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Isa vs pension, which is best?
Hi I am in need of some much needed advice here, as when it comes to pensions its a bit of a minefield to me, I am trying to learn as at the tender age of 55, I now live alone due to having to place a parent in a nursing home as they got dementia, so I have to know these things now, anyway I have a workplace pension that…
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To pay off mortgage before retirement, or not?
I currently work full time with take-home pay approx £2200 a month or £26400pa. For personal reasons I want to retire at the end of 2029 when I’ll be 60. I have DB pensions (3 deferred, one active) which on current values will give me an income after tax of between £15k and £26k pa depending on the size of lump sum I take.…
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Pension Review & Opinions
Evening, This morning I received a letter from the company pension provider, Aviva, saying they could not longer accept any further payments in to the pension scheme. Which I assume is to do with the company I work before beginning to winding down over the next 12 months or so. This prompted me to go in to the Aviva app to…
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Put £20k in additional nhs pension or SIPP?
I intend to work another 2 years till age 60. I'd like to boost my pension. If I buy £1250 additional nhs pension, it's a lump sum of £20k. I think I wouldn't be able to gain the full benefit of the extra £100 a month till age 65 - is this correct? I'm thinking of taking the 1995 portion at age 60 and leave the 2015…
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Tax on US Social Security Retirement Benefit
Hi, I'm a British citizen living in the UK. Back in the early 80's I worked in the USA for a few years. Now that I am retired I submitted an application to the US Social Security Administration to find out if I was entitled to any retirement benefit. To my surprise they have come back and said 'yes' I can receive a small…
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Increase to Minimum Pension age from 55 to 57 on 6th April 2028
Latest position:24th February 2022: The Finance Act which contains the legislation making the change receives Royal Assent. Discussion of this starts from page 22 at this link. Most pension schemes have not yet made clear whether they are protected or not.…
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Pension credit to state pension
moved to benefits
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5% or RPI increases - any crystal balls?
Last year I bought an annuity and chose 5% increases over RPI. I had buyer's remorse pretty quickly - second guessing myself. So this year I am buying another annuity and have the same choice 5% or RPI. I am tempted to pick RPI this time. The starting annuity is nearly 15% higher with RPI than with 5%. How would people…
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Question on siphoning from Pension into S&S ISA
Wasn't sure if this question should be on here or the Cutting Tax board but opted for this one. Apologies if this wasn't correct. I’m 58 years old, retired, currently in receipt of a DB
pension worth c.£32k p.a gross. No other
regular income at present. Also have workplace
DC pension and SIPP currently worth c.£220k as…
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Reclaim emergency tax on pension withdrawal
Husband took out a single payment from his pension at the start of the current tax year. He was not intending to draw down any more on the current tax year, so this is his sole income for the tax year. He tried to reclaim most of the tax as he understood the rules changed at the start of this tax year. However HMRC won't…
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What happens if you straddle pension age increase?
On 6th April 28 minimum pension age increases to 57. My DOB is Oct 71. If I start accessing a DC pension from Oct 26 (age 55) can I continue? Or on 6th April 28 (age 56) will there be limits on how I can access my pension? What are the guidelines? I'm thinking I would be able to access crystallised funds in a drawdown…
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Tax man
Good evening all. I recently cashed in a small pot, 10k and got payed out £8500 cash. I thought this was the tax taken care of, but a month later payed $400 more tax on pay day. Next month I went part time on half pay and also payed too much tax to complicate even further I took a second small pot 10k. All taken this tax…
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Old Royal London Pension transfer to SIPP?
Years ago (I'm 52) I remember something about opting out of SERPS. So now I have a letter from Royal London saying I have an Appropriate Personal Pension with a transfer value of £9K. Would it be worthwhile transfering this into a SIPP? I have recently set up a SIPP with Invest Engine but unfortunately they're only…
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Missing/Part years National Insurance contributions
So I have a part year of NI contributions for the tax year 1994/5. I was made redundant on 31/3/1994 but received maternity pay from my employer in the April, May and June on which I paid NI contributions of £111.11. My baby was born on July 20th and I have confirmed with HMRC that I do have Home responsibility applied…
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Combine workplace pensions
I’m currently employed and pay into an Aegon workplace pension, I also have a RL pension which is/was also with my current employer until they switched provider last year, no longer paying into the RL. I’ve taken the tax free cash from the RL which is now in a drawdown plan and I haven’t taken any other cash. I would like…
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Alpha pension scheme, retiring early and AVCs
Hi - I’ve scoured the forum but cannot seem to find an answer to this particular questions. I’m a 53 year old active member of Alpha with an NRA of 67 years old. If I start building AVCs, I understand that I can take them with my Alpha pension free of tax at 67 (I believe the tax free limit is annual pension * 20/3).…
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Future Help with Cognitive Decline
I'm approaching retirement and one thing that is playing on my mind is care for when im hopefully much older, but less capable. I'm not married, have no children, siblings or close relatives. I'm well aware of how my mom struggles with basic things, especially banking, accessing benefits via DWP, understanding medication,…
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Dividend reinvestments.....DRIP
I have shares held with a few different platforms and where possible have opted for dividend reinvestment plan on my holdings. I have noticed that all of them receive and process the DRIP within at least 24 hours of a dividend payment except Aviva - sometimes they can take a week or more to do this. Does anyone else have…
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Generational wealth planning
I was talking to an IFA (about something unrelated) and he said that the largest portion of their work now is generational wealth planning, as so many people are now caught by IHT. I wondered what this usually involves, especially for 1m to 3m wealth, rather than the super wealthy.
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Sanity check on LGPS Prudential salary sacrifice AVC and tax free limit
I'm hoping to retire in the next year and my AVC/lump sum will be over the tax-free limit so I'd be grateful for a sanity check. Very roughly speaking, if my normal pension will be £21k I understand that the tax free limit will be roughly £21k x 20 / 3 = £140k, and if my lump sum is £30k and AVC is £120k I'll be due to pay…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
699 discussions
6.1K comments
Most recent: Home Responsibilities Protection by sheramber
30 July at 9:13PM
