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AVC/SIPP
I’m looking for a bit of advice. I want to set up an AVC on my part-time job with the local authority. I’d originally planned to pay in £120 per month, but my employer has said I can only contribute £57 because of the way it’s linked to that post. Would it make sense to set up a SIPP alongside this so I can put the…
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Pension calculators - why are they all the wrong way round?
I know, I know, it's not the "wrong way round". I'm probably just thinking about this weirdly or doing something wrong. I have been ill for over a decade and unable to work. Recently I had an operation that was successful and I'm back at work. My husband and I are now desperately trying to get across our awful pensions…
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Income, Expenditure and Gifting from Excess Income
I am trying to get my head round income, capital and gifting from excess income. The figures are for discussion purposes and are not real or well thought through. Suppose I have a pension income of £40k (from DB schemes and the state) My yearly expenses on food/energy/holidays/housing are £30k leaving an excess of income…
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Teachers Pension + Lump Sum Delayed by 6 months with no communication or escalation path forward
Hi, my wife took early retirement and was suppose to get lumpsum and pension from April. The pay slips are getting generated but the money is not getting credited to the account. We have raised 15 secure messages through my pension online with no response, made 13 calls with fake promise that it will be resolved in the…
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LGPS AVC’s
My partner is looking to retire from the LGPS in under 2 years age 60. She is planning to now start paying into AVC’s up until retirement. As it’s under the 2 years is there any implications of doing this and taking them out on retirement? She is a higher rate tax payer (Scotland). I have also heard that you can buy AVC’s…
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Midland Bank Pension
Hi, This is quite a long shot but I worked for Midland bank for two years in my late teens, 17-19 years old, and wondered if I ever paid into any sort of pension scheme way back then and if I may be entitled to anything.
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1973 baby dumb question
Morning all, Pension’s, definitely time to start trying to learn. Let’s start with the most basic lack of knowledge question So have about 5 different pension pots, 1 from early 20s, 3 since Covid through workplace. My main pension started in 2010. So my question, Not sure if the change from 55 to 57 means I have to wait…
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NHS and State Pension after Retirement. Spouse Dies What Happens to Pension
Hi My wife and I want to know as we are planning on modifying our wills and Tenants in Common. We have both been retired from the NHS for a few years and get our NHS pension each month. My wife also gets her monthly state pension. When we were discussing the changes we are considering. The question came up regarding our…
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Is it better to invest in pension at start of the financial year, or towards the end
HiAny estimate available what is the typical growth of a pension fund over a year.I have funds available for investment and to gain maximum tax benefit I deem investment into a private pension fund is the best option. There is a 20% relief at source, and if I am in the 40% tax bracket I get a further rebate of 20% when I…
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Small Phoenix Life DC Pension
Have a tiny Phoenix Life (ex Scot Prov) pension approaching intended Retirement Date in Nov 25 (age 60) - with an Estimated Value of circa only £7k. Apparently there is a (small) Guaranteed Annual and Final Bonus applicable on it. Not in any desperate need of the funds atm or in the near future. Still currently working.…
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Crystallised AVC monies
I am a member of a DB pension scheme and was saving into an AVC. When I took the pension I was able to use most of the AVC to enhance the lump sum. This left me with £1500 of crystallised funds. I originally put this into a HL Sipp, but this was clawed back by the pension scheme as it was outside the rules. A subsequent…
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Taking 25% tax free lump sum now I'm 55. Is it meant to be this hard
I phoned company regarding taking my tax free lump sum now I'm 55. On thier website it says you can phone to make a withdrawal alternatively you can make an appointment with our financial advisor. When I called they said I would have to have an appointment. It's an opted out of serps pension which goes up and down…
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Moving money from S+S ISA to SIPP- Top rate tax
Hi All I've got my head in a spin about this and I'm not sure i'm thinking clearly... I'm hoping someone can provide some clarity. Last year I got a promotion and became a top rate tax payer. I'll pay 40% on around £10,000 of earnings this year. Since I started working I have always saved in a S+S ISA, putting a monthly…
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Nest triggered MPAA on a pot less than £10,000
Earlier in the year my wife took her whole NEST pension of £4,000. It should have been under the small pot rules. After numerous letters we have now found out that they triggered the MPAA without informing her. They should have written to her within 31 days. It was not a flexible draw down so should not be classed…
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State pension amount
Hi, I'm 70 next month, married for 40 years, and started receiving my state pension in June 2021. I actually retired at the end of March 2017, after 42 years in local government. Looking at my NI record on HMRC website, it says full year contributions for every year since 1975 ( and 4 years prior to that ) I'm was just…
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Maxed out TFC what to do with small uncrystallised pot
I have maxed out my TFC from my SIPP (moving funds into drawdown) and have a small uncrystallised pot left over. I am wondering whether to move that into drawdown or leave as is? Is there any difference? It seems to me there is not on basis of current rules, but I suppose gov could decide to fiddle with the laws in a way…
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LGPS – Two Jobs, Semi-Retirement at 60
Hello, I currently work two jobs and I’m in the LGPS for both. I’m in my mid-40s but only started paying into the fund around 10 years ago, I don’t have any other pensions outside of the LGPS. At the moment I’m working around 58 hours a week, but I’m starting to think about semi-retiring when I turn 60 — the plan would be…
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Home responsibilities protection. What else can I do?
Hi all. I need some advice please. I applied for backdated home responsibilities protection in 2022 as there is a large gap in my NI history from 1978 to 1995. I had children in those years and stayed home to care for them, children were born in Oct 78, July 80 and June 82. I claimed and received the CB in my name. HMRC…
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Taking annual UFPLS lump sums
I've just spent too much fun tapping away into an online pension withdrawal tax calculator. It's telling me that if I were in the position right now where I *could* take a tax-free lump sun on a yearly basis without triggering the income tax threshold, I could take £16,760.00 each year without having to pay any tax as long…
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Paying DB pension payments into a SIPP
Having had some sage advice from the good people on here before, I'm after some more (thank you). I'm still working (for TfL) which has a DB scheme and paying £540PM (the max) into AVCs (TfL doesn't offer this via salary sacrifice). I'm 40% tax rate, 59-and-a-bit years' old, and expecting to retire at 62, so effectively…
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Most recent: Conflicting information from Future Pensions and HMRC by Riva114
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