSION
Hi, If i was to buy extra LGPS pension of 2k (A surplus after AVC TFLS) will the amount of £132.98 from the LGPS calculator be a monthly or annual amount? I am taking VR aged 59, will that make a difference to the figure? Thanks
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Tax relief for self-employed non-tax payer
Hi, I’d be grateful for advice regarding the level of tax relief on private pensions for a self-employed person who doesn’t earn enough to pay income tax. My only personal income is from a small online business I run alone, and which will make approximately £7,000 after expenses in 2025-26 (I live with a partner who is the…
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USS - best place to start?
I've relented and if I want this sorted…… so I need to start from scratch and learn fast and have a longer term plan than just year to year. I have taken a couple of days off to try and sort the families finances for the longer term. Having asked for years when my OH plans to retire, he has no idea & doesn't want to /…
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Transfer advice Barclays afterwork into LGPS?
Hi, first ever post after searching for information….. My wife is age 47 and has a deferred pension with Barclays afterwork which we are considering transferring into LGPS - she is in her first year working for the council so is enrolled in LGPS. She has obtained a transfer value from Barclays of £75,000 which is £50,000…
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DWP-sympathetic but unhelpful
Question… If your pension forecast is not a guaranteed figure, how do you know how much you will receive before committing to your pension invitation letter, and does it matter I have just come off a phone call with the DWP trying to explain my dilemma. At the beginning of last year my forecast was for me to receive the…
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Pension advice
I am 63, self employed and already receive a local authority pension. Can I still pay into a sipp and, if I can, how do I receive my pension relief? I intend to stop working in a couple of years so is this worth it or should I just continue to save in my ISA? Would welcome any thoughts and advice.
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LGPS when the AVC exceeds 25% of the total pension pot
Hi My position - age 56, 2 LGPS pensions and 2 seperate AVC pots. I have now sussed (thanks for the clarification everyone!) that I can claim these independently but I am now trying to work how flexible retirement will complicate the matter. As I am tempted to go via this route My first pension (deferred member) is larger…
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State Pension taxable
I have just received 2 letters from DWP, 1 showing how much my State Pension will be from April 2026 and 2. what my tax code will be. They have stated that my State Pension will be ABOVE the personal allowance and therefore £58 of it will be taxed along with my private pension. Has anyone else had this? I understood that…
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Tax code for SIPP withdrawal
I just made my first crystallised SIPP withdrawal (I made a PCLS one earlier) of £13,700 but only received £9156.80. On a tax code of 1257LX that seems to make sense, albeit that my online HMRC account shows estimated tax for the year of £226. My question is whether every SIPP withdrawal will be taxed like this, and if not…
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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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Aviva SIPP or Pensionbee
I currently have a couple of pensions, one with Aegon and another older ltd co pension that's now with Aviva. Because the latter is an older Aviva pension i don't have any access to it online. I want to consolidate both pensions and currently looking between transferring them both to a new Aviva SIPP or using PensionBee…
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Exceeding Money Purchase Annual Allowance after cashing in small pension
Dear readers, Can anyone give me some advice on the following? In 2022 I cashed in a small pension with Sun Life that my father, God rest his soul, set up for me in 1991. I never paid a penny into this, and received £7200 after tax, although the taxable amount was £10,360. I spoke the last week to a really helpful chap at…
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Part-funding property for daughter.
My wife and I are looking at releasing funds to help our daughter with a property purchase of around £180k. One option we are considering is to use the remainder of my pension TFLS as a deposit towards the property (I took £168k TFLS from my Defined Benefit pension when I retired in 2023 and I currently have £500k in a…
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Timescale to move from SIPP to drawdown AC with Hargreaves Lansdown?
Has anyone submitted an application to HL recently to move money from their SIPP account to their drawdown account? I am trying to get an estimate of the timescale it is taking. I made an application on 6th Nov, got a confirmation email saying 20 working days. That has now passed and I have messaged and called them for an…
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Most recent: Gaps in National insurance contributions by molerat
12 March at 10:53PM
