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Teachers pension, phased retirement and lump sum
I'm at the early stages of trying to get my head around the phased retirement options open to me at 58 years old. Am I right in thinking that if I take 20% of my benefits early, essentially I will be drawing an amount roughly equivalent to 20% of my pension as outlined in my pension statement? Also, can I access the lump…
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"Locking in" SIPP gains - cash or short term sterling MMF?
I have a modest amount in SIPP which I took out to bridge the gap between quitting work (done!) and taking my DB pension in a couple of years. It's in a global index tracker and I would like to "cash in my chips" to preserve my profits (would have been better off doing this a few months ago but hey ho!) My intention had…
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Claiming 1995 NHS Pension
Hi Team l have just requested to apply to claim my 1995 pension early aged 56. However, they have been informed that l am unable to do this because l’m also in the 2015 scheme, therefore l would need to claim early retirement for both. As of 1st June 2025 l will not be in employment within the NHS due to ill health so l’m…
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Salary sacrifice over £60,000 into workplace pension.
I am planning to use my previous years allowance balance and to salary sacrifice around £60,000 this year if this is allowed - when adding the employer contributions it will be circa £70,000 in this tax year. I just wondered how I allocate the extra £10,000 into last years allowance of if I even can doing it this way.…
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SIPP LUMP SUM AFTER ALREADY TAKING 25% TAX FREE
As title states I have already taken 25% over a year ago to pay off mortgage both my wife and I have a combined £350K Remaining which we would like to take a £100K lump sum is it advised? What are the tax implications? both of us work FT at present
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NHS Pension
Touchy subject this one. My Mum was a Nurse in the NHS for 24 years, but was sacked for Gross Misconduct about 8 years ago. Following an inquiry, and twelve months suspension, on full pay, there was found no case to answer. She was paid £24,000 as part of a non disclosure agreement. She was just glad it was over so…
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Pension drawdown taxation and charitable donations
I plan to take make my first SIPP drawdown later this year and will take as much income as I can at the basic rate of tax ie. £50,270 income plus the £16,756 lump sum. If I normally make £3,000 charitable donations each year then could I take that amount as additional income from my SIPP, making a total drawdown of £53,270…
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State Pension, Age 40, worked since age 16, do I only need to pay in for 10 more years?
I have checked online and have this.... You need to continue to contribute National Insurance to reach your forecast Estimate based on your National Insurance record up to 5 April 2025 £166.44 a week Forecast if you contribute another 10 years before 5 April 2052 £230.25 a week I presume if I stopped working at age 50/51,…
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NHS Pension Transfer Refusal
Hi, I am within the one year transfer in window but my application to transfer in has been refused because the private pension I want to transfer in was opened after the date I joined the NHS. To clarify I consolidated older pensions ahead of the transfer into this new pension to make it easier to transfer in as I had…
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Looking for Similar Fund (Transferring Pension from Old Employer Scheme to SIPP)
I've got a DC pension with Aviva. It's product type is "Designer Pension @ Aviva" and it was a the pension I built up at a previous employer. I didn't know as much back when i started that pension and I'm now embarrassed to admin its always been invested in the relatively safe default fund. Here's the details including…
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Salary sacrifice
Hi All. I’ve been asked if I want to opt out of salary sacrifice, as my company has just taken it up and is auto enrolling everyone with the option of opting out, I’m on more than 50k but don’t really get the explanation they sent, my suspicious nature says it will benefit the government and my employer whilst only…
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Civil service- Premium Alpha pension advice for my Dad!
Hi all, Long story short I'm helping my dad manage his pension as he's not clued up on pensions and is close to the retirement age. I've done lots of reading on his pension (Civil service- alpha & premium) but still have a number of questions. Looking for your expert advice as know there's lot of knowledgeable folk here.…
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Royal London (ex CIS) with GAR
As title, I have a small ex CIS pension with RL which has a GAR associated with it at age 65. I an 58 and have been retired for 3.5 years with a DB pension which puts me in the HR tax bracket. Our IFA has advised us to increase our spending, so the RL pension is wholly unnecessary and we had thought of cashing in /…
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LGPS Pension
Hiya, Question. If you are made redundant on 31st May before the LG pay award is agreed. Do they recalculate your pre 2008 pension when it is with the new salary? Thanks
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Transferring into Alpha Civil Service pension
Has anyone else experienced extremely long waits transferring in to a civil service pension plan? They give civil service employees 12 months to transfer in from previous providers, which seems like a long time, but the service is, for want of a better word, painfully tedious. I joined the CS in mid-August last year, and…
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Mother's care
Hi, My mother is currently in a care home which she is funding from her savings and when they run out she has a house which has been valued at £90,000 I have Power of attorney over her finance and welfare and it's been suggested to me that I should buy her house for £50,000 so that it ceases to be part of her estate and…
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Online LPA - Help!
In my wisdom, I've chosen to prepare and complete LPAs for myself using the .Gov website. At this stage both property and health LPA's have been paid for and generated. On reflection I probably should should have questioned a few things first as I now have doubts and concerns. These are as follows: a) I never thought to…
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Pfizer/wyeth pension
Anyone give me a very brief yes or no Weather in this screenshot I’m looking at a pension of 40k thousand or the 20,000? I’ve been trying to speak to these guys, but all I can get through to as a call centre where they can bring up the details of my pension but they have to then put I request through to the Pfizer admin…
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LGPS , PCLS & LTA
Hi I'm currently filling in the paperwork commence payment of LGPS benefits , there’s a question about pre April 2024 pension payments % against the LTA I did crystallised £29k in my sipp in dec 2023 but only withdrew the tax free element 7.25k the question is for LTA concerns is it the full 29000/1073100 or 7250/1073100…
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Taking avc as a lump sum how does it effect your income tax
Hi, I am planning to cash in my avc to pay off my mortgage. I know I can get the first 25% tax free and would have to pay 40% tax on the rest. My question is would this lump sump be treated as an income if so with my salary it would push me up into the next tax bracket is this correct? I am still working. Thanks in advance
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
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Most recent: Voluntary NI Contributions – What to Expect After Requesting a Callback by molerat
13 August at 7:57PM
