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Work Pension Contributions
I pay 5% and my employer pays 3% into my work pension. I have tried working out how the amounts are calculated using the Net Pay Arrangement and also the Relief At Source method but both ways do not give the correct amount that is going into my pension fund, it appears the amount going into my pension fund is less than it…
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Pension Sharing Order - Help.
Hi. I have been awarded a pension sharing order as part of my divorce settlement worth £600,000. I currently have no pension of any description and I need to set up a pension fund so that the amount can be credited to it. I have made an appointment with a financial advisor as advised but really I have no idea why it’s all…
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GMP Equalisation settlement
FYI for anyone interested...... Mrs Tempest started to draw her small company pension at age 60 - virtually all was GMP Had a letter today to say the equalisation exercise has been completed and her monthly pension will increase by about 20% plus a lump sum back payment.
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The inevitable pre-budget speculation on pensions
In the
run-up to last year’s budget there was forum chat about whether the expected
rise in CGT would happen overnight. The majority thought it would probably kick in the following tax year. Anyone who sold assets just before the budget on
the basis they could B&B them back if the rise was delayed, is free to have
a little…
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25% tax free lump sum from pensions
I took the maximum amount from a final salary pension ~ 16 years ago; I also have a SIPP and have recently converted part of this into a drawdown account and taken 25% of that tax free. Read this weekend that you can only take 25% TFLS from two schemes - does that mean that I can't take any tax free cash from my remaining…
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Drawing pension without income tax.
My wife has two smallish pensions. One is with Aviva and has a transfer value of £20000 and an AJ Bell SSIP with £7000. She is 65 and has effectively retired. Her state pension is due in July 2027. The Aviva pension only allows full withdrawal or transfer to another scheme. I've worked out that if she transfers the the…
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Transfer into SIPP or stay?
My wife has a pretty dormant pension plan from her previous employeer. Its very low annual charge at about £25 and its not performing badly. Over recent years 20%/annum on average and since she left to become self employeed its 100% up. Its not mega bucks at about £15k but we want to start getting the benefit of the 20%…
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Tax code - drawdown across separate pots - unforeseen consequences of higher/imbalanced income
I am reviewing my drawdown approaching 4 years into my plan. So very short timeframe in investment terms. A normal rebalancing, income setting activity. I ALSO wish to reduce the depletion rate of assets/savings outside pension with a view to using some of that differently family need and side eye to the revised 2027…
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Understanding yields
This is a follow-on on from my other recent thread, but it's a separate question so I've started a new thread - hope that's OK. Talking about 'yields', I'm not sure I fully understand them. To give an example, I've been looking at the stated historic yields of my existing funds, and the fund that has done the best for me…
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Brokers Commission Question
I have retired from work this July at 67, I have worked an extra year, and have been contemplating taking out an annuity. I have had a few quotes a couple of weeks ago from HL and Money Helper, Money Helper quotes were highest. Searching through annuity information online, I have found a couple of conflicting answers…
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LGPS AVCs, worth the higher fees & lack of fund choice for the tax free lump sum on exit?
Hello, I think I've decided to start saving into my LGPS AVC option with the Prudential instead of into my SIPP, because my pension scheme allows me to take that AVC pot tax free when I retire. But I'd love to sense check this with someone else, please? In a nutshell: since I can take all of it tax free when I retire, it…
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Teachers' Pensions
I seem to have hit a brick wall and wondered if anybody has any advice to give. I realise that many retired teachers are in a similar position. I retired from teaching in September 2023. My pension is affected by the transitional/ remedial arrangements that all public service pensions are. The lump sum that had been…
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Options for preserving PCLS
I want to help my daughter buy a flat, using my 25% PCLS. I'm 58. This is a DC pension. This money is needed in the next 1-2 years. My pension total has just achieved the target value for the required PCLS. I'm worried about an imminent market crash that could set me back a long time. So the options I'm considering to…
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DB pension transferred, now they want some money back
I've seen similar posts but nothing exact, so apologies up front if I've missed anything. I transferred my DB pension to DC 3 years ago, no problems with that. A few weeks ago my employer wrote to me and said there had been a mistake and they were after 20% of the money back. I know there is a statute of limitations of 6…
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Question regarding pension consolidation/transfer...
When I left my last employer 12 years ago, I had a defined benefit final salary pension, and I had also contributed to a separate Additional Voluntary Contribution (AVC) scheme. Both of these were deferred when I left the company. My current employer has a defined contributions pension scheme which I have been contributing…
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NEST Pensions
I have 3 pensions 1 with Aegon with £10k (ex employer pension) in 1 with Prudential with £10k in (personal pension) , Another with Nest £33k and adding around £950 to this each month via my salary (total employers an employees contribution). Im 53 and am starting to think about what I should do about a lump sum before Im…
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Why Am I Forced To Use An IFA to Convert My Personal Pension Into A Flexible Drawdown ?
I have a personal pension plan that I want to convert into a flexible drawdown. I have tried to do this myself on-line but every provider insists that I do it through an IFA. I am being quoted around £5000 for an IFA to do this for me which is ridiculous given that I know exactly what I'm trying to acheive and need very…
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Transfer cash out of workplace pension to SJP?
I have been discussing with an adviser from Clearwater Wealth Management about setting up a private pension with St James Place. The adviser has proposed that I move half of my segments out of my Aviva workplace pension into a private pension with SJP. The main selling point seems to be the ongoing advice, because it seems…
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Aviva New Generation Pension - reduced capabilities?
I recently discovered I am no longer able to directly chose funds for my main DC pot with Aviva. Maybe a minor thing - I can contact the team and ask them to move things, with a delay of a day (& the small risk they make an error through mis-hearing me!). I've always had that ability, have used it a number of times over…
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Retired, SIPP or ISA?
I am retired, have a SIPP in drawdown.and taken all the 25% tax free money. I also have a stocks and shares ISA. My State Pension is just over the £12570 allowance so any income I draw from the SIPP will be taxed at 20% I am wondering if I should take out £20k (net) from my SIPP and put it into the ISA? My reasoning is…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
727 discussions
6.3K comments
Most recent: Voluntary NI contributions cut off 2025 by Silvertabby
19 December at 7:04PM
