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Fixed term annunity or drawdown
I am 59 and looking to retire at the end of May when I turn 60. I have a DB scheme which I intend to cash in early foregoing the lump sum in favour of a higher monthly income. I also have a DC pension with Aviva of £148000. My intention was to buy a fixed term annunity with £100k (with a lump sum of £35000 on maturity)…
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Bold leap into retirement
Morning all, I hope you have managed to find some time for yourself in what can be a busy period. We have enjoyed spending time with family over the last 3 days, it’s a quiet one today, then off to visit more family tomorrow. I’m not planning anything wild for NYE, but have been really starting to think about what I want…
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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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Moving pension from Aviva to Vanguard?
Hello I am after a bit of advice please. I have just left my employer and I am trying to decide what to do with my pension pot. Currently it is invested in Aviva Pensions My Future Focus Long Term Growth S2. The pot is not much, about £100k, which worries me as I am 43yo, so I am desperate to grow it as much as possible. I…
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Annual Allowance and Salary
Question about the amounts I can put into a pension and annual allowance. I know I am limited to my annual paid salary. So… If I earn, say, £57,000 and am in defined benefits scheme. My pension grows by £2000 in a year and there is no automatic lump sum and CPI for the sake of argument is nil. So my pension input amount is…
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ILG ladder query
Below shows ILG ladder costs and GRY for 100K withdrawal each year for 5 years as a means of preserving wealth until SP kicks in. I understand the assumed inflation rate is 3% - and is currently 3.2%. The first 2 gilts show a negative GRY in real terms - I assume at 3% inflation. Q then - Assuming the above is correct, and…
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First time doing the £2880 question
I was about to add the £2880 to my pension. I retired Sept 24 and have had no taxable income since. I have taken my personal allowance from my drawdown fund this tax year (still have an accumulation fund there too). I have not taken anything else from the drawdown, only the tax free. I know that adding the sum can only be…
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£2880 pay from drawdown
Hello again, Retired, under 75yr, with only income from SP and DB ( plus savings). Does it make any sense to withdraw funds from my drawdown ac and pay into my pension account( subject to £2800 limit)? Money taken from drawdown would be taxed at 21% or thereabouts (Scotland). Payment is usually made from savings. Any…
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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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Personal Contribution to Pension
Hi everyone, I just wanted to sense-check something. I’ve been looking at a few online sources and think I understand it now, but it’s taken me quite a while to wrap my head around it, so I’d really appreciate someone confirming whether I’ve got this right. Goal: Reduce the amount of 40% tax I pay. Context: I earn…
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Temporary partial ii SIPP transfer-out to reduce fees, pre-drawdown....
My partner has a modest ii SIPP that sits under the 100k account size currently but will go over it shortly due to additional contributions. In approx 2 1/2 years, the SIPP will be drawn down quite aggressively to empty it by state pension age. To avoid the ii platform fee increasing by £9/month when the 100k threshold is…
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Can I still contribute £2880 per year once I'm retired, if I'm taking other taxable income
Good morning everyone. I retired at the end of September last year. From 6th April this year, I intend to start drawing down from my pension to tide me over until I reach state pension age (currently around 11 years away). Even if I'm taking taxable income from my pension, can I still contribute £2880 per year into my SIPP…
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HRP
My son was born in 1985. I went abroad (non EU country) in 1986 with my son to accompany my husband who had taken up a job there. My son and I returned in 1996 and my son started school in the UK. My NI record does not include the years 1985 to 1996. My State Pension started last year and I do not get the full amount. Am I…
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Searching for critical mass
I wanted to send this out as a pulse check to see if we are on the right track, generally, and if there is maybe other things we should consider. Married, 2 kids, just turned 40. My partner and I have £390,000 invested across ISAs & pension. Combined we are putting away around £2500 a month into these, and mainly into…
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New Capita-run Civil Service Pension Scheme - problems (what a surprise!)
So, Capita have taken over the admin for the CSPS and their new website and members portal went live this week. I have just registered on the new portal and am not in the least bit surprised to find that the information available on the new portal is very scant and incorrect in terms of my length of service. With…
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Help with transferring defined benefit cash balance scheme
Having turned 60 with Royal Mail I have to take my first pension with them (I have 2 more with them) I have 2 choices:- 1, take the money and pay tax. 2, transfer the money to another provider. I wanted to do option 2 and transfer it to my Royal London pension but they won’t do it without a financial advisor. I don’t know…
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CS Alpha -
I am trying to understand a number of questions with regards to my Civil Service Alpha Pension. My quandary is do I take my pension at 60, which means there is a reduction for every year before my NRA (67) if I do, or defer it until 67. Also if I do take it at 60 am I wasting money by continuing to keep overpaying into it…
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What happens if you straddle pension age increase?
On 6th April 28 minimum pension age increases to 57. My DOB is Oct 71. If I start accessing a DC pension from Oct 26 (age 55) can I continue? Or on 6th April 28 (age 56) will there be limits on how I can access my pension? What are the guidelines? I'm thinking I would be able to access crystallised funds in a drawdown…
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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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737 discussions
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Most recent: Gaps in National insurance contributions by molerat
12 March at 10:53PM
