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Pension contribution help? Confused
Hey all I’m going to need a bit of hand holding here as I’m not
really sure what I’m doing. Due to a change in circumstances, I’m starting a part time job
22.5hr at just above NMW. As I’ve always had well paid jobs, I haven’t really
had to think too hard about pensions before as its always been salary
sacrifice. Because…
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Claiming higher rate tax relief on SIPP
Hi, I'm looking for advice on how best to claim my higher rate tax relief on my SIPP. HMRC said to do it online but the form asks for the net contribution for 2025/26. I have a couple of questions about whether this is the correct/suitable path. 1) My current 2025/26 contribution that can be evidenced is Apr-Jan. I'm still…
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Fixed Term Annuity purchase pot holes!
Hi all , have just been reading one or two posts about purchasing an annuity and want to make sure I'm not overlooking anything basic in my plans , knowing that you lot are definitively the fonts of all knowledge thought I might ask just to put my mind at rest: There are 3 pots involved in the purchase: All SW Account A is…
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ILG to provide for basic needs
I have seen various folk in these boards recommend using ILGs - ladders or singly - as a means of preserving part or all of pension pots to provide for basic requirements during retirement - council tax/food/bills/etc. To me this sounds eminently sensible and I may dive in big time very shortly given many of my global/S&P…
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Has UC removed my NI credits a year into my pension?
My partner and I had a UC account from early days, a dozen years ago. This made sense as I was self-employed throughout that period. As I approached 66 years old at the start of 2024, I diligently checked and topped up my NI years until I had 35 full years. Only around £2k altogether, covering about 8 shortfall years. I…
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Consolidating pension pots - can I only transfer these as cash?
Turning 57 next year and probably hanging up my spurs by 60 and belatedly looking at my pension pots. Following various business sales etc in the last 8 years I've gone from one pot to 4 (including my current employer's scheme). Whilst none of the scheme rates are bad, per se, none of them are capped so I'm getting…
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not 100% sure about this stuff!!
I have a final salary company pension scheme that I can retire from at 65 in 2036, but in 2035 I will have worked at the place for 40yrs and I was thinking that is enough for me. But If I go one year early I get a 5% reduction in my yearly pension. my question is what do AVC's do as such? will they top up this 5% loss? are…
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SIPP Drawdown HL
I’ve decided to move the whole of my small SIPP (below £100k) with HL into Drawdown & take the 25% tax free lump sum. I don’t need income so may or may not take ad hoc taxable sums afterwards. If I’m reading their guidance correctly, once in Drawdown account, I have to telephone to sell investments to realise cash for…
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Power of attorney
I have been given a price from my personal financial advisor to sort my power of attorney out which includes property and financial affairs....we have been quoted £980...is this right as it seems expensive tho... Thanks
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Paying into pension when retired
Morning Already posted recently about my wife retiring end of March this year . My query was I am aware you can still pay into a pension when retired , however I am unsure if you can pay in £3.6k (incl tax relief) or £10k ? Also, is it worth doing so , are there benefits in doing this compared to paying that money into a…
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Retire now, can I?
Age nearly 63, no health issues, I’ve come to the point that I’ve had enough of working, very tired and stressed time to call it a day. My SIPP is currently worth £650k and have the years required for a full SP @ 67. I have a mortgage of £55k (£1300/month, just under 4 years left), house approx. £850k, Cash ISA £70k. My OH…
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ii SIPP - taking first Tax Free Lump Sum
Planning on taking a PCLS (pension commencement lump sum) from my SIPP. What is not clear to me is if I need to sell some of one or more of my investments first in order to have cash available for the withdrawal. I walked through the process expecting to be asked what should be sold to release the lump sum cash, but I…
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Pensioncraft
Stumbled upon Ramin (Pensioncraft) on You Tube and, having subscribed for a month, am extremely impressed with the resources and information available. I really like the way he warns viewers not to just copy him but to take-in what he is saying and critique it for yourself. Interested in views/feedback from anyone else on…
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Pension withdrawal question
Hello there I am a little confused with regard to withdrawing from a pension and putting money back into it. So, I assist my aunt as LPA and she has recently moved into a care home. We have paid out of savings but now need to sell her house which is taking longer than we thought. Our question is can we withdraw money from…
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HMRC is TAXING certain Pension CONTRIBUTIONS
TL/DR: HMRC is withholding 10% of Pension Contributions made by Higher-Rate taxpayers using after-tax income to contribute to a registered pension plan (incl. workplace pensions). Not withstanding the tax-free lump sum rules, it's my understanding is that for Registered Pension Plans, HMRC taxes withdrawals and on that…
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Salary Sacrifice vs Personal Pension
I am planning to retire in 6-7 years and I’m currently enrolled in a salary sacrifice DC scheme (employer paying 10% and myself 8%). With the restrictions due to be implemented in April 2029, is it worth making hay whilst the sunshines now and increase my contribution. Or would I be better off starting a personal pension…
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Self Employment and NI/State Pensions
My wife and I have been in a business Partnership for many years but whilst for the last 5(plus many more) my NI contributions are showing as 'Full Year' my wifes are not.....I should mention that I started recieving my State Pension in July 2025 and my wife is due hers from May 2026..is ther any reason why there should be…
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pensionnd
i have a pension pot worth £232000 after i took the 25% tax free limp sum i am closing a business which will have a small amount of money left in it after tax for 2026-2027 i have had advise that an annuity offers low yield per year (max 15000/yr) but if i was to die the unused pot stays with the provider and would not be…
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General pension advice
I am hoping to retire on my 65th birthday about 6 months away, so time to get a bit more serious about my pension. I have a very general idea about how to use my DC pension, but the more i look into it the more confusing it gets. Why does it have to be so complex I have narrowed my options down to either a fixed term…
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Max withdrawal amount to stay out of higher rate tax
Assuming you haven't taken any of your tax free lump sum and you have a £2m SIPP and have now hit retirement age. Due to size of pot and assuming a strong desire not to die with a big pot.....what is the most you could withdraw annually WITHOUGHT going into higher rate tax, this number would be mix of the 25% TFLS and…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
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Most recent: Voluntary National Insurance contributions by pinnks
15 January at 11:27PM
