-
State Pension - Change to PAYE Code
I am about to start receiving my state pension and have just had notification of changes to my tax code. It looks like I am going to be paying more tax than I expected so I looked at the details. They seem to be expecting my annual income to increase to over £45,000, which is considerably higher than it will actually be.…
-
Advice Needed: Pension Consolidation and Financial Advisor Costs
Hi everyone, I’m a complete newbie to financial planning, and recent life changes have pushed me to get my house in order. I have a couple of pensions that I’d like to merge into one and actively manage rather than leaving them in standard company plans. I first spoke to an advisor associated with SJP. Their proposal was…
-
DB Clawback / State pension Deduction / Barclays 1964
Hi, I am hoping someone can give me a simple explanation around my accrued DB benefits. I have initially emailed tower watkins who administer the Barclays 1964 scheme but just got directed to read the Scheme booklet (which they couldnt provide). I think I need to understand a bit more before I call them. I am currently 51…
-
Financial Advisor Fees for Pension withdraw
OK so I hit 55 and want to withdraw my pension. It is £500 over the £30,000 limit So l I need to get a F.A to sign it off.. And that's all i want. I do not ned any advice or explanation.I have considered this for two years and know what I m doing. But I am being quoted £1,200 And the usual spiel..The F.A .will explain it…
-
How Do You Invest in Retirement?
I’m wondering how I will invest my pensions and ISA’s in retirement tax efficiently. Annuity’s don’t seem to offer great interest rates. If the money is put into a global index fund, this could generate a 7-10% annual return on average, but could suffer if a black swan event occurs. What do people here do?
-
Alternative to Morningstar Portfolio
Hi, With imminent demise of Morningstar's portfolio tool, what's the best alternative, to track a predefined list of funds, ETFs etc?
-
ALERT: Prudential Compensation Payments
March this year Prudential informed me they had undervalued my Scottish Amicable 8.7% GAR fund ~£11,000 (Surprise surprise) My NRD was9.25 years ago (March 2016) when the annuity was bought. They stated they would compensate me to cover my loss without stating the rate. I asked for a breakdown and they informed me I will…
-
Couple of State Pension queries.
I'm working towards retiring at 55. I'll have 35 qualifying years when I'm 53. Aside from being contracted out for a couple of years (NHS), does this mean I'll mostly receive the full State Pension at 67 or will those years from 55 to 67 count against me? Also, if I work more years after 53, do those 'good' years override…
-
Inherited State Pension - Triple Lock Increases?
I have been informed by DWP that I am entitled to inherit 50% of my late husband's additional state pension (GRP, SERPS & ASP) when I reach SP age September 2025. Can anyone advise me if the "Triple Lock" rule around state pension increases applies to this entitlement as well as the core State Pension I will receive in my…
-
SIpp contribution amount limit in current tax year
I am a lower rate taxpayer and have a sipp that is crystallised and in drawdown I have some spare cash and would appreciate if someone could advise the amount I can pay in to said sipp ie £2880 or £8000 ? ( excluding tax relief) many thanks
-
State Pension: Where can I see the amount of tax deducted?
I'm about to get my first payment. I'd like to see the amount of tax deducted in the same way as on payslips where they show gross, deductions (incl PAYE) and the net. I know I could simply assume the difference between the known monthly gross amount and what actually lands in my bank account, but isn't it shown anywhere?…
-
Royal Mail Pension
I left Royal Mail in 2005 after 12 years and paid into their pension I am about to turn 55 so thinking about retirement I am also disabled- need double hip replacement, have mobility difficulties due to Ostioarthritus: i am type 2 diabetic; have hypertension and long term depression. Can I apply for early medical…
-
Retirement plan Inflation assumption
Hi, in my retirement calculations, I had thought I was being reasonably pessimistic by factoring in 2.5% inflation year on year seeing's as the BOE target is 2%. However we seem to be consistently sticking above 3%. I was just interested what inflation figure you are factoring in at the moment in your plans?
-
Lump sum
Hi , Thanks for all your help. You have all been very helpful on my previous posts and I wondered if anyone could help me understand this.... LGPS have sent me my details...retirement starts 1/9/25 AVC £5000 3 options given.. 1) add to pension and take retirement grant at min amount 2) normal pension amount and add AVC to…
-
Additional Payment Due Because of the 2020 "Lloyds Judgement"
Hi, would appreciate some input on this one. I transferred out of a DB scheme in 2019 and have just had a letter telling me I'm due an initial payment as a result of the "Lloyds Judgement". The payments is offered "as a one-off small lump sum" with 25% tax free and the rest taxed at 20%. I'm being given 2 months to accept…
-
USS - Investment Builder UFPLS withdrawal - How to check the figures?
Greetings, Following a UFPLS withdrawal request from my investment builder, the USS has sent me a letter with some details and has paid an amount over to my bank account. However, the details aren't quite akin to what's on a typical payslip (such as the one I get from my Retirement Income Builder) and, as such, don't think…
-
Adventurous approach to retirement planning
I'm planning to retire in around 20-23 years, so this is by no means the most urgent call for advice ever. Just putting some ideas down and seeing what you forumites think. If: * I don't mind whether I use drawdown, annuity, or a mix of both; and * I have a few years' income held in an ISA so that the pension would not be…
-
Crystallisation practicalities
I would appreciate some help with the practicalities of moving money to drawdown and then to my bank account, particularly around ensuring the drawdown account is funded sufficiently when my draw instruction needs to be executed. The assumptions are simplified to focus on the issue. Assumptions: - retired, 56 - only source…
-
DB pension options - head in a spin
Sorry if this is too long to read. My deferred DB pension can be taken soon at 60 with no reduction and I need to choose my options. I have an AVC pot of about £25k that needs to be taken at the same time, and it can also be used to take a higher tax free lump sum. I also have a stepped pension option where I can get a…
-
NHS Additional Pension
Hi grateful for advice on this I'm 55, been in the NHS pension scheme since 2008 and in theory will be retiring in 11 1/2 years. I would like to go somewhere between 60 and 65 but we will see what life brings obviously. I have 16 years of deferred civil service pension and state pension obviously, but my wife having worked…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
708 discussions
6.2K comments
Most recent: Voluntary NI Contributions – What to Expect After Requesting a Callback by molerat
22 September at 4:22PM
