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Drawing more than required to use full tax band
Let's assume that I have a SIPP that can comfortably handle annual withdrawals of more than £70k - if I could ask that you just accept this assumption for now. Also assume my annual post tax income need is £50k. Finally, the SIPP is the only source of income but I have an ISA too. No state pension for another 12 years.…
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Restrictive Advice
Hi all. Ive just started talking with a Financial Adviser regarding my retirement pensions / annuities. She was recommended to me by a friend, which is usually good. Im fairly savvy having read so much on here, but I also understand that good advice can be worth more than the fees paid to a professional. When I asked if…
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Lifting Australian superannuation whilst in the UK
We are dual citizens, Aus/UK, and have our superannuation in Australia having lived and worked there for 5 years. Are there any tips on tax efficiency when taking our super back to the UK? It is liable to income tax here but we wondered if there was any relief offered. HMRC are pretty useless at answering questions on tax…
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Taking tax free allowance and buying a motorhome.
At around 58 years of age (55 just now) I'll have about £300,000 in my only pension pot. If I take the 25% tax free, £75k & spend it all on a new campervan / motorhome would this be really stupid? Yes it probably is but you only have 1 life & I want to make the most of what years I have left. I currently earn around £90k &…
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Pension - Higher or lower lump sum
I am a 60 year old women. I plan to draw on my local government pension and reduce my working hours via flexible retirement. I am single with no dependents and no mortgage. Do I take the higher lump sum or the lower one? Higher is £140.000 tax free lump sum and £ 21, 000 annual pension or Lower is £48,000 tax free lump sum…
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25% tax free twice
Say I have £300k in my works pension & I take the 25% tax free at age 58 but continue to contribute £3k a month into it for the rest of my working life (67) do I get 25% of that new portion £350k or there abouts tax free? I think I do but need to know if I'm correct or not? I fully expect to pay full tax on my remaining…
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LGPS Trivial Commutation Help Wanted
Hello, everyone has always been so helpful on here in the past and so posting a request for a friend. They are 59 and worked for a few years in a school and so have a Deferred LGPS pension with a transferable value of just under £24,000. They decided to request the full amount as a lump sum under the trivial commutation…
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Pension Drawdown
Hi all I've got a small pension pot of £36k with Reassure now. I'm 62 and am planning on withdrawing as much as I can from the pot over the next few years without paying any tax. My current income is only £1500 per year, so I have £11k of unused tax allowance to play with before I hit the income tax threshold of £12.5K. I…
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Pension Trust maintenance period
I have a smallish pension with SEI Master Trust, last year I took a 25% tax free lump sum using their online portal, it was a piece of cake and I received the funds within 2 weeks. This year I decided I tried to withdraw it all as I have now retired. I have been given the run around for about 6 weeks, firstly they couldn't…
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Taking 25% tax free from a SIPP
I have read through on my SIPP website the steps to take and think I understand most of it. I want to take out 25% cash of the value of my SIPP. I have invested in 3 shares and was thinking of selling one of those to get the amount I wanted. But from reading the steps it looks like I have to sell/crystallise all of my 3…
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Pension
OK here goes. I am now living in Bulgaria and have done for the last 4 years. I have recently reached the pension age of 66 so I get my state pension. I have a private pension (which I have not contributed to for over 10 years) and a few months ago I informed said pension company I now resided abroad. Sent proof that I…
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SSAS Pension Problem
Briefly, I have a SSAS which was started years ago. I am now retired and the my company does not exist any more. There is a factory in the pension and virtually no cash. The rent gets paid in monthly and amounts withdrawn to live on. The pension company does nothing, the little cash is in the bank they specify, and they…
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Retirement plan and options
Hi there. New to this forum so apologies if I don’t get the format right. I’m looking for some advice. My wife and I are both 56 and looking to retire in 2 years when the kids finish university . We have a couple of DB schemes which I calculate will pay out £60K a year after reductions and tax. We have £200K in cash ISAs…
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True Potential - Miss-Selling?
Hey Lovelies, I was with True Potential for quite some time until around 2020 - never heard a word from them apart from an annual statement - no advice offered etc. I was transferred to them when my local IFA became part of them in some way. I've been contacted today by a firm called Pacific Legal in Glasgow saying that…
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Fixed Term Annuity v Gilt Ladder
Happy Sunday Using money helper website £225K buys 10 years fixed term income at £28K. Using gilt ladder £28K per year costs £226K. Am I right in thinking annuity carries no risk (apart from inflation), gilts have some risk but benefit from more favorable tax treatment? Also, appreciate a fixed term annuity would trigger…
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NHS Pension & leaving the NHS.
Basically wondering what happens to your NHS pension should you leave. Not to opt out, not to retire but to leave - to work for a different employer. I understand that many workplace pension schemes work the same. Work for this local employer, that one, the one man band down the road & you're being enrolled in to something…
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St James Place & Financial Ombudsman Decision
Hi, Wondering what to do and if anybody has been through the same and found a good solution. In short, my pension was moved to SJP 10 years ago. The advisor we new personally, and we understood we were being looked after. After selling my company and taking early retirement, I reviewed my pension and the performance was…
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NHS McCloud remedy notifications?
As I recall, it was originally stated that the majority of NHS retirees who were affected by the McCloud ruling should be notified by April 2025. However, the NHS pensions website has been changed, stating that this has been delayed with no revised dates given. So my question is are there any forumites who are NHS retirees…
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CS Alpha - early reduction factors
I've been looking at what I think are the reduction factors for taking Alpha early: Factors Guidance Hub | CSPS_GB My NPA / SPA is currently 67. I have also been buying EPA -2, but not for the whole duration of Alpha, so I will have two parts with different nominal retirement dates (age 65 and 67) but which must be taken…
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Claiming higher rate relief for additional contribution using online form
Greetings, I made a one off contribution of £60k from my bank account to my workplace pension, HMRC advised I can write to claim higher rate relief but they also said I could try their online tool which has been mentioned recently on the forum. Has anyone used the online form for a one off payment to a workplace scheme and…
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Most recent: Backdating rules for self employed-Class 2 by molerat
30 December at 2:25PM
