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SIPP beneficiaries
This also applies to the auto-enrollment pension provided by my employer at the minimum 5%/3% level and operated by "Creative". I'm over a decade off state pension age so not looking to drawdown any time soon. My SIPP (with HL, though I don't think that matters) asks me to nominate one or more beneficiaries to pass the…
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Taking flexible retirement from a LGPS while still working
Hi there, hoping to get some advice on behalf of my partner
who is a member of the West Yorkshire Pension Fund (Local Government Pension
Scheme). She’s 55 and has recently been looking to reduce her hours
from five days a week to four. When she requested this from the HR department,
she was offered the option of taking…
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Pension fund tax free lump sum then drawdown.
I have two finals salary pensions and on death my wife will get 60% of them. My wife will also inherit my pension fund of £270,000 (current valuation) that is untouched. This will be tax free as I will die before age of 75 unless there is a medical miracle cure to my blood cancer. We have own house worth about £500,000…
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Lifetime Allowance to Lump Sum & Death Benefits Conversion??
Would appreciate some guidance as to how the conversion factors work as I've had a strange message from HL having just converted £300K of my crystalised pension pot into an Annuity. I retired in 2015 and fully crystalised my pension pot in 2021 taking the full 25%. On reaching 75 HL published the following figures…
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Civil Service Pension - Alpha - Added Pension Limit explained
Hello, Please can someone explain the Added Pension Limit for the Civil Service Alpha Scheme? I have read other posts, articles, and the guidance on the scheme website but I am still utterly confused. I know the limit (in terms of value) for 2025/26 is £9200 and for 2026/27 is £9600. However: 1) How does the limit apply -…
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Pension, Final Salary - My Brain Hurts!
Dear pension braniacs, I`ll try to keep it brief! I am teacher 63 and could have claimed a final salary (1/80th) pension and lump sum at 60. But TBH I am not a big spender, dont really need any extra income just thinking about retiring in 4 years at 67 ie. just ticking over ... (the odd beer, holiday etc. ie. not a big…
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Effect of Civil Service Pension on Private Pension
Hi I'm unsure as to how a civil service pension can affect a private pension or are they classed as completely discreet? I have asked the question to the CSPS but they have not answered. I left the Civil Service 10 years ago draw my CS pension with lump sum at 60 next year but I'm still working in the Private Sector. Will…
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Life Expectancy Calculators and Prediction Tools
I know most of the regulars on here are fully aware that life expectancy is much longer than most people think. For an average person with no other information this is probably one of the best…
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IHT 403 and use of capital
Looking at IHT 403 I need to declare all expenditure and income. If I spend £3000 on a holiday and I pay for it by taking money from a savings account does this need to be reported in the Income and Expenditure sections and if so under what category?
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Civil Service Pension Forecast Query
I have submitted a query to MyCSP but they are currently taking months to reply, wondered if anyone here might know the answer. My Annual Benefit Statement shows my classic pension to be worth £406 less than it was last year when my P60 and Earnings as at end of March both show increases as would be expected due to a pay…
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Retirement , have I planned correctly or …not!?
Hi, looking for some affirmation on my ‘plan’ or advice if I have missed something. I’ll list my situation and then ‘the plan’ . 60 retirement age 67 Not working - left of own accord so am not claiming anything.(I know I could but..) Full NICs - so done and dusted can’t improve on c£12.3k. House - paid up (current value…
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Lump sum portion and recycling
Hi, I've turned 55 and can now access DC pension pot. I am thinking about taking some of the tax free lump sum to use against a debt in order to free up cash flow. It's a personal loan that I took in 2022 and wanted to pay off aggressively but inflation hit shortly after and beyond and pay hasn't followed suit. I am…
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spouse pension help
hi, my wife moved here 26 years ago, got British citizenship and has worked part time in various places and full time for a while in an old folks home. she stopped working at 60 years of age 9 years ago. she hasnt got a pension nor state pension. can she pay up for more pension creds from the gov, or use any of mine as ive…
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Annuity change of calculation from RPI to CPIH
As many of you will be aware, in February 2030 the calculation for RPI will be changed to be the same as CPIH. The term RPI will remain in existence but it will effectively be CPIH. CPIH typically runs between 0.5% and 1.0% lower than RPI. For long term holders of RPI annuities it is unclear if there will be any redress to…
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Post retirement pension intake and output
A question for the hive mind (might be just my mind failing) When I retire fully I'll have total pension income of, say, £40K and an AVC partly in drawdown with say £60K in it. So in a tax year if my pensions were £40K I could take circa £10K taxable from drawdown and avoid 40% tax. Now elsewhere on this clever forum it…
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Tax Free Lump Sums - which is best to take first?
Hi my Lovelies. This is my pensions spreadsheet working out weekend, so this may be the first of a few queries, and I'm hoping to pick your collective brains if you don't mind. So far I have calculated estimated costs going forward to 85 assuming 5% inflation each year - does that seem sensible? Now I am wanting to…
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Concerned about possible pension recycling – Hope I am overthinking this?
Hello all. I’m getting myself into a bit of a muddle over the pension recycling rules and would really appreciate a sense-check to see if my worries are justified. I’ve accepted an unexpected voluntary severance offer and now plan to take early retirement and access my workplace pension on 1 January 2026. My original goal…
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ALLOCATING TAX CODE
I'm currently employed in the 40% tax bracket, and also have a military pension of £26000. My employment has a tax code of BR against it and my pension has a code of K1470 M1. is this the best use of my tax allowance or do I need to seek advice.
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LGPS retirement & subsequent pay award
I was granted an LGPS Ill Health pension in June 2025. An annual 3.2% pay award was agreed shortly afterwards to take affect from 1 April 2025, which may increase may my final salary at my leaving date. 1. Should my annual pension and lump sum be recalculated to reflect the final salary increase? 2. If so will this happen…
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Cash ladder
I am planning my 5 year cash ladder and can lock this money in, from Year 2 to 5. As I have some emergency fund and investment if need be. Atom Bank currently have some fixed rates (1 year is 4.4% AER) https://www.atombank.co.uk/savings/fixed-saver/ I was thinking of STMMS and gilts but have read some posts and it seems…
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6.3K comments
Most recent: Voluntary NI contributions cut off 2025 by Silvertabby
19 December at 7:04PM
