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Scheme specific protected tax free cash questions
Hi, first time poster, long term lurker, so please be gentle. I have a ring fenced Scottish Widows, protected tax free Retirement Acc pension, of which I was told several years ago by SW that the tax free portion was 34. something %. Its current value is £173000. As this is ring fenced, no contributions are made, just…
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Transferring Royal London plan to II SIPP
I have a Royal London plan through a past employer that's sat with RL since I left. I've confirmed as best I can this is actually just a RL personal pension but via a group discount so around 0.35% all-in. Main thing is it doesn't have a protected access age and it doesn't have any safeguarded benefits. I can't think of…
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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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Sanity check
I would be grateful if someone could please check my cunning plan for pension withdrawal possibilities prior to my appt with Vanguard? I have topped up state pension to max and will start that in 2029 I am 64 and have circa £200K in Vanguard sipp and £55K in with profits with old CGU, now with Aviva. Aviva have confirmed…
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Avoiding triggering MPAA
My wife is considering taking about £4000 per year - but on a monthly basis. The MPAA rule I think we want to utilise is: Small Pots (Under £10,000): You can take up to three "small pots" of £10,000 or less (from non-occupational/SIPP schemes) in their entirety without triggering the MPAA. Does this mean she should take…
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State Pension - amount
I still don't know whether I will receive a Full SP in 4 years (I am 63 next birthday) With 33 years Contracted out credits- with another 7 years ESA paid class 1 credits by 2030 !! According to Chat GPT "Maximum new State Pension 2026/27 maximum: £230.30 per week For someone who was contracted out for all their working…
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Exercising Share Options and Relevant UK Earnings for Pension Tax Relief
Slightly niche question. When you exercise non tax-advantaged share options from a current or former UK employer, the difference between exercise price and value on day of exercise is subject to UK income tax and NI at the prevailing rate (any further gains, if you don't sell, being subject to CGT). My question - is this…
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pension minefield.
I am employed by the NHS and contribute to their pension scheme via my wages. I have a pension from a previous employer and applied to transfer it into my NHS pension. I was informed that this was not possible because the NHS scheme only allows a certain amount of time to do this and I was out of time. Would it be possible…
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Civil Service Pension Switching
Hi, After reading through many posts I figured I would post my own question rather than trying to find answers in other's situations that might be similar. I am currently 47 years old and have been employed in the Civil Service for 9 years. When I joined, I had previously been part of a Stakeholder Pension with a previous…
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Tax on pension arrears
Hello. I'm wondering if anyone has experience / knowledge about tax on pension arrears. My father recently gave up work at the age of 75. He had a Royal Mail workplace pension that he didn't claim until now, and they will be paying him 16 years of arrears that would have been paid to him whilst he was still working, if…
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Not Getting as Much State Pension as Expected
I checked my pension several times during the run up to receiving it and was told it was fully paid up and no top up was necessary. On receiving it in November I found it was around £30 less than expected because "In the past you paid into a workplace pension instead of the Additional State Pension". this is called being…
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Pension drawdown
I have 2 private pension pots 1 from past 1 from current employment - I decided to take out 4K but ticked the wrong box so it is not from the tax free amount. I noticed the mistake & conatcted the pension co. Howver they said it cant be changed. This was prior to reciving the money. It was my mistale however it has now…
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State Pension/National Insurance contributions
Was a trainee driving instructor, but failed my final attempt to qualify fully. Was self employed. Checked online and have 37 years full N.I. contributions. Been refused Job Seekers Allowance as haven't paid Class 1 N.I. contributions. So, 2 questions: Are there any benefits I can get as will be looking for part time work…
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Should I take out an AVC/APC or save up for early retirement
Hi, I retired from a job after 30 years at the age of 55 years with a pension. I have since gone on to work part-time, working 22'5 hours weekly. I contribute to the TW PF which is a CARE pension. Contributions are at 5.8%. I would like to retire at 60 years, which would mean that I have contributed for 5 years. I would…
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Old employer does not have salary details for pension company
hiya, I have a pension from a job i had ages ago. I want to take some of the benefits but my old employer does not have salary details for the pension company. The pension company say that they can't provide my benefit tax free (as is my entitlement)..because my employer did not provide these details.. I have a rough idea…
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Delaying annuity
Hi I have £50k in a pension plan. I'm 61, have Parkinson's and intend to retire at 67.I contribute£300/month..I have other savings for retirement.Im just canvassing views on whether to take a staged annuity now with the £50 k (as rates are good)and another at ,67 with the balance or take the whole amount at 67.Theres no…
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Small Pot Question. Complete Pension Idiot.
i realise pensions can be a minefield but i am hoping i am a "simple case". the first i looked at my pension situation was in the last couple of weeks. maxed state pension. i have 2 private pensions but both are tiny and not contributed to in decades. i am 55+ i think i will be back with questions regarding one that seems…
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Pre 97
What is the pre97 amount added to latest pension statement?
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Can anybody explain in layman's terns why I am not getting a full state pension?
I received my state pension in September 2018 I had to retire in Nov 2006 due to ill health, and was told by the benefits person I spoke to that as I had 37 years of NI contributions already I did not need to seek sickness benefits to gain any more NI contributions. My works pension was over the limit to receive any…
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HL Sipp - Taking tax free lump sum.
My husband has a Hargreaves Lansdown SIPP. He's 75 this year, and now wants to take his 25% tax free lump sum. We understand from the information on the website that all the funds in the Sipp will be moved to the 'Drawdown Account' within the SIPP. I've been told that, before we put in our drawdown application, we'll need…
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6.5K comments
Most recent: NI years are now full, existing OAP, when should I expect my monthly payments to reflect this? by Dazed_and_C0nfused
22 May at 1:38PM
