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Take VR and retire early?
Avid reader of this forum for ages, but now have a reason to post to see what others might do in our situation. Myself, 40. Full time, salary of ~£68K, rental income £5000 per year. DC pension currently at £250K. I pay 4% + £250 AVC monthly, employer £8%. Husband, 52. Salary ~£70k, rental income £5000 per year. DB pension…
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Can I use my Pension tax free lump sum to buy Premium Bonds for myself and my wife
Hi All Can anyone Help me with this question. I'm just about to take my pension and have various options one is a tax free lump sum of over 100k. My wife and I have maxed out with isa's. Were both 20% tax bracket although our personal allowance tax codes have been reduced possibly by earning over the £1000 interest…
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Nestle pension - not paid May 2025
I'm a Nestle pensioner and find that my pension for May 2025, due to be paid in on Thursday 29th May, was not paid in. When I've contacted them they say that the fault is with HSBC that didn't transfer the money. My question is - do I have any rights to compensation from HSBC? I've had to shuffle money around to cover…
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USS Tax Free Lump Sum and IB
More questions as I begin to finally understand the USS pension landscape, which seems to mostly be a landscape of tar-pits, swamps and burning skips. Anyhoo....I'm aiming to flexibly retire at 60. I have a DB lump sum of about £65k (from final salary lump sum and Retirement Income Builder lump sum) and an Investment…
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LGPS member wanting to contribute more. AVC, APC or separate SIPP?
My husband and I are both LGPS members but work part-time. Our current valuations are approx £2k and £5k per annum respectively. I am 43, husband 52. We have had a significant windfall and would like to start contributing more to our future. We are talking to a Financial Advisor who has asked us to gather information on…
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Do you open a new pension when your pension fund exceeds £85,000
Pensions are fully protected upto £85,000. So to be 100% protected against bank failure is the solution to have multiple pensions at different providers?
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Still not heard back from Pensions...
Hi, I'm 69, a WASPI, and receive the new style state pension. I was made redundant at 59 but due to aging parents who needed more help at that time I didn't sign on or try to get another job. I had 40 years NI contributions, and was contracted out for some of that time, so don't receive the full amount. On Martin's advice,…
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Using part of DB lump sum (SAUL pension) to buy an annuity. Any good reason to do this?
I am already aware that the commutation factor for the DB lump sum tends to be poor. I don't need a large lump sum as I have other savings and no debts to clear. My instinct is to slightly reduce the default lump sum amount and get more as my monthly income. A financial advisor recently surprised me when he suggested that…
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DB lump sum protection option - no brainer?
I intend to start my DB pension next year when I turn 57, 3 years before the scheme's normal retirement date).The latest early retirement quote I received gives me the following commencement options:* Option 1 - £27.5k per year with no lump sum * Option 2 - £22.2k per year + £148k per year lump sum * Option 3 - £27.5k per…
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People’s pension Lump Sum Retirement Benefit
Hi there all my husband is almost 65 and The people’s pension has written to him advising him that he is able to take this tax free benefit on his 65th birthday onwards. This was a fund he paid into in the 80s that The people’s pension took over. He also has an ongoing pension pot with them with his current employer that…
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Dwp
Hi, I have a private pension and also started getting State Pension a few months ago. DWP gave HMRC the wrong info regarding my pension amount. As a result I apparently owe HMRC money so they have put me on a K19 tax code for 25/26 tax year. Is it worth contacting DWP to complain.. assuming I can get hold of anyone...…
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Incompetent handling of estate by previous executor means 45% tax now due on private pension!
Ive come over from the probate forum who have been very helpful indeed but I think I need some additional advice from the experts here! Long story short the previous executor was incompetent and although registered the death with the employer, they did nothing else afterwards, 3 years pass (dont ask!) & after us taking…
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Nervous about starting salary sacrafice.
I wonder if anyone could help with some advice on salary sacrifice pensions. I would like to put roughly twelve thousand a year into a pension using salary sacrifice. Now having heard of many instances where small companies went bankrupt and later their employees discovered they hadn't been making the pension contributions…
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Move pension/ take 25% ?
Hello all A friend, who is not yet at State Pension age, still works part time and also has a small NHS pension needs a bit of advice. He's already taken a lump sum from his NHS pension (about four years ago) and had forgotten, but has suddenly discovered, that he paid into a Standard life AVC for his NHS pension back in…
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Drawing pension while working
Changed jobs last year and took a drop in income so drew my pension to top up my wage, took a lump sum to put away to pay off my mortgage next year. This amount took me over the 50000 tax band. Will I be hit by extra tax and do I have to let the tax man know or will they send me a bill. I'm earning 27000 a year and my lump…
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Scary numbers on 10-year survival chances
Somewhere on an internet discussion, I saw a stat about "how old do you have to be on a birthday before you have less than 50/50 chance of reaching your next birthday"; the answer very surprisingly was about 107. However, thinking 50/50 and 1 year is not good, I decided to dig out the numbers for a 90% chance of getting to…
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Tax on 25% of pension pot.
I'm confused. If I take £10,000 out of a SIPP pension of £75,000, do I get the £10,000 tax free or just the first 25% of it tax free? Ie. £10,000 - 25% - £2,500 tax free and pay tax on the remaining £7,500?
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Civil Service Premium Pension - take at 60 or wait till end of scheme year?
Hoping someone can help with what should be a fairly easy question, yet I can’t seem to settle on an answer. I reach 60 in September, so can take my Premium pension. I will get a pay rise in April, so I’m not sure whether to stay until 31 March 2025 when final salary will be highest, or go in September. I’m toying with…
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inheriting ex's pension pots???
Hi, My ex ,with whom I share children, died recently. I was named in his will as the benefactor of his estate. He was in a care home and didn't make any contributions to us financially except the bare min via child maintenance service. He didn't name anyone or make any expression of wish on his pension platforms. He was…
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P53Z form help please
Hi, I'm attempting to claim back overpaid tax paid on a lump sum pension pot,using P53Z form on HMRC website, however, I've fallen at the first hurdle! How much income did you receive from this pension before tax was taken off? On the confirmation of payment paperwork it says A ] Your fund value was £25716.03 B] Your…
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: Guide discussion: Voluntary national insurance contributions by skycatcher
15 August at 2:14PM
