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Adding to old workplace pension from savings and claiming tax relief
I want continue to pay into my old workplace DC plan now that I left the company at end of July. I am still earning a salary and paying PAYE from my old company - but have no longer have the option to add anything to my old workplace pension (long story). I have already made contributions this FY via normal company salary…
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State Pension Tax
Hello, I saw the interview with the Chancellor and wanted to ask about an existing tax bill my mum have received. A bit of background, mum was a nurse in the NHS for over 45 years. She never paid into any pensions as she was made a single mum when my dad left and had 2 small children to raise so simply couldn't afford it.…
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P55 from and pension drawdown questions
Hello, I need some help please. In 2020, I took my 25% tax free lump sum from my pension. This year in July I took another amount. The pension company didn't deduct my tax at source, so I have to pay this tax myself, which I have saved and am ready to pay. I have several questions 1. Do I need to pay this amount at the end…
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Pension on death
Hi, please can you help. On death of a loved one, do you know how long it takes employer's pension administrators to deal with the expression of wish and payout of a death in service benefit. I am only asking as I am not executor of will but a named beneficiary and I haven't been contacted other than to provide ID etc…
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NHS pension P60 - have you received it?
NHSBSA say P60s are usually sent out by the end of May. OH's hasn't arrived yet - has yours?
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IFA pushing me in a direction I don't like
Hi, I have been trying to move my main SIPP from an administrator who I feel has been very poor in the past and expensive in terms of fees to a self-managed ii SIPP. I have already opened the ii SIPP account moving a second, smaller pension fund I had into it. However, the administrator prevented me moving my main SIPP to…
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On Taking the Max Capped TFLS
I'm trying to take an UFPLS sum out of one of my SIPPS at the moment and it's a frustrating process because I'm nearing the max capped limit on the tax free lump sum. It turns out that when you have taken over 90% of the max £268,275 you have to submit paperwork detailing the exact amounts you've taken to date. This has…
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Hargreaves still on a go slow
Wife has requested a TFLS and had an email this morning stating they are very busy and her application will hopefully be actioned in around 20 working days, which probably means late January. It’s a good job she didn’t leave it till February/March as that would mean her drawdown account would be virtually empty after the…
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How do you set retirement target?
I am 44 and only have about 30k in pensions and 200k in property. Where should I go from here? I have no savings on top of this. Do I need an aim for a total pot? Is the 4 per cent rule still a target eg 250k gives you 10k a year? Thanks for any help
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Buying ILGs on iWeb
I have much of my ISA investments on iWeb. I am planning on moving some of these investments into ILGs. Has anyone any experience of buying ILGs with iWeb. It seems that it can be done online. But wondering if anyone has done this recently? Are there any pitfalls? Thanks
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Deferred DB pension help
Hi, I'm new here and could do with some help with a small and ancient defined benefit pension from a company my wife worked for between 1983 and 88, which was long ago taken over by a larger company with outsourced pension admin. She received a letter a year or so ago laying out her options for a £2,500 DB pension starting…
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bt pension selling
hi all i recently contacted btps re cashing in for a lump sum they replied Unfortunately, the value of your current pension benefits is more than the £30,000 limit allowed byHMRC for this kind of one-off lump sum. This means you aren’t eligible for a trivial commutationpayment.i am 65 and my pension is approx £650 a month,…
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Merged: Best provider for inherited pension
This discussion has been merged.
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Best provider for inherited pension
Am able to transfer my late husband's pension (approx £110k) Options given to me by the current provider are 1. Take all as cash 2. Buy a guaranteed income 3. Transfer to another provider 4. Take a flexible income As he was under 75, I receive it tax free. I am 44. Provider is L&G atm. No idea what the current fees are.…
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When to claim EEA state pensions via DWP IPC CFN901?
The UK's DWP (Department for Work and Pensions) has an International Pensions Centre, which offers a route for UK residents to claiming state pensions whose benefits were earned in EEA (European Economic Area) countries plus Switzerland. This convenient-sounding process starts with summiting form CFN901, found on the…
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Police pension decreases with time served?
BBC News - Chief constable on £170k to retire for just one day to protect pensionhttps://www.bbc.com/news/articles/c9977mlvl7mo "The move is legitimate under the national Retire and Rehire Scheme and will prevent her pension pot reducing. It matures after 30 years' service but reduces for each consecutive year of…
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Pension Advice
I have had a few agency and temp jobs over the years so have a few small pensions ranging from a couple of hundred to a couple of thousand. I also have a bigger civil service one after 15 years service. Trying to remember all the little ones is a pain, is it worth combining all the little ones just to keep them together.…
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Taxation of drawdown
My wife will take the max 25% tax free lump from pension this tax year. She has no other income and thus her tax allowance isn’t used (she had passed over a bit to me as we are married and I pay tax). Anyway she will for next tax year draw down a further £11,000. Will the pension company tax her and pass on the remainder…
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Frequency of state pension payments
Thought it might be worth sharing this snippet of information. Dwp present payment of the state pension as if every 4 weeks is the default position with no other options. However, after receiving my letter last year to claim my state pension, I phoned the number thereon to see if I could get it weekly in the same way as…
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Best way to compare pension funds for long term growth?
I have an old workplace pension (Pot 1) and a current workplace pension (Pot 2).Pot 1 has a 0.3% annual charge (between the annual management charge and fund charge) whereas Pot 2 is 0.75% annual charge for up to £100k and then 0.4% for any amounts above that. Based on the annual charges, I left Pot 1 where it was since…
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