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Has UC removed my NI credits a year into my pension?
My partner and I had a UC account from early days, a dozen years ago. This made sense as I was self-employed throughout that period. As I approached 66 years old at the start of 2024, I diligently checked and topped up my NI years until I had 35 full years. Only around £2k altogether, covering about 8 shortfall years. I…
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Consolidating pension pots - can I only transfer these as cash?
Turning 57 next year and probably hanging up my spurs by 60 and belatedly looking at my pension pots. Following various business sales etc in the last 8 years I've gone from one pot to 4 (including my current employer's scheme). Whilst none of the scheme rates are bad, per se, none of them are capped so I'm getting…
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not 100% sure about this stuff!!
I have a final salary company pension scheme that I can retire from at 65 in 2036, but in 2035 I will have worked at the place for 40yrs and I was thinking that is enough for me. But If I go one year early I get a 5% reduction in my yearly pension. my question is what do AVC's do as such? will they top up this 5% loss? are…
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Power of attorney
I have been given a price from my personal financial advisor to sort my power of attorney out which includes property and financial affairs....we have been quoted £980...is this right as it seems expensive tho... Thanks
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Paying into pension when retired
Morning Already posted recently about my wife retiring end of March this year . My query was I am aware you can still pay into a pension when retired , however I am unsure if you can pay in £3.6k (incl tax relief) or £10k ? Also, is it worth doing so , are there benefits in doing this compared to paying that money into a…
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Retire now, can I?
Age nearly 63, no health issues, I’ve come to the point that I’ve had enough of working, very tired and stressed time to call it a day. My SIPP is currently worth £650k and have the years required for a full SP @ 67. I have a mortgage of £55k (£1300/month, just under 4 years left), house approx. £850k, Cash ISA £70k. My OH…
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Pensioncraft
Stumbled upon Ramin (Pensioncraft) on You Tube and, having subscribed for a month, am extremely impressed with the resources and information available. I really like the way he warns viewers not to just copy him but to take-in what he is saying and critique it for yourself. Interested in views/feedback from anyone else on…
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Pension withdrawal question
Hello there I am a little confused with regard to withdrawing from a pension and putting money back into it. So, I assist my aunt as LPA and she has recently moved into a care home. We have paid out of savings but now need to sell her house which is taking longer than we thought. Our question is can we withdraw money from…
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HMRC is TAXING certain Pension CONTRIBUTIONS
TL/DR: HMRC is withholding 10% of Pension Contributions made by Higher-Rate taxpayers using after-tax income to contribute to a registered pension plan (incl. workplace pensions). Not withstanding the tax-free lump sum rules, it's my understanding is that for Registered Pension Plans, HMRC taxes withdrawals and on that…
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Salary Sacrifice vs Personal Pension
I am planning to retire in 6-7 years and I’m currently enrolled in a salary sacrifice DC scheme (employer paying 10% and myself 8%). With the restrictions due to be implemented in April 2029, is it worth making hay whilst the sunshines now and increase my contribution. Or would I be better off starting a personal pension…
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pensionnd
i have a pension pot worth £232000 after i took the 25% tax free limp sum i am closing a business which will have a small amount of money left in it after tax for 2026-2027 i have had advise that an annuity offers low yield per year (max 15000/yr) but if i was to die the unused pot stays with the provider and would not be…
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General pension advice
I am hoping to retire on my 65th birthday about 6 months away, so time to get a bit more serious about my pension. I have a very general idea about how to use my DC pension, but the more i look into it the more confusing it gets. Why does it have to be so complex I have narrowed my options down to either a fixed term…
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Max withdrawal amount to stay out of higher rate tax
Assuming you haven't taken any of your tax free lump sum and you have a £2m SIPP and have now hit retirement age. Due to size of pot and assuming a strong desire not to die with a big pot.....what is the most you could withdraw annually WITHOUGHT going into higher rate tax, this number would be mix of the 25% TFLS and…
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Is there a relationship between "Full pension" (as % of LTA) and Transfer Value of a DB Pension?
I have a DB pension due to me that has IFA approval to transfer to my existing SIPP. The transfer value quote from the Pension company is approx £83,000. In the paperwork from the Pension company a figure of £175,000 is given for the "value of your full pension", being 16.4% of the standard lifetime allowance for the…
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What happened to this Aviva Pension Fund..?
Hi, just checking if anyone has info on why this fund is no longer recognised by MorningStar, TrustNet etc. when I search for it using its ISIN or fund name: Aviva Pension Schroder Managed EP S3 - ISIN GB00B0Z0LP65 Might save me hanging on-hold for days with Aviva's helpdesk... :)
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Help me pick a pension fund, please
Hi all, I’m working for a new company and I’m wanting to see what pension fund you think would be best for me (I’m not overly clued up on this sort of thing). I’m 40 years old, would hope to retire at 62 latest and obviously want to grow my pension pot as much as possible by then. Could you give me your thoughts on what…
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Annuities
Would I be correct in thinking that if someone aged say 70 applied for an annuity with a guaranteed period of say 20 years, that would remove any benefit of asking for a health based enhanced one? Many thanks
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Small pensions - any advice
I will admit I don't know much about pensions, and up until now haven't needed to worry about them. Having left my main employment in 2021, I have had two employer pensions since. One with my current employer and one with a company I worked for 18 months. I am currently 52, and in receipt of a non-contributory pension…
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Advice regarding my wife pension and drawdown strategy
Morning all , hope everyone is in good health and not impact too much with this snow. My wife is hoping to retire at the end of March, she is self employed and the work can be quite tiring, she will be age 58.5. I know share prices are high at the moment. Her current retirement portfolio is £142k cash (I realise this is…
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Adding to stakeholder pension once retired
My wife is considering adding to her (untouched) stakeholder pension, even though she's now retired. The money to add would come from her savings. She currently has income from a small DB pension and some income from savings (none of this is above the income tax or savings tax thresholds). Obviously there would be no…
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