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UK State Pension - Potentially moving abroad / 8 qualifying years
Hi All, Looking for some guidance on my current situation, partner (South African) and I have been contemplating moving to South Africa after working in the UK for the last 7.5 years. In Summary, we would like to ensure that we have achieved the 10 full years of NI contributions in order to have some UK state pension when…
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ii transfer from Aegon
Have done some research around transferring from Aegon to ii Although they both use origo interative investor can’t do in-specie transfer and it has to be cash only I’m just a little worried that Aegon sell my current funds at a time suitable to them and it’s sitting in cash funds for weeks especially with US election…
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Bundling our pensions and giving the lot to Schroders Personal Wealth - yes or no?
My husband has reached 55 and I’m a couple of years behind. We both have a couple of pensions from previous jobs totalling around £550k. Our bank (Lloyds), MAGICALLY sensing that 55 was looming, offered us a free chat/consultant meeting with one of their experts at Schroders Personal Wealth. Having at least heard of…
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Trading Allowance
I pay tax on my pension income as it is greater than the personal allowance. If my sole trader husband pays me for admin and it is less than £1000 per annum. Do I need to complete self assessment or would this be allowed under the trading allowance rules.
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Two LGPS AVCs with different employers
My wife is currently in the process of getting estimates from her employer in preparation for flexible retirement from LGPS early next year. She has two AVCs, one that is a ‘with profits’ through a previous LA employer that she seems to have opted to leave with them (there was a tick box to this effect from 10 years ago).…
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Teacher's Pensions and widow's pension
My Dad had a pension from TP when he retired in 2001. When he died in late 2015, my Mum became entitled to a long-term widow's (dependent's / spouse's - not sure of the precise term) pension in a reduced amount. In May 2022, TP wrote to Mum asking her to complete and return a document to confirm she continued to be…
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Royal London Pension Portfolio with Income Release / Flexi-Access Draw Down.
Hi, My partner has just moved 2 of his pensions into a Royal London Pension Portfolio with Income Release/Flexi-Access Draw Down pension. He is planning to take his 25% tax free allowance next month. If he chooses to take another cash lump sum in 2025 (for example) would he pay tax on this amount? I'm assuming after the…
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Moved on to BR tax code and paying more tax?
I have been retired for 3 and a half years, during which time I have made yearly UFPLS withdrawals from my pension. I recently asked for a £20K withdrawal and received a letter from my pension provider breaking down the payment as follows: The payment of GBP14,871.80 has been issued in line with your instructions.Your…
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DB & state pension tax question
Hello all, Having had my DB pension in payment for the past 10 years I reach the ripe old age of 66 next February 2025. My question is; do I need to inform HMRC when my SP is due to kick in? I currently already pay tax on my DB as its more than the PA and am aware that I'll pay more tax on my DB as my SP uses up almost all…
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HL 2880 to 3600
Hi i paid 2880 into sipp which has been increased to 3600 and i am now trying to withdraw it I have been unable to set up a Nominated Bank account on line I rang them and they said i had to decide how i want lump sum before they send me application to withdraw. crystalizes something I am so outta my depth , i have small…
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Access to Defined Benefits Pension
Hi Folks, I have an old pension with my local council called a defined benefits and I recently asked for a CETV which is 28k. I don't work so I have no income whatsoever, my husband works. Can someone tell me how I can access this money please ? Can I just ask for this whole amount to be paid into my bank account or do I…
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retirement
i was asked to give 6 months notice to retirement, which i have done, bearing in mind that i will have done all i can to train my successor to do the job, can my employer insist i take any holidays left before i retire or is an agreement between us
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'Alternative' pension on defined benefit scheme
There is an option to take an alternative pension if you are more than one year away from the nominal retirement age. i.e. between 55-59 in the case of my scheme. This allows a tapered pension to allow for the state pension at 67 to balance to a flat income. It says you will receive growth on the standard pension but not…
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Early-retirement wannabe
I would like to create a topic (don't see it at the moment - other than the NUMBER thread). Who is aiming for early retirement (or who has retired early already)? When did you begin planning and what drove the decision? What is the strategy for getting there? How much of a relative decline in income are you prepared to…
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Pension on a zero hours contract
Hi, my son has started work at a gym and they are not offering a pension. He is on a zero hours contract. I presume he will just have to find and set up his own pension. I find them all totally confusing so not sure how best to advise him. We can't afford pension advice. I am confused as it seems that you are either in a…
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The benefits of using unused pension allowances
Hi! I have just received an inheritance in the form of a lump sum and have been exploring what to do with it. It seems to me that one option would be to pay a lumpsum into my pension, taking advantage of the unused allowances from previous tax years - my reasoning being that this would give my pension pot a boost whilst…
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Sipp - when to deposit & contributions for prev years
Hello. So, I can put 100% of earnings (up to £60k) into my sipp each year, do i do this on the year of the earnings or on the year of the tax return? (if on year of earnings, how will i know how much i can put in, if i haven't done the tax return yet??) i want to put in 100% of earnings this year and for last year if im…
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Pension Advice Needed Please
Hi my DH and I are unsure of what to do in relation to taking the full tax free lump sum . My husband has £370k in his pot and still has a remaining five years employment to work. He continues to contribute via salary sacrifice through his employer. We decided to take a very small amount out for home improvements £10k with…
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Pension
HI There, I have just found out my pension which I have been paying into for over 20 years as only made 30K, I feel I have been miss managed, probably my fault as I thought I paid them a fee to do this?
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TTFAC Sample/Example Required
I applied for and obtained a TTFAC from my DB occupational pension scheme. When I started taking my "work" pension I did not take a tax-free lump sum. The TTFAC Certificate they supplied stated that I had a Lump Sum Allowance of £268,275.00 and Lump Sum and Death Benefit Allowance of £ 1,073,100.00 which seemed correct as…
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Most recent: State Pension: Option to Stop paying once reaching 35 qualifying years by pinnks
4 December at 10:16PM