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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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Pension situation sense check
Hi all Would greatly appreciate a sense check on situation and plan for early retirement. Me - late 40s with: * DB pensions currently worth £6500 a year at retirement age, increases annually with inflation. * Current contributions to DB pension will add approx £1100 a year income to it, increasing with inflation. * Three…
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State pension award
There's often a lot of stick for DWP, but I'm impressed with their speed and efficiency of my state pension. I received the invitation to claim letter on the 8th August. Applied online same day. Today, 16th August, received the state pension amount letter. £34 payable on my 66th birthday, then exactly £952 every four weeks…
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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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Coming Up to Retirement - Portfolio Changes
I am looking to retire in 12 months or so. I am 58 and have a large SIPP (£895k), an ISA (£356k) and a Section 32 policy (£3.2k at 65 years). My state pension forecast is £12,034 when I am 67. My partner is retired and is drawing a small income from a SIPP until next April, when it will be exhausted, and she will then…
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Has anyone had any experiences with ReAssure?
How do!. First time posting in the forum (I think) so apologies if I put this post in the wrong section. My question is this, has anyone had anything do with ReAssure? I ask because quite frankly they've been the worst company I have had to deal with and it's got to the point where I'm at my wits end. It started back in…
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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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Interactive Investor - calculation of 25% tax free cash when holding Index Linked Gilts
In common with many platforms, Index Linked gilts are shown in my Interactive Investor portfolio value at the clean price. Obviously, the market price is much higher. When I come to take out 25% of my portfolio as tax free cash, do the Index-Linked gilts get uplifted to the current market price in determining the value of…
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Crystallising my pension - tax implication
I have a money purchase pension scheme from years ago with a company I worked for - value is low £10,000s. I was always told to keep it for a rainy day and if not used could be left to dependents. In these taxing times that's no longer an option. I understand the 25% tax free bit and that the rest might be left in a…
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USS - General discussion
I am taking early retirement ( 55) from USS and will have a DB annual pension of £23k and a separate £9k pa widows pension but my dilemma is I will need an additional £17k pa for the next 4 years to cover short term additional expenditure (supporting children through uni, maintain current standard of living) and I need…
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Tax relief for buying NHS Additional Pension and paying lump sum
After spending weeks calling NHS pensions and tax office for weeks, any advice at this site is my last hope. I will retire from NHS 1995 pension scheme next week after working 15 years. I bought additional pension and paid about £42,000 lump sum for £2000 a year additional pension. I am hoping to get about £9,500 a year…
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Private Medical Cover
I had AXA private medical cover through work, apparently I can continue that cover without having to declare any pre existing medical conditions. Anyone done that and have any views on whether it provides a useful discount over separate cover? I only used it twice when working but my creaking bones may need a little help…
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701 discussions
6.2K comments
Most recent: ni contribution top up application made before 5th April 2025 deadline by molerat
20 August at 1:59PM
