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Additional inflation Adjustment, what are my chances?
Currently my DB pension increases by RPI/CPI by a maximum of 2.5% or 5% depending on when the benefit accrued of course this has meant a drop in value in real terms during the recent 10%ish inflation years.The scheme booklet says that the company and trustee may consider higher increases if the scheme is adequately funded.…
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Scottish Widows Pension drawdown
With the recent info from the Daly Mail ( Beat the hidden pension DESTROYER ). I found that my pension through my employer, is invested in this lifestyle accounts and find that at my age a certain amount has been invested in this drawdown funds 50% now, which is something that I would not have chosen as it is well below…
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Protective property trust
I don’t know a lot about these apart from reading a couple of articles that they are designed to protect your home as an asset - against bankruptcy, care fees etc. i also read that - you can after a first death still sell on a property and that if there is a residual sum it can be invested for the survivor to draw an…
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Any LGPS Rule of 85 Experts About?
Are there any experts on the LGPS Rule of 85 here? I have
had two contradictory replies from my pension provider (Strathclyde). I have
been in the LGPS since March 1993, with only an 18 month break in service since
then and I am currently 58 years of age. I met the rule of 85 conditions in October
2022. The first reply…
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Income, Expenditure and Gifting from Excess Income
I am trying to get my head round income, capital and gifting from excess income. The figures are for discussion purposes and are not real or well thought through. Suppose I have a pension income of £40k (from DB schemes and the state) My yearly expenses on food/energy/holidays/housing are £30k leaving an excess of income…
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On track to retire at 50? Pension diary
Hello all, After moving into our new family home and having our first child soon, I have spent some time looking at pensions to ensure they are on track. I spend a lot of time supporting charities and would really love having the option to retire at 50 to focus more of my time supporting them. I would estimate that with my…
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In receipt of additional state pension which was reduced by the amout of inherited GMP she recived w
I would like to bring to people's attention an article I saw in the Telegraph on 2 December 2024 which is about a woman who had her own additional pension that she was receiving paid by the DWP reduced by £150 a month which was the 50% inherited GMP she was receiving from her husbands occupational pension scheme as part of…
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Divorce - PSO or cash or mix
Hi, We are divorcing for a number of reasons (I understand which are irrelevant to the financial settlement). I have unfortunately over the years (without intention) turned into the main breadwinner and paid for pretty much everything in our marriage (again, I know largely irrelevant in the eyes of the law), despite hoping…
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Pension Recycling Confusion
Looking for help please as I’m confused on the recycling rule especially the five year period measurement as I initially thought the 30% increase in contributions would be looking forward but it seems to also look back. I want to take a £50k tax free lump sum so in this tax year. My contributions through salary sacrifice…
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Work place pension
I work part time and i'm in the work place pension scheme (Nest) Last month i earnt £1093.02 i paid £22.93 into the pension and my employer paid £17.20 Either my maths is wrong or i'm not paying 5% and my employers not paying 3% Any help appreciated
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Large DC pot and intestacy
If there is a pot of say £500k, a married person dies and the pension is their only asset ( i.e. the jointly owned house is outside the estate) is the amount of pension over the £322k limit split by the pension company re intestacy laws ( 2 adult children) or do they simply pay out to the spouse who has letters of…
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Civil service Alpha pension- EPA and SIPP
Hi all I was wondering if someone could help me understand the Effective Pension Age (EPA) in my Civil Service Alpha pension scheme and also the use of SIPP for further tax relief. I read some previous threads already which are very helpful and the below is my understanding. Age: 58 Pensionable income: circa £55,000 p/a…
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Pension in drawdown at death
Just wondering ... If I put some of a DC pension into drawdown, what happens if I'm then careless enough to die?I suppose that the tax free 25% and any payments I've received fall into my estate, and any of the crystallised money that hasn't yet been paid out is retained within my pension and passed along according to my…
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Does taking the 25% tax-free Lump Sum Allowance affect death benefits?
I have a drawdown pension pot of £1.5m (previously
untouched) and a protected LTA of £1.25m. I am considering taking out my maximum
25% tax-free Lump Sum Allowance (£312,500), but have seen conflicting
information about the impact this may have on death benefits if I die before
the age of 75. My understanding was that if I…
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Pension contributions beyond max pensionable service
I confess I'm not entirely switched on when it comes to pensions and because I'm lucky enough to be a member of a defined benefits pension I've become a little blase. My pension is calculated on my final salary x 40/60. 40 is the number of years of pensionable service and does not increase beyond 40. There is very little…
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Tax on pensions & Savings interest
For this tax year I’ll have no income, just interest on savings in ISA and non ISA, growth and dividend/coupon on S&S & bonds, growth on treasury bills - all pensions are uncrystallised. As a UK tax resident under SRT but non tax payer how do I work out the allowances for each and the amount of tax due, if any ? And from…
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Small amount of Teachers Pension in Final Salary
Hello. Like many people, I'm a bit confused with this scheme. I've been in and out of the TP over the years and my cumulative pension is made up of elements of both final salary and career average. I'm 62 and need to wait until 67 to be able to retire as my TP is not enough to live on but will supplement the state pension.…
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Pension choices ?
I am currently receiving state pension, but also have 2 personal pension pots that have built up over the years, about £6,000 in both individually. I am currently 69 and could do with the money. I'm hearing that it's best to take 25% as a lump sum - is that correct? I would like to get the maximum income once the 25% has…
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How do I transfer an old small with profits pot to an AVC Scheme??
I have set up a Civil Service AVC as part of my retirement planning (along with 2 DB pensions and CS Added pension). As part of trying to streamline my pension pots, I'm trying to transfer into the CSAVC an old Standard Life plan/contracted out of SERPs plan I've got (stopped paying into this in 1998 so a small pot - worth…
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Confusion over returning tax free lump sums to the pot.
Savers not allowed to return their tax-free lump sums, HMRC warns
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
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Most recent: Topping up State Pension while living abroad by MaxB93
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