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Lifetime Allowance Statement
I am (early) retiring in the next few weeks with a reasonable DB pension which I am accessing early. My employer has just sent me the Lifetime Allowance Statement in respect of the DB pension which is over £0.5m. Adding to that the other DC pensions built up over the years, I have about £65k over the LTA. I must admit I…
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Optimising tax free pension
Hi. I am looking to front load the 25% tax free element of my (so far untouched) defined contribution pensions. The money is contained in two defined contributing pensions. Together they exceed the old lifetime allowance, so I expect to be able to get the maximum today which is £268,275. I wish to leave my pension money…
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Moved: Do I need to change my will?
This discussion has been moved.
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Section 32 pension about to close - what to do?
Hi I have section 32 pension (old work pension) now with Aegon that is due to compete at the end of July. It has £80K in it but has a massive benefit of 60% of tax free cash. I was initially just going to move it to a SIPP but only just realised the tax free element. My plan was to withdraw the tax free cash and put into…
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How long for DWP to send letter about voluntary contribution
I managed to get through to DWP regarding voluntary contribution for state pension before the deadline this year, so triggering the ability to pay the pre-deadline contribution. So far I've not heard back by phone, email or letter. Is everyone else waiting for a reply. Note, currently receiving state pension, but not…
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Retirement Living Standards in the UK: 2024 update published
The Pensions and Lifetime Savings Association (PLSA) have just published an updated report which attempts to identify how much someone might spend at retirement across three different living standards (what they consider to be minimum/moderate/comfortable). Thought I'd mention it for anyone who might find it either…
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Financial Assessment and Private Pension
A relative has been having treatment for cancer and now needs care at home. We have a financial assessment from to fill in with her. She doesn't own her house, has around £9k in savings and her state pension. With capital being less than the £23,250 we thought the local authority would cover all of the cost. However, when…
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Transferring TPS contributions into USS defined contribution section
Seeking advice from folk with knowledge of both the Teachers' Pension and the Universities Superannuation Scheme please: I am moving employer from a university that offered only the TPS to one that only offers the USS. I have a previous pension with the USS through prior employment (2012 - 2019) but had to leave when made…
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Will receiving previous backdated LGPS pension impact on my current one (with AVCs)?
Hi everyone, After several years of discussions - and largely thanks to the wonderful Pension Ombudsman - it appears that I'm going to receive my unreduced backdated LGPS pension from a previous job. I have since started a new LGPS pension with my current employer - I didn't combine because the dispute was ongoing. In the…
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UFPLS
I wish to start accessing a DC pension pot with Vanguard. Am I correct in thinking that if I initially withdraw a small amount then HMRC will allocate a tax code to this income source and any future UFPLS withdrawals made from this pot will be correctly taxed rather than having emergency tax applied?
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Will recent "events" cause a rethink of DC pensions?
Stock markets have suddenly become very volatile. What does this mean for DC pension strategies in both the accumulation and spending phases? Those of us either retired, or close to it, have lived through the decline of the DB pension and rise of the DC pension based on individual exposure to equities and fixed income. The…
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Newbie question - Tax efficient Drawdown
Hi, I've been trying to plan ahead for near future retiral for my wife and I Newbie Question - Are there any reasons why I would not take a 25% Tax free Lump Sum from Pension A immediately? I understand that any future withdrawals from that Pension would be subject to 25% income tax. Year 1 - My intention would be to…
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Pension Drawdown Tax Refund
Hi, My partner is taking 100% of a small pension fund and understands he will be taxed at 40% on 75% of the fund. If he is entitled to any tax refund, will he have to wait until April 2026 to claim this back or can he try and claim this back from HMRC earlier? He earns £25,396.00 per year. Many thanks.
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Stepped Pension
Hi I had to
stop work due to ill health and am due to take a small BAe pension this year
aged 65. The pension has a stepped option which makes sense for me because my
analysis shows taking the stepped option pays the most over 12 years which is
probably all I have got. The figures: Basic
pension £5000 Stepped
pension…
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Seeking Advise- Aviva lost our pension fund 😒
Hi Group members We are dealing with an issue with Aviva , they have lost our pension fund. apparently it was merged with someone else’s pension fund - Aviva haven’t been able to retrieve our funds yet Details * My husband bought a personal pension plan when he got his first job with Friends provident. Recently, we decided…
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WWYD - taking 25% tax free lump sum earlier than originally planned to pay school fees...
Me: 53, 50% share in Ltd company, on track for full state pension, DC pension 120k Hubby: 56, 50% share in Ltd company, already has required years for full state pension, DC pension 160k, DB pension approx. 15k per annum from aged 65. Assets: no mortgage on property 1, approx. £1million; no mortgage on "property 2",…
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Pension transfer transparency
Firstly, please don't reply if you have a post count greater than 10,000 (dunstonh excepted of course!) or within the first hour of this being posted. So, I transferred my pension out of Aptia. I was a bit unlucky as the funds were sold at the recent big dip in world markets due to Trump's "beautiful" tarrifs. Prior to the…
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Pension interactive investor and TRS
Hello, I am considering opening and transfering a pension to interactive investor. Would I need to register it under the trust registration service (TRS) for this new pension with interactive investor Thank you very much.
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MyCSP pre-retirement webinar - worth £70?
Being a year or so off early retirement I thought it would be helpful to find out more about some of the processes involved in claiming my pension (a civil service Alpha pension) - particularly basics like how much notice to give. The only relevant training course I’ve found is a MyCSP webinar which costs £70. I am happy I…
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Downsize to release funds for retirement
Just wondering, who has or has planned to downsize to fund retirement?
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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