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strategy for withdrawing pension / reinvesting
I'm in the early stages of early retirement with my husband (ages 56, 57). At age 67 we will get the full SP plus about £2k p.a. DB pensions. I have a £940k DC pension, mostly in a SIPP, plus a £690 k ISA pot and about £160k in a GIA. My husband has a £1,280k SIPP, so he would have breached the old lifetime allowance…
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Tax on DC Pension
Hi, I'm hoping to move my works DC Pension next Oct and withdraw it as I will be 55 and I'm wondering how much tax I will pay. My total pay is £50,000 so will I get 25% tax free and then pay 40% tax on the rest? I have a normal works Pension, which Im going to take at 60.
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Tax on overseas pension
I’m about to start taking a db pension I earned while working for the States of Guernsey many years ago. HMRC regard this as an overseas pension and both the annual income and the compulsory lump sum will be taxable. I also still work part time in England on PAYE. How will HMRC gather the tax from my pension? Will they…
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Interesting report about retirement lifestyle (Quilter Retirement Lifestyle Report 2025)
I just came across the report about the attitudes and health of retired people. It is interesting to see that spending is far more realistic compared to the Retirement Living Standards: from PLSA or as they call themselves now, Pensions UK. It suggests that the average retiree spends £22,141 annually, with holidays,…
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Newbie pensioner here
Hello. I have recently retired and currently receive a state pension and a small amount from a private pension. I will also be receiving (when they stop dragging their heels!) a LG employers pension (worked in a school for 29 years). I have been on the Government website to ask about tax payments I should have to make but…
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LGPS Regulation 10
A ex retired colleague has suggested I might be legible for regulation 10 when I ask for my retirement figures in about 12 months time. A bit of background, about 5 years ago the department was restructured where some people ended up with lower salaries, my basic stayed the same. However standby was cut by £50 per week,…
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Retiring after self employment
I have reached state pension age and I am still working as a self employed carer in England. I need to retire soon, work is getting harder to do as my mobility is getting worse and worse, i am hoping to retire November or December. When I retire i will need have my state pension and pension credits. I plan on moving to…
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Mechanics of tax rebate for SIPP contributions
Dear all, I was wondering if anyone could explain the mechanics of how I get the tax relief cash on SIPP contributions. From being self-employed (where I could just use pension contributions as a taxable expense) to being employed, from what I gather, a provider (Hargreaves Landsdown in my case) will add a basic rate…
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State pension award
There's often a lot of stick for DWP, but I'm impressed with their speed and efficiency of my state pension. I received the invitation to claim letter on the 8th August. Applied online same day. Today, 16th August, received the state pension amount letter. £34 payable on my 66th birthday, then exactly £952 every four weeks…
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Delays to handover from Capita to Tata of Teachers Pensions
Retired member in Aug 2022, TP have until end of September to raise the affected members' RSS statements. However, a front of house call handler told me this week that there are delays to the handover from Capita to Tata. Does this mean there will be more delays to statements and payments? Does anyone know anything about…
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Pension Guaranteed Annuity Rate
Hello, I have a couple of (old) UK based company pensions managed by Ageon and Rothsay. They quote projected annual annuity amounts in my annual statements which seem alright - even based on an "average" market performance, although one seems much higher than the other. One is £6300 p.a. with a current transfer value of…
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Pension situation sense check
Hi all Would greatly appreciate a sense check on situation and plan for early retirement. Me - late 40s with: * DB pensions currently worth £6500 a year at retirement age, increases annually with inflation. * Current contributions to DB pension will add approx £1100 a year income to it, increasing with inflation. * Three…
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Question on adding £2880 to a SIPP
Hi, In this tax year I have so far paid £1000 in to my SIPP, which at the time was covered by earned income to get the tax relief. As I now no longer have any relevant earned income, can I still add £2880 this tax year, or do I have to remove £1000 from this total, i.e. I can now only pay in a further £1880? Hope that…
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Best use of wifes SIPP
Hi FolksI am retiring at my DB Scheme,s NRA of 63 in Feb.Will then have a combined DB income of £50k and a TFLS of over £200k.I have been taking an old DB for the last 18months and using it for AVC contributions, hence the large TFLS. If I die, my wife gets 2/3 of my present scheme and 1/2 of my old scheme.My wife is…
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Pension position for overseas tax resident
I am a UK citizen, resident and tax-resident in Japan. I hold a pension with Vanguard UK from which the 25% tax free amount has already been withdrawn. What would be the tax position if I were to withdraw some or all of this pension fund, eg is it liable to income tax and/or capital gains tax, and in which country? NB: I…
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Annual Allowance Calculation - Classic, Alpha and AVC
Trying to get my head round my Annual Allowance before
during and after Partial Retirement Here’s my thinking: Pre retirement year Classic: Classic Pension at end x19 minus Classic Pension at
beginning x 19 r evised upwards by CPI* Classic pension value devised by multiplying by 16 and
adding LS (effectively multiplying by…
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NHS Pension - Taking Pensions Early
I am hoping you can help, and tell me if I am missing something. At 57 my partner has had her NHS pension updated, and with the McCloud options : Scenario 1 - McCloud 1995 Scheme - Pension at 60 yo £7000 2015 Scheme - Pension at 67 yo £2100 If they took the 1995 and 2015 (reduced by 31%) at 60, they would get a combined…
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Should I start planning to move money from my SIPP to ISAs?
Some basic facts and figures. Age – 59 Recently early retired DB Pensions (just started receiving) - £26,500 / yr fully indexed
linked SIPP - £500k approx. SSISA - £350K My number – I need about £35k / yr Cash – c.£70k for emergencies and such like. Mortgage free and no debt. SP – full amount expected. My objective is to…
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Cashing in Pension Pot
Hi if your in your 70s and still have an invested private pension pot of £85K not used whats the best way of getting it out esp if your in poor health.
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Third State Pension age review: independent report call for evidence - published today
The government announced the launch of the third review of State Pension age in July 2025. This review will consider whether the rules around pensionable age are appropriate, based on the latest life expectancy data and other evidence. As set out in the Pensions Act 2014, this review will consider evidence from 2 reports:…
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Most recent: Conflicting information from Future Pensions and HMRC by Isthisforreal99
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