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Company pension vs SJP
Hi All, some years ago I was advised by a work colleague to transfer my company pension to SJP as they would give better returns. I did this and although enjoy the fact my personal SLP advisor visits me yearly to discuss my finances, he wants me again to transfer my (now built up)remaining company pension into SJP. The SJP…
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NEST Sharia - changes to fund.
Just received this email. Any thoughts on what this might mean? —————— The Nest Sharia Fund is for anyone who wants their pension savings invested in line with Islamic principles. It’s open to all Nest members, regardless of faith. You switched to this fund in xxx xxxx. Until now, the Nest Sharia Fund has only invested in…
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Crikey, look at the time...
A year or two back, I was 25 and it was all ahead of me, now, I've just realised, heading towards 60 that I should consider my position with regards to pensions and retirement. I've worked hard all my life - I've saved hard but have never had professional advice. My concern is that I am not seeing the wood for the trees -…
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Flexible drawdown and tax free element
Can I check something please. In flexible drawdown can I carry on taking 25% tax free for as long as I have allowance remaining, through to my 90s? Is the only thing to stop me some notional loss of benefit if I die over 75 without taking it all? I'm planning to drawdown flexibly until I run out of DC pot. About 50% of the…
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Inheritance Tax Confusion
The new effective rate of tax on my bequeathed pension will be 52% with the loss of housing allowance post April 2027. My concern is with Pension Trustees who will after 2027 be making blind decisions on beneficiaries which could create tax liability. With pensions no longer outside of an Estate why do they have any role…
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Hargreaves Lansdown (Possibly others) UFPLS question
I intend to start taking a UFPLS payment of £16750 once per tax year from my SIPP and leaving the rest invested as is. However looking at the Hargreaves Lansdown UFPLS application it looks like it wants me to crystalise all my investments and re-invest. I would much rather just draw from the cash balance in my SIPP. Also…
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DB pension moved to DC after divorce
I was given a chunk of my husband's defined-benefit pension after divorce and am a member of the same large scheme from my own employment. The scheme never includes this chunk in my annual statements on the grounds that "it isn't really yours", and the money now appears to be in a defined-contribution pot. Can anyone…
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Inherit isas
When one dies from a couple other inherit everything when inherit isas from spouse is it inherit 100k eg in isas they can then put the 100k into isas in their name but must be done in that tax year so cash is in an isa gets inherited going out of an isa then Goes back to an isa wrapper for the inheritor the 100k goes in…
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Overpaid National Insurance Working Only Part of the Tax Year?
Hi All, A friend of mine started his new job in Sept 2023 after several years of unemployment. In 7 months between Sept 2023 and April 5th 2024 he earned less than the personal allowance, paid monthly. On his P60 he can see the employer deducted around £500 national insurance contributions for the 2023-2024 tax year but he…
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extra payments towards private pension to avoid 40% tax
Hello,Due to the nature of my job, I work overtime and my income is over £50,270 annualy, most probably between £5k to £10k. Can I pay extra towards my private pension so I can save paying 40% tax on the amount exceeding the 20% basic rate tax threshold? As far as I'm aware, I'm allowed that but I'm not sure what's the…
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Annuity purchase help
Hi, I am trying to help my dad purchase an annuity but I am hitting brick walls; his pension pot is with Phoenix Life and is only for £20,000. I understand if the pension pot is below £30,000 it is not a legal requirement to see an IFA, however I am struggling to find a pension provider that I can simply apply direct to as…
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Autumn Budget 2024: Pensions subject to Inheritance Tax from April 2027 – but most still won't pay
Pensions will be subject to Inheritance Tax (IHT) from April 2027, the Chancellor has announced, though the vast majority of estates will still not pay IHT despite the changes. Read the full story: Autumn Budget 2024: Pensions subject to Inheritance Tax from April 2027 – but most still won't pay it If you haven't…
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Tax on UK pension drawdown
Hi I've just reached 55 and live and work in Spain. I moved here 4 years ago and regard myself as semi-retired. I don't have any UK property and have Spanish citizenship. I work part-time to pay the bills and keep food on the table etc. My earnings are paid in Euros into my Spanish bank account and I pay all my due taxes…
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Pension Lump Sum
I took a small pension as a lump sum, and that as now been paid into my account, in October. I assume i have been charged tax at 40%. I am retired so i only pay tax at 20%. I do fill out self assessment, as i also have a small rental income. Is there any way i can claim a refund for any over paid tax, or would i have to…
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National Insurance History Incorrect
My husbands NI contribution history is incorrect. He has worked all of his life, mainly self employed and for the past ten years CIS. When checking his NI history on Government Gateway a couple of years ago it showed a number of recent years not full and the cost of filling gaps. I contacted the accountant who said no need…
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40% tax
Hi just wanted to sense check this. OH has pension pot of £37k - he is 72. He has over pensions and this was to purchase a new car when needed - not now. If he takes as lump sum he will pay 40% tax on part of it. (about £10K so an extra £2k tax) Fine with paying tax but 40% part seems unfair. Asked if he could take over 2…
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Inheritance Tax and gifts
My Dad would like to give his 6 grandchildren £5,000 each now so he can see them enjoy the money while he is still alive, when he dies even with this £30,000 his estate won't be liable for inheritance tax as the value of his estate will be less than the allowance of £325,00 + £175,000 which will pass to my mother if she…
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Does this seem like a sensible plan?
I've made a couple of mistakes recently with money, so thought I would run my pension pondering past this forum as I'm thinking of a change to what I have previously been doing. - Age: 40 - Current pension fund value approx £330k in DC pension, £35k in LISA - Outside pension/LISA - emergency fund plus 5k cash. - Current…
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LGPS - Effect of salary sacrifice AVCs on main defined benefit?
I just had a thought I wanted to check. I'm currently inquiring as to whether my employer will offer a salary sacrifice arrangement for AVCs with my LGPS pension. Obviously I have to reduce my base salary by the amount I want my employer to pay into my pension for me. This will means my official salary is lower right? Will…
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Miners Pension Scheme, claim early ?
Looking for some advise.I reach the age of 60 in just over 3 months time, looking on my miners pension forcast if I claim now 3 moths early there isnt a great deal of differance in the amounts, I had a letter off the scheme today stating that theres now a bonus of 32% on top of the guarateed pension, I didnt want to miss…
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