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Workplace pension vs Stocks/Shares ISA
Hi all, I'm a high rate tax payer in England. Obviously (like all of us here) I'd like the most bang for the buck. After having seen Martin's Live show about investing, I looked into Stocks/Shares ISAs. But then I did some research and I think putting any excess money into my workplace pension is still the best investment…
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DWP paid deceased pension into joint acount - advice needed
I'm caring for an elderly, recently widowed relative. DWP have continued paying her husbands pension into their joint account despite being informed of the death. They're now asking for over £600 back which would wipe out a large chunk of her account as she doesn't have much. This lady is struggling with confusion and…
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TFLS from workplace still paying in
Hi all. Still employed still salary sacrificing every month into an Aviva workplace pension. Is it possible to take TFLS from this and carry on paying into it monthly as normal? I will not be wanting to drawdown any cash, just the 25%
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Moving pension pots for the best annuity
My wife will retire in 6 months time. She has two private pensions, so needs to make some decisions. She wants to take them both as annuities, as an inheritance has removed the need for any lump sum, and she dislikes the risk of drawing down from a finite pot. I realise that draw-down might well mean more money, but she'd…
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Gilt ladder in SIPP - some not availiable gilts in platform
I am researching setting up a conventional gilt laddder inside my SIPP (as an alternative to taking a joint lifetime annuity). I have been using the excellent tool at https://lategenxer.streamlit.app/Gilt_Ladder. Unfortunately when looking at the individual gilts needed to implement my selected choice of income, some seem…
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Claiming back higher rate
Just hoping for a simple answer. I have both a DB pension and a private pension. Last year I was able to advise HMRC of my contributions via phone. This year they want a statement. I usually pay in gradually then near the end of the tax year I top it up with a lump sum so I don't end up paying any higher rate tax. I don't…
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No Tax Free Sum. Was it ever available?
My husband took his final salary pension in 2001 at age 50 as part of his redundancy with no penalty. He paid into a SIPP until age 63 when he retired. The Sipp was left untouched until now as he turns 75 this year. He has now been told he is not entitled to any tax free cash as the revalued pension exceeds the lifetime…
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Putting bonus in Pension
Hello Forumites, I am on higher tax bracket and for the last few years, I have been putting 100% of any work bonus in Pension pot. My thinking was that 100% of bonus in Pension is better than 60% in hand now. Is there anything I am missing like paying tax when withdrawing or value of money reducing etc. Advise welcome.
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Annuities as part of pension planning
Hi, with 18 months to go before I can start accessing my SIPP I have started to consider using an RPI linked annuity with part of the available money to cover annual spending. I should probably say I would be the more conservative end of the investing spectrum with loss avoidance and minimising volatility as a priority.…
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lsa
hi newby here . i have a small pension pot to withdraw £5,900.. i withdrew £4,700 from a small pot october last year is this £4,700 the amount i need to take off my lump sum allowance sorry im a little confused and is the lsa still £26500,00 many thanks for any help
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Retired with Side Hustle
I'm 66 and retired (with full state pension and small occuational pension) and am not fit for work generally as I'm awaiting a major operation (long wait!) but we had a major roofing problem so we're in debt so I have a few side hustles which have exceeded the £1000 limit for earning bits and bobs. My question is, I…
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Phoenix Life Stopped Paying Monthly Pension
Hi, my partner's father is 86 years old and currently lives in the Dordogne in France. He receives a monthly pension of £800 from Phoenix Life on the 27th of each month. The last payment they made to him was 27th January and they have failed to pay on the 27th February and 27th March. He barely has enough money to pay his…
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Unclaimed Pensions
My mother in law recently passed away. My wife is now the sole family survivor and is acting as administrator for her mothers estate. (there was no will) It seems that her mother was not claiming the private pensions from her late husband who died 10 years ago aged 61. Her husband had three private pension schemes none of…
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Paying income tax when taking money out of drawdown pension
I am retired and living off small pensions and savings, and a non tax payer, due to my income being below my tax code. Not eligible for state pension until 2030. I have taken my 25% tax free sums out of my pensions in previous years. I decided to take some money out of my drawdown pension, whilst keeping my total income…
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Missing years.. Dodgy employer
Hi. I recently saw a post relating to checking your state pension and any gaps. Thought I'd check mine out. To my suprise I have a handful of missing or incomplete years (even though I've worked since leaving school at 16). I won't probably need these years filled, I'm early 40s and only need another 10 years for full…
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Asset rich, cash poor…
I’ve never been particularly money minded or materialistic, but always debt free. But I’ve hit a crunch. My partner and I have had the privilege of inheriting his parental home. We would love to refurbish it, it needs a new boiler, windows, kitchen and bathroom. Nothing fancy needed, but nothing done to it since the 70s…
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Anyone heard of myfptools for retirement forecasting - is it legit?
I'd like to use a free or low cost online tool for retirement forecasting. Is this one legit? Good? https://myfptools.co.uk/savings-model Or does anyone have any alternatives they'd recommend? Thanks!
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Opting out of serps
Help needed. Back in 1990 i opted out of SERPS when i was 18 i appreciate this scheme has since ended back in 2012 and I've automatically been enrolled. I'm now 53 and i was looking into my pension situation i can see my opted out pension with the company who took the funds and that is expected to be about £4500 per year…
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Invitation Code for new State Pension Claim
Hi, anyone else having trouble trying to obtain an Invitation Code to initiate a claim for State Pension? As advised to do so by the Pension Service, and being within 3 months of her due date, my partner went online, only to see a repeated message that the service was not working: 'Sorry, there is a problem with the…
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Taking tax free lump sum from SIPP
My husband has a SIPP, currently valued at approximately £215K. He has never needed to draw any money from the SIPP, and it's general purpose is to leave the funds invested for him to use if I die first, or for me to inherit if he dies first. However, he is 75 later this year, and our thoughts are turning towards taking…
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Most recent: NI years are now full, existing OAP, when should I expect my monthly payments to reflect this? by Dazed_and_C0nfused
22 May at 1:38PM
