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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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Pension Company slow with Deceased Father's Pension
Hi, im currently in correspondence with my deceased father's pension company. He had an expression of wish (50% myself and sister); i informed them of his death in February and they wrote to me and asked me to forward his death certificate etc. They also had initially asked me when i rang them and i told them of his family…
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ReAssure cannot locate life insurance
My mother in law has come across an endowment life assurance policy document for her late husband and herself. The policy mentions a sum of money which is to be paid on the death of one of them. The policy is with legal and general, however, they cannot locate it with the policy number and proceeded to say it had been…
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Pension due in September
Hi all, my husband reaches state pension age and his due to receive his pension from September. How do we go about getting it? Do they write to him or is there something we need to do? Many thanks
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Withdrawing the tax free 25% in one lump, told not possible?
A relative has a Flexible Pension Plan with Aegon. He has turned 55 and has a lot of debt he wants to clear. He had approached Aegon and asked to take the tax-free 25% of the whole pension in one go. He says he has been told this is not possible and can only take a lump sum comprising 25% tax free and 75% taxable. He does…
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Problem with monthly payments to Aviva
This discussion was created from comments split from: AVIVA Pension - atrocious customer service. Should I complain to an Ombudsman?.
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OPT OUT/IN work pension
Hi I'm hoping for some financial advise and help making decisions.. I'm 33 years old, no mortgage, I can't have children so it's just me and my lovely husband. I have no personal debts, student loans etc.. My wage is £25,701.98 per year currently and I work full time. I haven't paid in to my work pension for quite some…
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Lgps lump sum recycling
I’ll be very shortly in receipt of my automatic lump sum from pre 2008 service I’ve no need or want for it ( makes sense taking pension now as I qualify for R85 )I’m thinking of placing it in my sipp to attract tax relief as I’ll have sufficient earnings this tax year to cover the gross contribution,in doing so will I fall…
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How long does it take for the tax free allowance to move to pension provider
I have just retired. How long will it take for pension provider to get my tax allowance code from my employer?
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LGPS Contribution Rate Changing Based on Monthly Pay
Hi All, I am in the Local Government Pension Scheme and have been since 1991. My current annual pay is £47754 so I fall within the 6.8% pension contribution rate bracket. I had an overtime payment in my May pay totalling £1200 but this is not regular overtime and I will earn no more than a further £1000 in overtime this…
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Sal Sac - employer NI contributions query
Hi Hoping somebody out there can assist. Our company up until now have put 100% of Employer NI savings in the pot…. However they have just announced that they will reduce this to 50% from next month Whilst I know 100% was quite generous, can’t help feeling a little aggrieved that my company are now looking to profiteer…
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Registering on .gov.uk "Manage your State Pension"
I just had a painful process registering with www.gov.uk/manage-state-pension Fo some reason they don't use your existing gov.uk login but need to create a new one. There's a bunch of ID verification by asking you for details from various sources. I chose driving licence and passport as those seem straightforward - read…
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Quick SIPP Transfer
I recently asked for my Legal & General SIPP to be transferred to my main Vanguard SIPP. It took 6 working days for the money to appear in my Vanguard account. That compares favourably with one which I did a few years ago into Vanguard and it took around 3 months. That one was with Utmost, who had recently taken over my…
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Home Responsibilities Payment 78-2000 Deceased person
I have just read that you can claim/look into the possibility of missing HRP I am the daughter born in 78 of a Mother who passed away in 2023. For the life of me I cannot find any information on how to get this sorted on her behalf, even on the Gov.uk website /HMRC it just says to apply online, but I can't as I don't have…
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DB Bridging Pension Option Questions
Hi All, Would welcome any thoughts on the following: I have 2 DB pensions which are available to me without actuarial reduction at age 60, this coming June. Both pensions are from 2 different periods of service from the same over-arching scheme, however are treated as two distinct schemes (with differing scheme rules). I…
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33k Pension fund
Hi all, hoping someone can clarify, my sis has a pension fund worth 33k with Aviva, she wants to take the cash and move it to a SIPP so she can withdraw money when she needs it. Am I right in thinking she needs Financial advice because its over 30k? Any idea what that would cost? TIA
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