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Age 42, what should I invest for for retirement?
Hello, I am Age 42, what should I invest for for retirement? Should |I go for all equities or equities and some EFT's? Thankyou,
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AVC-PSE-Mimimum Wage
I have been paying AVCs through payroll for the last number of years. It has been on the Gross side of my payslip as my company have been using PSE. However with the mimimum wage rising it had moved to the net side. (I think it would work out that I could pay £10 AVC and still be in PSE). I want to pay £50 or so and am…
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Paying pension contributions with savings
There's been some talk about paying into pensions vs paying off a mortgage. While this is useful, these were from 2021. The economic situation has changed - my question is similar and different. Self-employed, currently out of work in my late 50s. Is it better to keep paying into my pension with savings? I've taken a…
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Advice On What To Do With 5 Small Work Pensions.
Hello Guys. I have had a chat with Pension Wise in the past, it was ok but they advised that i speak to a financial adviser regarding what to do with my 5 work pensions. Im 56 and i retire in 11 years, im not working due to multiple health problems. I get PIP and UC. I have always grudged paying into a pension, thats why…
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Wealthify Drawdown - application process
Mrs GenX is attempting to drawdown from her Wealthify SIPP. In order to start drawdown you first have to complete a paper/pdf form and upload it back to Wealthify. The form provides options for: A) A tax free PCLS with options to drawdown later B) A lump sum now of 25% tax free and the remain 75% taxed C) A defined gross…
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SIPPs and gifting
I wish to regularly gift money to my adult children funded by withdrawals from my SIPP using UFPLS. Can these withdrawals be counted as “gifts from surplus income” according to HMRC’s gifting and inheritance tax rules? I had previously asked ChatGPT about this and it gave advice that only annuities counted as income from a…
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Pension Advisor would want £21,000 for a failed transfer
Company pension scheme suggested this chap. So far after two hour's chat I've established that: 1/ He is someone recommended by my complex company pension administrator (DC with DB underpin) because he has successfully transferred many pensions out of the scheme before whereas "other companies have had less success with…
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What does "forecast" mean here?
On the Gov pension website, it says my retirement date is 2032. It has given me an amount, but is this the amount as per this years pension amount, or is this the amount the website thinks I will get in 2032? Thanks.
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salary sacrifice to pension, and top up income from savings pot ?
Is it better to pension salary sacrifice your salary and make up your monthly income from a low interest savings to reduce income tax, or does the tax on pensions when you withdraw, cancel this out… I currently earn roughly £6200/month or gross £74,400 I already salary sacrifice ~ £200 holiday exchange, £720 / month into…
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Where to start...
Hello, I wonder if anyone can spare the time to read this and give me some advice please? I am a 52 year old woman and have spent the majority of the last 23 years caring for my family. I have worked throughout but for myself (Avon type selling) and part time as a TA in a school for 3/4 years. I have 2 very small work…
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Retiring Early - Incomplete NI Years for State Pension - Options?
Hi there, I'm retiring at 48 with a modest income (really modest, I'm a bit of a Spartan) however I'm shy about four years of NI contributions to get the full state pension at aged 68 should I actually make it that far. What can I do to top up those remaining years? I can pay them outright I suppose, but I'm sure that if…
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Underpayment of Tax on Small Pot
I just took the whole of a 6k small SIPP with AJ Bell (1.5k Tax free, 4.5k taxable), but they only charged a tax rate of about 16.36% on the taxable bit. I'm assuming this is because they don't know about my other pensions. Will HMRC automatically adjust my tax code with my largest regular pension to fix this? I should…
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SIPP or Managed Portfolio
When in pension drawdown which do you prefer?
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TPS vs LGPS
Hi everyone are there any pension geeks out there who know the ins and outs of the Teachers Pension Scheme vs the Local Government Pension Scheme? I work at Sheffield Hallam University and the management are proposing moving most of us academic staff out of the TPS and into the LGPS. Are we going to better or worse off in…
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Early Retirement Refused
I’m 55 and I have a deferred DB pension with Diageo, I started in 1999 and left in 2001. I had transferred in my previous DB pension from IMI who I worked for from1988 to 1999. I recently asked for a benefit statement and they mistakenly thought I had asked for early retirement (no plans to retire until aged 60). They sent…
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Trying to transfer my pension but Royal London being awkward
Hi all i have a pension with Royal London that has a GAR but it is way below 30k its not even 5k I am in the process of transferring it to PensionBee because i want to be able to access it easier and now i have received an email from PensionBee saying that Royal London are saying i need to get advice from a financial…
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Am I missing any tricks in my retirement plan
Hi All, I plan to retire this Sept aged 62.5. I believe I have a robust plan but do not want to miss anything simple that adds value to retirement income. I currently have a DB of £16,400 that is in payment with the usual RPI/CPI built in and my DC is currently at £370k and I have another 6 months of payment of £3550 to go…
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Transfer from wtw taking ages
hi I have started a transfer from wtw to another provider more than 8 weeks ago and still has not been completed wtw says my funds were sold on 7th April but the new provider still has not received the funds. Since then, the fund has grown around 5% What can I do here? Is that timeframe reasonable? Am I entitled to a…
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Basic SIPP starter advice
Hi All, I was wondering if I could get some basic advice on a SIPP please, as i'm getting totally confused with what I am reading and want to make sure i'm not missing something obvious before I open one. I'm also confused about the pension follow through. Firstly, my main reason for opening one is a mixture of tax relief…
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UFPLS regular automatic monthly payment possible?
Triggered by a recent Diane Sullivan video - warning that some providers aren’t flexible with UFPLS and often FAD is simpler as its a more embedded setup in slow moving pension providers. I don’t know that I’m needing to take a monthly withdrawal but I’d like the flexibility to choose. But trying to understand how the…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
752 discussions
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Most recent: Home Responsibilities Protect… by UKTaxHelper
21 August at 10:09AM
