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Do I need to be concerned about the pension contributions change?
I'm very uneducated about how all this works and I don't even know if I'm doing salary sacrificed contributions or not. So I get paid 13 times per year and I contribute about £335 each time into my company pension. My employer contributes about £165. Can I ignore this salary sacrifice change or do I need to be aware of it…
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Self employed sole trader looking to build at least a 20k Pension Fund
This discussion was created from comments split from: Are you ever too old to start a pension?.
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Spending It
Quite an interesting podcast from The Mad Fientist about the challenges of going from decades of saving and investing to spending the pot. https://www.madfientist.com/how-to-spend-money/ While there aren't any startling new ideas, this is an area that does warrant discussion. I wondered if anyone has any practical tips…
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State Pension Contributions
I started work at 16 and am now 52. I have paid in my full 35 years contributions for the state pension. If I continue to work till 68 or 69 or 80 (sarcasm on UK Government) then I would have paid in an additional 17 or 18 years. Is this fair? Do I have any choices here? This excert from the BBC News website prior to…
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Old State pension v New State pension
Until today's Budget details I'd never realised there was so much difference between them, about £250 a month. How can this be justified when someone on the new pension could have made fewer contributions than someone on the old. Seems highly inequitable, was the change never challenged in the courts?
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Employers NI on pension contributions?
I'm starting to think this is one of the more likely changes on October 30th. Of all the measures proposed, this would raise a lot (estimates of £16bn a year). It can be framed as not breaking any manifesto pledges. And the worst indirectly affected would be high earners. And it's pretty stealthy compared to other…
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Should I move my NHS pension into LGPS?
I'm 40 years old and I've been working for the NHS just shy of 18 years as a band 4 (£29k) My TRS shows both 1995 and 2015 schemes. I'm leaving the NHS in December to a local authority job which pays £38k. Would I be better off changing my policy over to the local authority or just starting a new one? I'm a bit confused…
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TFLS reversal?
How does one put the TFLS i took 2 months ago back into my pension? It was widely publicised that it would be lowered to £100k....but apparently not ;)
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Reclaim tax on lump sum contribution
OH has recently made a lump sum contribution to the Civil Service Alpha pension scheme. He's been told by the scheme administrators that he will need to claim the tax back via a tax return. Given that it's several months until the end of the tax year, and it's a five figure sum to reclaim, is there anyway of putting a…
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£2000 NI relief cap on pension salary sacrifice from April 2029 (confirmed)
UPDATE AS PER 1 HOUR BEFORE THE BUDGET (thanks OBR...) - this is now confirmed, government link below (with thanks to @SnowMan ) https://www.gov.uk/government/publications/changes-to-salary-sacrifice-for-pensions-from-april-2029 As we all love a bit of speculating on here... I don't think this one has been mentioned yet…
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Is the State Pension a benefit?
There was an article in the i over the weekend saying the following. The state pension is a benefit – here’s why it’s important we say so The notion that people collecting their state pension are simply taking back what they previously paid in is wrong I did catch my eye and it does appear controversial but does it matter?…
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Budget 2025: Voluntary class 3 and class 2 national insurance contributions
https://assets.publishing.service.gov.uk/media/6926eb102a37784b16ecf525/E03444720_Budget_2025_Web_Accessible.pdf2.80 The government is closing loopholes in current Voluntary National Insurance contributions (VNICs) rules that allow those with a limited connection to the UK to build UK State Pension entitlement at a cheaper…
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Inheriting a pension: what happens and is there tax to pay?
This is the discussion thread for the Inheriting a pension guide. The guide discusses topics such as: - Inheriting a defined contribution pension - Inheriting a defined benefit pension - Inheriting part of your spouse's state pension - Tax on an inherited pension - Transferring wealth through a pension - Inheriting a…
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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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Civil Service Pension CPI Increases
I took my Civil Service Classic pension in September 2022, aged 54, using the employer buyout option along with surrendering my redundancy payment. In July 2023, I received a CPI increase when I reached 55. This was pro-rata'd for the month of my birthday and then paid in full each month after. I've read somewhere that…
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Should my wife take the tax free cash now, what would you do ?
Probably been asked many times before, but the question is should my wife take the tax-free cash from her £400K SIPP or opt for a regular income with 25% tax free She is 63 and has a life expectancy of 92 with no known health conditions, she had a DB Pension indexed linked of £1,000.00 a month and gets her state pension in…
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Employer not paying into a pension for me
I've been working for a non-profit organisation for 18months - I only work 14 hours but my employer hasn't paid into a pension for me? Is this legal - I'm terrified to speak to her in case she cancels my contract with the project. She's the CEO and manages everything.
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New royal mail collective plan
Hi I understand that this is a new plan where all the money is pooled and invested by a manager, rather than having your own pot which you can change funds. Any one know whether it's a good scheme, I know he company pays in 13% but does this outweigh not having control of your own pot?
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When exactly is a pension crystallised?
Please bear with me for asking the blooming obvious (probably). I have a dc pension ( Aviva) and need to take between 10-25% of it over the next few years (am 56), the first 10% imminently as a lump sum and then probably the rest on an ad hoc basis ideally as drawdown. I have a long term health condition and am struggling…
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Commercial Union pension
This discussion was created from comments split from: Aviva workplace pension funds.
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
735 discussions
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Most recent: State Pension Forecast and Buying Years by molerat
22 February at 4:30PM
