-
Pension withdrawal and tax. Please help clarify.
I wish to take a cash withdrawal from my works pension I have with Willis Towers Watson. I have a couple of queries regarding this I’m struggling to understand. As I understand it I can withdraw 25% tax free, of that I want to be able to withdraw 10% of this in January 2026 as this coincides with me turning 55. I currently…
-
Is it still worth contributing to SIPP?
I am in a quandary, I am 60, looking to retire soon. I have a DB pension starting soon worth about £15k a year and a SIPP of about £800k. I have money in my own business and have a choice as to whether to put that into my SIPP or just leave it there to draw down on in dividends as and when, but it will get no growth. My…
-
Inheritance and Pension
Hi, Looking for any advice on the following, any guidance would be appreciated. It's likely I will benefit from a inheritance in the near future. Im 55 and for the last 5-7 years I have been contributing as much as affordable via salary sacrifice into my workplace pension (my employer matches up to around 10% iirc,…
-
Protected pension y/n/maybe
I am currently in a state of anger with my pension. With the incoming changes to the pension age I wanted to check if standard life offered me a protected pension age of 55 for my scheme rules. Low and behold they don't even thought it is a pre 2021 pension :( Different schemes seem to have different rules, and it seems…
-
Effect of contracting out of state pension
Hello I am 59. I have 39 years of qualifying NI contributions according to my online record. My State Pension forecast shows a full State Pension at 67. It also says the forecast is based on my contributions to end March 2024. BUT I have finished working (so no more NI contributions by employer) and I have a COPE amount of…
-
Accessing DB Pension and increasing Contributions to DC
Hi everyone, I have a DB pension that has no early penalty at Age 60 on 2/3rds of it. I'll be 60 in a year's time, and if I stay in the DB scheme, I think my annual pension would only increase by about 2k/year ( reduced early penalties on the other third). The pension at 60 would be worth approx 20k or 15k and a 100k lump…
-
Pension Drawdown help needed
Hi, I have recently been medically retired from my job at royal mail. I have savings in the bank so not eligible for any benefits. I have 2 small retirement pots that combined total £60k. Both can be transferred to another provider as neither provide drawdown as an option. What I want to do is take a lump sum of 25% and…
-
USS Ill-health etc
Can anyone help me with working out how USS calculate the amounts for ill-health retirement etc if you earn above the salaray threshold? I have been looking at the information for this and for death in service etc and at various points it says 'The salary threshold doesn’t apply when we work out their pension – it’s based…
-
UPFLS versus Drawdown
Assuming the state pension uses up your personal allowance, and IHT isn't an issue, I can't see any difference between Drawdown and taking the Lum Sum from a UPFLS and investing in an ISA (assuming tbe pension and ISA are invested in the same funds). I've modelled in on taking the same net income over the same number of…
-
Employer now gives back the Employers NI saving for sal sacrifice ..... question on strategy
Looking for some guidance on whether I should adjust my pension contribution strategy in light of a recent change at work. Background: * Employer has just started contributing the full NI saving from salary sacrifice into our pensions (approx. 15% of sacrificed salary). * I’m 45, with £450k in pensions, £25k of which is…
-
NHS pension Tax free lump sum and the LSA
I’m aware the maximum tax free lump sum one can take from pensions is around £268,000. I’m a deferred member of the 1995 NHS scheme and will take a pension and a lump sum at 60,(though plan to continue working). If the lump sum I take is, for example £200,000, does this mean I have approx £68,000 still available to take…
-
DB LGPS and DB NHS Pension Options.
Querying an old LGPS with Cheshire (no longer contributing) and existing DB NHS pension which is current. On behalf of my wife who used to work in a Cheshire health facility but left 12 years ago for the NHS. She is over the 55 year mark just. She now wants to cease work with NHS as she has some private work which she…
-
25% tax free withdrawal at 55, do I still get taxed on remaining amount at retirement age
Hi all, 55 years old and I currently have two pension pots. First pot is my original company stakeholder pension which hasn’t had contributions for a few years. Second pot is current pension scheme from same company as above with monthly contributions. I want to leave my bigger pot untouched but would like to take 25% from…
-
Rejigging my plan using an annuity
With all this talk of annuities I am considering revamping my plan and using an annuity as part of my plan, the caveat being I won't be buying an annuity for another 7 years so rates in my plan are based on a similar ball park as they are now, obviously that is not guaranteed. Me Current situation (aged 60) SIPP 1 -…
-
USS tax free lump sum age 68
my husband is still working full time and not intending to retire till 70 ish, has 40+ years in USS. Can he draw down his tax free lump sum any time or does he have to start flex retirement? If he flexes 20% down does he have to take the same proportion pension as TFLS or could he take 80% TFLS? planning to do house…
-
Government Bonds V Annuity
Hi, I have been looking at Annuities a little more as I get closer to pulling the pin and retiring. Probably as I am relatively young (will be 58 by the time I retire) the annuity quotes I have been getting are ok but not great. So I thought I would look at an alternative angle. The Coupon on the longer term government…
-
Civil Service 'Classic' and early retirement (pre 55)
Hello everyone I am looking for any experience / advice on leaving pre 55 based on a current (scheme year 24-25 and scheme years 25-26) period of higher earnings due to a temporary promotion. My classic length of service (post McCloud judgement) will be 28 years 171 days and I am a Classic member. So my pensionable…
-
Cash flow modelling
As a Prestwood Truth user and fan for a number of years, I have been out of the loop for a number of years. I am keen to know what people think of what is now on offer.
-
LGPS redundancy buying extra pension
Hi, Can you buy extra pension for the LGPS with redundancy pay, pre 08 automatic lump sum or AVC pot? If so, how do you go about it? Are there limits? Is it worth it? My age will be 58 if I get VR in March’26 Thanks
-
Placing an inherited lump sum into and annuity
I am 73 years old and currently have a small workplace pension plus my state pension. I have just inherited some money and as part of a mixture of investments i want to buy an annuity. As I currently pay very little tax, will HMRC add 20% to my annuity purchase or do I have to put the money into a pension fund first and…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
717 discussions
6.3K comments
Most recent: Class 2 / Class 3 payment sanity check by pinnks
Today at 4:48PM
