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DIY Annuity purchase?
I retire this May so I've used pensionwise and I've had a free consultation with a IFA and have decided that an annuity is the way forward for me but do I really need to pay 1 to 1.5 % of my £240,000 pension pot to an advisor? Couldn't I shop around myself or is it the case that an advisor has access to deals that I could…
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Understanding streamlit with ILGs
Put me right here please. Using the Streamlit tool, For ordinary gilts, 100K withdrawal in a ladder for 5 years would cost 445K. I understand the cash flow calcs. That is fine. For ILGs it costs 510K. Cash flow calcs do say that values are in today's money, so am I right to believe that what I would actually receive going…
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McCloud Remedy
I don't know if anyone can help here, but I'm about to make the decision about which option to choose. But I can't get an answer to what to my mind should seem a simple question. Circumstances: 1 Retired and receiving Civil Service Pension since early 2018 2 Options offered on RSS: (a) No change to benefits - everything in…
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Do I want a TFLS?
Still trying to sort one of my work pensions and am currently trying to get an annuity. So obviously if I take the 25%TFLS my annuity would be less. And I'd have this nice lump added to my (ok, our) savings account. Don't take the TFLS and the annuity would be more. All that makes sense. I (well I should say we as I've…
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NHS Pension overpayments
I don't know whether anyone else has had this issue: In May I was surprised to receive a letter from NHS Pensions, telling me that my pension award has been revised (I retired in 2017) because my previous employer notified them of a change to my pension entitlement, meaning that I had been overpaid. They also said that my…
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SIPP upper limit
So I contribute towards both a civil service scheme and also a SIPP. I know that the limit for the SIPP is £60k or my annual salary, whichever is higher. My question is whether I also need to take into consideration my contribution to the civil service scheme in the £60k. Do I need to include this (yes/no)? If I do need to…
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Pensions advice - Can't top up workplace pension need private pension? Not sure what to do?
Hi, my son is 25. He has a workplace pension with Nest (no choice). His employer is paying the minimum contribution and his employer wouldn't match any increase he makes to his pension. He can't make any increases to Nest through his employer (they don't even acknowledge his questions about this). So, he has been looking…
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Calculating historic unused allowance with NHS pension
Hi All, I'd like to put some money into a SIPP using my unused allowance from previous years. Can anyone direct me to a guide for how to do this? I have (after much faffing) got hold of my pension savings statement from NHSBSA but I am unsure how to use these figures. Thanks in advance, Thomas
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The AI Pension Advisers are here
https://www.ft.com/content/a16bbdf4-a8c9-4fb2-b61e-e83bb5bfa11b Interesting article in today's weekend FT about the use of AI chatbots such as ChatGPT as virtual AI financial retirement advisors. Just wondered what proportion of IFAs on this forum include the use AI as one of their planning tools?
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Due date vs Paid date for contributions
Hopefully an easy one to answer please… I'm working out the maximum SIPP contribution for my wife this FY, so looking at her company pension contributions (salary sacrifice so all EEs). The contributions have a 'Due' date, and a 'Paid' date, and for April 25 these straddle the start of the FY, with payment 'Due' 1/4/25 but…
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SIPP and reaching age 75
My understanding is that if you die before reaching age 75, then a SIPP is inherited (let's say by your widow) and can be taken free of tax. But if you die after reaching 75 then she pays tax at her marginal rate on withdrawals from the SIPP. What I hadn't appreciated, but have recently read, is that in the latter case the…
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Drawdown pension care fee assessment
I'm trying to help a relative who has a husband in a nursing care home who has early onset dementia. He has a drawdown pension which the council are claiming counts the same as available capital wrt fees. She's been advised by Which that the council should treat it like an annuity which would greatly reduce her exposure to…
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Expression of wish form / beneficiaries for pension - changing when lost mental capacity?
I am an LPA attorney (finance and health) for my parent who is likely to lose mental capacity unfortunately. Their pension has a completed expression of wish form but we have agreed verbally that this might change next year, if the parent is still alive, given the pension estate changes from April 2027. Would the changes I…
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What to do with 100k pension credit
Is anyone able to offer advice about what to do with 100k pension credit from a pension sharing order following divorce? It’s currently with Scottish Widows (SW). They’ve said I need to choose whether to transfer it to a new individual stakeholder pension with SW or transfer to another provider. Admittedly I don’t much…
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relating to possible 2nd pension drawdown, etc
Hi all, its just over a year since i posted on here last.. with some of the posters help it enabled me to get a better understanding so i could carry out a pension restructure and take my first drawdown.. i now have a crystallised (inactive in terms of payments goin in) pension with most of my funds in (this i intend not…
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State Pension and tax code 2026/27
Couldn't make my mind up if better in the Cutting Tax board or here but decided here. New tax codes are arriving for 2026/27. If on the full new state pension it should show 51 weeks of new rate of £241.30pw plus 1 week of old at £230.25pw. Total should therefore be £12,536. Assuming no other deductions/allowances, tax…
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LGPS - Boosting My Pension options
Hi folks, Currently considering some LGPS APCs using salary sacrifice and looking for some opinion on whether it’s a good (or bad) idea. Situation: part-time, approx £16k, with marriage allowance tax code (1383). Not paying a great deal of tax or NI but was hoping to sal.sac. around £260 per month which will eliminate my…
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PensionBee Query
Hi all, I'll be honest and say that I have no idea about pensions. I'm 32 and I've had a few workplace pensions from previous jobs. I recently signed up to PensionBee and one of my pensions was transfered across with a balance of just over £7000 I've kept an eye and seen this balance go up and down recently as I can see…
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Inherited SIPP "Successor" Query: Avoiding 40% Tax Trap (Mother 75+)
Hi everyone, looking for some technical/tactical guidance on a SIPP inheritance. The Situation: I am inheriting 50% of a SIPP (approx. £127k). The SIPP originally belonged to my Father (who passed away several years ago under age 75). It then passed to my Mother as a nominee. My Mother has now passed away at age 77. My…
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Pension Newbie
Hi all, this is my first foray into the pension boards, please be gentle with me!!! I am a long time (and successful!) Debt-Free Wannabe and I'm trying to get myself and OH sorted for the future so would love some help/knowledge! Here's the situation: Both OH (early 40s) and I (mid 30s) are basic rate taxpayers, though…
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Most recent: NI years are now full, existing OAP, when should I expect my monthly payments to reflect this? by Dazed_and_C0nfused
22 May at 1:38PM
