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Additional Pension vs SIPP
Hi there I am a member of the Alpha Civil Service pension scheme and have been for a few years (and before that on Classic). For the last few years I have also contributed towards a SIPP. My salary is ~£60k so I add enough to the SIPP to dip below the higher tax bracket. My question is whether I should be doing this or…
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Pension reduced dramatically when moving from Full-time to Part-time ? Maybe NOT !
I wanted to relate my experiences in getting the pension that my partner deserved when she retired from work recently in September 2024, in order to assist others who might have concerns and may be able to appeal in the future. In short, we found out about "Regulation 10" because I wouldn't take the standard answers from…
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Civil Service Classic Pension Scheme - Options on Retirement
My wife has been a scheme member since 1987 and has a retained classic pension and a very small alpha pension. She retained her classic benefits in 2015 and has been purchasing additional classic years - does this mean she is not affected by the McLoud remedy? As she works part-time already, it appears that the abatement…
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should i take an old DB pension now or leave it?
hi been talking to some old workmates who have taken their frozen pension early as they say theyve done the sums and it works out better for them NOW, and only starts working out better to have left it until retirement date once they hit 80ish, which they say theyre not too bothered about as theyll have other pensions by…
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Employers NI on pension contributions?
I'm starting to think this is one of the more likely changes on October 30th. Of all the measures proposed, this would raise a lot (estimates of £16bn a year). It can be framed as not breaking any manifesto pledges. And the worst indirectly affected would be high earners. And it's pretty stealthy compared to other…
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25% Pension Lump Sum
I had planned to take advantage of withdrawing this TFLS closer to retirement age of 67 to pay for the remainder of my mortgage and any other debts. This budget forecast of capping the 25% TFLS is making me nervous. Rumours (if they are true and to be believed) are abound that the cap would be circa £100k, this is…
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Claiming SIPP tax relief BEFORE potential budget change…?
Ok so I am a higher rate 40% taxpayer. I have made personal SIPP contributions in current tax year 2024-25. i have received the first 20% of gross tax relief back into my SIPP as normal. As per prior years I would normally wait until my next Self Assessment eg around May / June 2025 to declare the contributions and get the…
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Fujitsu Lifesight purpose built funds or Lifesight freechoice funds drawdown?
Hi All, I am looking at taking 25% from my Fujitsu pension pot (Wills Towers Watson) and investing in there drawdown product - Lifesight purpose built funds or Lifesight freechoice funds. My circumstances: I don't want to draw pension in the short term (already drawing state and other private pensions), want to take the…
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Mortgage paid What to do with money.
Hi, I am currently 46 and have just finished my mortgage (not a very big one) I am now unsure on where to invest money. I will be using it for travel this year but from 2026 I am hoping to invest it into an Isa or all into my workplace pension,or split between the too? I would love to think I could retire before 65,….58…
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Pension Transfer Aegon to II
I have a pension pot in Aegon (Targetplan) from my previous employer - it’s around £200k. I’m looking to transfer it to Interactive investor - I’ve heard it can be troublesome. Any advice on 1. how long it will take 2. should I switch to a cash fund to make it easier for the transfer. (don’t want to be out of market for…
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State pension set to rise by up to £460 a year
The state pension is set to rise by up to £460 a year (£8.80 a week) from 6 April 2025 under what's known as the 'triple lock' guarantee. But MoneySavingExpert.com (MSE) founder Martin Lewis has warned that any rise will come too late to help pensioners set to lose their Winter Fuel Payments this winter, while most won't…
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Crystallising small amount of pension for first time prior to budget
Having just turned 55, I have not touched my pension. Is there any merit in crystallising just £30k of my pension, with a view to taking £7500 tax free lump sum only (not drawing down any of the remaining crystallised £22500). In my naive inexperienced mind, this might help by: 1. Getting a small lump sum prior to any…
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25% tax free
So I have 2 pension pots a DB and a DC scheme. Will I be entitled to 25% tax free from both schemes? or am I only entitled to 1 tax free allowance? Thanks
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Inheritance Advice
Hi, We are looking for a professional to have a discussion with in order to properly plan our estate inheritance plan for our children. We are finding it very difficult to find an independent financial advisor. Researching online takes us to sites such as unbiased and vouched for. Else there are review sites in which we…
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Reclaiming tax on a pension
Hi I've recently cashed in my pension in a lump sum, and was taxed a large amount. Would I be able to try and reclaim some of the tax back ,although my pension provider sent my p45 I'm currently still working.
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April 2025 Retirement
I'm aiming for next April as my last working month (63 at start of May). Have £367k in RL GRIP5 (all taxable), £7.5k/yr LGPS (that's with the early payment reduction), £30k in AVC (tax free, linked to LGPS), £26K in cash ISA and a few k in cash/shares. Full SP due from 2029. I'd like to generate an income of £26k pre-tax…
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Additional Pension Contributions / Additional Voluntary Contributions?
Hi, I'm a few years off 60 and been in a LGPS for nearly 28 years. I considered EVR last year, and decided its not worth it, annual pension would be two thirds of my normal pay, then id get taxed on that, so i need another few years before considering that again. But I recently heard someone mention Additional Pension…
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NHS pension decisions (complicated by redundancy)
Appreciate that every circumstance is different and no comments will be taken in isolation but I have a couple of questions around the NHS pension some of which I have an idea on but would appreciate a sanity check on. We have sought advice from an IFA, which as I have read on here before, is singularly interested in…
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Small DB pension - not sure what to do
I turn 65 in May 2025 and received a letter this week about a small DB pension which has a NRD of my 65th birthday. The options it offers are a tax free lump sum of £15,624.23 plus an annual pension of £2,343.63 or no lump sum and an annual pension of £3,240.60. I only worked for this company for a little under 4 years and…
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Taking some 25% tax free lump sum and impact on ongoing pension contribution
Any major downside on this approach please by doing it now than say in a year or so time? Let's take a scenario of someone aged 60 drawing a DB of £20k pa from a previous employer, still employed and with say say two DC (one SIPP and one company) of £100k value each. If you take 25% from one (or both DC) and put the…
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Most recent: State Pension: Option to Stop paying once reaching 35 qualifying years by pinnks
4 December at 10:16PM