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ALERT: Prudential Compensation Payments
March this year Prudential informed me they had undervalued my Scottish Amicable 8.7% GAR fund ~£11,000 (Surprise surprise) My NRD was9.25 years ago (March 2016) when the annuity was bought. They stated they would compensate me to cover my loss without stating the rate. I asked for a breakdown and they informed me I will…
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Couple of State Pension queries.
I'm working towards retiring at 55. I'll have 35 qualifying years when I'm 53. Aside from being contracted out for a couple of years (NHS), does this mean I'll mostly receive the full State Pension at 67 or will those years from 55 to 67 count against me? Also, if I work more years after 53, do those 'good' years override…
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Inherited State Pension - Triple Lock Increases?
I have been informed by DWP that I am entitled to inherit 50% of my late husband's additional state pension (GRP, SERPS & ASP) when I reach SP age September 2025. Can anyone advise me if the "Triple Lock" rule around state pension increases applies to this entitlement as well as the core State Pension I will receive in my…
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SIpp contribution amount limit in current tax year
I am a lower rate taxpayer and have a sipp that is crystallised and in drawdown I have some spare cash and would appreciate if someone could advise the amount I can pay in to said sipp ie £2880 or £8000 ? ( excluding tax relief) many thanks
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State Pension: Where can I see the amount of tax deducted?
I'm about to get my first payment. I'd like to see the amount of tax deducted in the same way as on payslips where they show gross, deductions (incl PAYE) and the net. I know I could simply assume the difference between the known monthly gross amount and what actually lands in my bank account, but isn't it shown anywhere?…
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Royal Mail Pension
I left Royal Mail in 2005 after 12 years and paid into their pension I am about to turn 55 so thinking about retirement I am also disabled- need double hip replacement, have mobility difficulties due to Ostioarthritus: i am type 2 diabetic; have hypertension and long term depression. Can I apply for early medical…
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Retirement plan Inflation assumption
Hi, in my retirement calculations, I had thought I was being reasonably pessimistic by factoring in 2.5% inflation year on year seeing's as the BOE target is 2%. However we seem to be consistently sticking above 3%. I was just interested what inflation figure you are factoring in at the moment in your plans?
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Lump sum
Hi , Thanks for all your help. You have all been very helpful on my previous posts and I wondered if anyone could help me understand this.... LGPS have sent me my details...retirement starts 1/9/25 AVC £5000 3 options given.. 1) add to pension and take retirement grant at min amount 2) normal pension amount and add AVC to…
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Aegon Scottish Equitable -unable to get money out
Hello, I am new here, and perhaps someone can help me or share their own similar experience. I've been trying to take money out from my pension pot for months. I made an ill-health
claim that was accepted in August 2024. Since then, it's been a succession of
incorrect quotes, missing documents, "we-need-more-time" type…
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Additional Payment Due Because of the 2020 "Lloyds Judgement"
Hi, would appreciate some input on this one. I transferred out of a DB scheme in 2019 and have just had a letter telling me I'm due an initial payment as a result of the "Lloyds Judgement". The payments is offered "as a one-off small lump sum" with 25% tax free and the rest taxed at 20%. I'm being given 2 months to accept…
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USS - Investment Builder UFPLS withdrawal - How to check the figures?
Greetings, Following a UFPLS withdrawal request from my investment builder, the USS has sent me a letter with some details and has paid an amount over to my bank account. However, the details aren't quite akin to what's on a typical payslip (such as the one I get from my Retirement Income Builder) and, as such, don't think…
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Adventurous approach to retirement planning
I'm planning to retire in around 20-23 years, so this is by no means the most urgent call for advice ever. Just putting some ideas down and seeing what you forumites think. If: * I don't mind whether I use drawdown, annuity, or a mix of both; and * I have a few years' income held in an ISA so that the pension would not be…
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Crystallisation practicalities
I would appreciate some help with the practicalities of moving money to drawdown and then to my bank account, particularly around ensuring the drawdown account is funded sufficiently when my draw instruction needs to be executed. The assumptions are simplified to focus on the issue. Assumptions: - retired, 56 - only source…
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DB pension options - head in a spin
Sorry if this is too long to read. My deferred DB pension can be taken soon at 60 with no reduction and I need to choose my options. I have an AVC pot of about £25k that needs to be taken at the same time, and it can also be used to take a higher tax free lump sum. I also have a stepped pension option where I can get a…
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NHS Additional Pension
Hi grateful for advice on this I'm 55, been in the NHS pension scheme since 2008 and in theory will be retiring in 11 1/2 years. I would like to go somewhere between 60 and 65 but we will see what life brings obviously. I have 16 years of deferred civil service pension and state pension obviously, but my wife having worked…
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Help with some DB/SIPP/HMRC pension maths, please
Hi, all, could anyone help me out with the sort of sums I need to do to talk to HMRC? I have a civil service pension I'm paying into, at 2.32%, and I also have a Vanguard SIPP which I pay into as and when and get 20% tax relief automatically claimed by Vanguard. This year I realised that, as a Scottish taxpayer, I may not…
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Self employed & disabled pension questions
My partner is self employed 58 and has virtually no pension. He is a carer to me and as a result earns about 14K a year. my question is what happens with tax relief if he pays into a pension but he isn’t paying much tax. Also what happens with tax relief if I pay into my pension (again very small from previous jobs) when I…
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pros and cons of transferring DC into Alpha
Hello, I got 3 DC pots and currently paying into in DC pot. What are the pros and Cons of transferring these 3 pots into Civil Service? I used CHAT GPT. It worked out one pot of £13,000, would buy me approx 425pa. Chat GPT also told me, the dc pots would payout full if I died before claiming it. My initial idea was to…
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Lump sum reduced
I’ve cashed my largest pension pot on the grounds of serious ill health. They estimated £81k, but have actually paid me £77k. I’ve enquired with them and they said they’ve miscalculated the tax and they are going to give me a £250 payment for the inconvenience! This doesn’t make any sense as these payments are tax free up…
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Pension tracing services
My mum (75) has found documentation from 1995 about her previous work pension with Airtours Plc. There was only a few hundred pounds in it back then but with interest this money could really help her out. I just can't seem to track this down. I've tried using the Government tracing website 2hich has a few listings for…
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