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Small Profits Threshold - will not need to pay Class 2 National Insurance Contributions?
Apologies if this has been asked before - my search didn't turn anything up. Does the following statement from the self assessment return mean I don't need to pay my class 2 to get my NI pension credit for the year? * Customers with taxable profits of £6,725 or more (the Small Profits Threshold) will not need to pay Class…
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Home Responsibilities Protection. Payment for my late Mother
Could I have some advice please? My late mother was entitled to HRP and received a letter to say she was entitled to it for 9 years. I have spoken to HMRC two or three times and have sent all details to them along with mine as I am her executor. HMRC tell me I need to claim in unusual circumstances of which there is no…
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Food for thought - healthy life expectancy
https://www.health.org.uk/evidence-hub/health-inequalities/map-of-healthy-life-expectancy-at-birth This makes very interesting reading for anyone that is planning retirement. A George Orwell quotation comes to mind, but I'm trying to avoid political debate.
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Civil Service Pension legacy lump sum to max out or not
I have service in classic plus and alpha. I'm a year or so away from 60 and leaning towards taking the lot and retiring at 60. What I'm struggling with is working out the pros and cons of taking a larger or smaller lump sum from the legacy scheme part of my pension. I've seen threads from a few years ago now about this but…
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Retirement in 11 months time - does my plan sound reasonable.
I'm 59 and thinking (a lot!) about retiring at the end of March next year. My wife (58) and I will both get the full state pension at 67, she also has a DB pension from 60 (around £14k per year + £39k lump sum) - she's not decided whether to retire then or not, she may well do. On retirement my 'pot' will be approx £420k.…
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Asset allocation- cash and shares
Thinking ahead here because I'm not close to retirement yet...my understanding is that the traditional way of lifestyling a DC pension is a bit out of date if you're not buying an annuity, but that standard advice is still to bring some of your pension into bonds as you approach retirement. I'd be grateful for people's…
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Historic data for RPI and CPI
As these figures are used for calculating increases in pensions, benefits etc where is the best place to look to find this information? I am particularly interested in RPI and CPI figures showing inflation over the 12 months to September for the last 5 years.
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Taking reduced DB pension early
Another DB question… I have a small DB pension around £3000 that can be taken early by with a reduction of 3.4% per year if taken before aged 60 (NRA is 65th birthday but currently no reduction between 60 to 65). I’m not utilising personal income tax allowance as economically inactive approaching 55 and no plans to return…
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Early retirement on savings, with or without a pension?
I'm planning to retire several years before I get my state pension. This has become possible due to an inheritance, that amount being enough to last the intervening years before my state pension is available. I also have two work pensions, a Final Salary one frozen since that scheme closed over a decade ago, and a Money…
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Salary Sacrifice vs Net Pay - NI
My wife has just had an email from her employer telling her that due to the National Living Wage increase that her pension can no longer be taken as Salary Sacrifice as it would bring it below the National Living Wage and that it will be taken by net deduction instead. I assume this will also mean she doesnt save on NI and…
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Pension post 75 years of age
Hi, This is over 20 years away, however, something I'm looking to understand. I'm hoping to reduce my working hours from age 60 (in around 5 years' time) and probably draw down funds as and when I need them. I understand that after age 75 anything left in my pension would be taxable if passed to my wife. How does that…
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State pension hrp
Is my mum entitled to hrp , she has basic pension at 172 and pre 97 top up of 74 and post 97 of 14 also has cod deduction of around 9 pound, her total is 255. She never worked from 1971 to 1991 and claimed child benefit for them years, she only managed part time small jobs since 1991. Her husband died in 2001 after 30…
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Inherited pension and 25% cash free lump sum
Hello if I have inherited a DC pension from my father (who was over 75 when he died) and I want to take some of the money out, do I benefit from 25% tax free (assuming he didn’t take this already) as I would with my own pension. Thanks for any advice.
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Decision on month for retirement - what to take into account
I’m planning to retire next year, at 60, funding this through two DHB pensions taken early and top ups from saving, My question is about the precise timing of taking the pensions. My birthday is in July, and I’d assumed this would be the trigger point - but on chatting with a friend found myself wondering why not April…
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Transfer Values for Defined Benefit Pensions
I have a DB Pension from a former Employer which I haven't started to take yet. I requested a Transfer Value recently because I wanted to check and see if I would be better off with an Annuity as rates seem to have risen more than my benefits are growing. However, I was somewhat dismayed to find that the Transfer Value…
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Commencing Deferred DB Pension Timing
Hi This was prompted by the other post recently about timing the commencement of a DB scheme, and the discussion a while ago on here around the benefit of timing the commencement of a deferred DB due to indexing. I joined the scheme on 4 April 1994, and left the scheme 30 April a few years ago. My birthday is in November.…
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Tax when using part of SIPP to buy an annuity
If I retired and took £200k of my SIPP into drawdown or as an UFPLS, my understanding is that 25% (£50k) would be tax-free cash and the remaining 75% (£150k) would be taxed at my marginal rate; as I access the drawdown account, or immediately for UFPLS. But if I wanted to use the £200k to buy an annuity (or the £150k to be…
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Wife retired but still working NI question
My wife reached retirement age on 28th April this year, but she is still working for a company. She is not self employed. Next week she should receive her first full state pension payment. Yesterday, she recieved her May payment from her company, which was £200 less than last month. I looked at her payslip and they have…
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Pension options
I would be grateful for some advice I would like to retire just before my 59th birthday but not take my NHS pension until I am 60. Would I be allowed to transfer money from my limited account (approx 40K) into a SIPP and drawdown the whole amount between 59 and 60. I would have no other earnings between 59-60 apart from…
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Planning for retirement and relocation - lots of ducks to align (and not all are mine!)
I’ve spent too many sleepless nights going round in circles and not getting anywhere so I thought maybe if I wrote it down and were able to ‘chat it over’, things might become clearer. I’m going to ramble a bit, but I need to ‘get it all out’ - I’ll be amazed if anyone makes it all the way to the end 😳 I’m mid/late 50s and…
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Most recent: Voluntary NI Contributions – What to Expect After Requesting a Callback by molerat
13 August at 7:57PM
