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State pension amount
My wife and I both worked as teachers, and so paid a contracted out national insurance contribution. My wife gets a slightly smaller four weekly payment than I do. She has over 35 qualifying years. Some years were credits while she didn’t work due to looking after our young children. We don’t understand why her payment is…
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Sole Trader (Basic Rate) - SIPP - End of year tax relief help
Hello, I'm hoping to get some advice to help me understand the (end of year) tax relief offered to a Sole Trader on basic rate tax when opening a SIPP. I have searched extensively online and I can't find the answer, I have found conflicting replies hence this post asking for advice ------------------------------ As an…
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Retirement at 60, the plan:
I’m planning to retire at 60 in 3 months time. Here’s my rough intention:Needs: (excluding state pension): 8 years at 45k until state pension kicks in. 3 years at 35k until wife’s state pension kicks in. 25k thereafter. If I reach beyond 80, 40k from State, DB and Wife’s DB should hopefully be enough. Situation: 110k ISA…
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LGPS AVC 25% TFLS calculation
Hi, A couple of questions if anyone can help: 1) I’m wondering if there’s a set calculation/multiplier for the overall value of the LGPS DB pot? Or does it value from scheme to scheme? 2) Secondly, I (42m) am heavily contributing to AVC’s at the moment but plan to scale back in a few years. If all goes to plan, my AVC pot…
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Hypothetical idea that is probably ridiculous
Due to my age, I am a number of years away from being allowed to access my DC pensions. I intend to take the full tax free amount when I can. Having seen how rules can change quickly, and that often those rules declare that if you have begun a process prior to some announcement date which can often be the same day as a…
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Possible appeal to backdate pension increase after paying top up NICs?
I retired at age 66 in June 2021. I have 40 SP qualifying years. During 19/20 and 20/21 my pension forecast was showing a message similar to 'year not full, awaiting data or still calculating data' I was moving and had several short term employed and self employed but not registered as self employed jobs at this time. I…
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Understanding fund timing and pricing
Hi, I recently opened a SIPP on interactive investor, I’m looking to buy some funds like VLS100 , when I checked the price, I see it gives a NAV. Is this the price I will get when I place a buy request on the platform? or do I get the next available NAV. Also I understand it takes a few days to complete the transaction,…
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Is the 4% rule still applicable today?
I’ve read a number of articles that Bill Bengen who came up with the 4% rule for drawdown is stating that he believes it is more appropriate to be drawing between 5.25% and 5.5% due to ‘today’s’ economic environment. What are people’s thoughts on this?
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Top up pension or leave in PB and cash ISA?
Looking for some advise please.Male 55, 40% tax bracket, debt free working full time house paid off.£230k in PensionBee from previous work pensions, I contribute £100 per month£50k in Premium Bonds£63k in cash ISA£5k in stock and shares (Not and ISA) with Trading 212Am I better paying a lump sum into my pension from either…
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Platform for trading UK Govt index linked gilts online
Some platforms don't offer them at all, others you have to phone up to trade. Are there any that allow you to trade them online? Thanks
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Which pension lump sum?
I need to access a sum of money from one of my pensions to help facilitate a house move/purchase. I have two Defined Benefit pensions and one Defined Contribution pension with Aviva that I’m currently still paying into at work. The amount I need (around £25-£30k) I could take from one of my Defined Benefit pensions by…
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Pension and retirement planning
Hi everyone, About two years ago I posted my situation and got some incredibly helpful and insightful advice that really helped me focus and improve my financial position – so a big thank you to those who contributed! I thought I’d post an update with my new numbers and see if the collective wisdom has any fresh…
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Switch pension from Aviva to ii
Hi, I have an IPP with aviva with everything turned off so it’s operating much like a SIPP now. I am thinking of switching to II because as the pension has grown the fees have become expensive and it looks like I could be saving around £100 a month on fees by switching to ii. I retired just over a year ago and I’m no…
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Pension payout by mistake?
Not sure if this is a scam or true. I assisted a person who had lost her husband with a pension pay-out that she was unaware of and she successfully received it last year. She got a lump sum and receives a monthly income for life. They had contacted her about it as she wasn't aware of it until then, this was march 2024 and…
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Partially retired civil servant paying higher tax rate
Firstly, I’m not at all sure if this is possible / allowed, hence the question. I’m a partially retired civil servant with a combined income + pension of ~£80k therefore on a higher tax rate. Not knowing whether tax contributions are ‘relief at source’ but if they are - can I make additional pension contributions to bring…
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Optimum method of accessing a pension with a Protected Lump Sum?
I am planning on
retiring in June 2026 and my pension pot could reach the £1,000,000 milestone
by then. My plan was to
access my pension through a series of UFPLS payments but I have recently found
out that I have a protected pension lump sum with one of my pension providers. To make things
simple, assume that this…
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Workplace pension question
Can anyone answer a question please? If payment contributions by an employee are made via Salary Sacrifice (effectively appearing as payments made by employer), do these type of contributions benefit from tax relief? Thanks!
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Flexi Access Drawdown (FAD)
I have a question on FAD, sorry if this has been raised before. I have 2 pension pots Scottish Widows (private pension) NOW pension (current employee pension) I am 58 and still work When I reached 55, I took my full Tax free lump sum entitlement (25%) from Scottish Widows, the other 75% remains invested under the FAD and I…
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Newbie Pension Help.
Hi Guys, would appreciate your thoughts. I am an NHS employee with 34 years service.I am 57 years of age, my plan moving forward is partial retirement at 60. Taking my 1995 pension benefits, whilst continuing with vastly reduced hours and still contributing to my 2015 pension. I also have an old DC policy (with GAR) This…
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early retirement reduction factors CS pension scheme - different for active/deferred members?
I have a mix of Alpha and Nuvos pension - thinking of leaving the CS next year after 17 years. Checking my account and MyCSP doesn't have the retirement modeller on it any more? From memory it would be more advantageous for me to take Nuvos/Option A but I am still working things through. Are there any differences in the…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
704 discussions
6.2K comments
Most recent: Retrospective Class 2 contributions by MarkwithaK
11 September at 5:52PM
