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BTPS pension offset & NI contributions beyond 35yrs.
Hi, i appreciate there are various posts around this topic but i’ve not found anything to specifically answer my query. I am a BTPS section C member and I noticed in a recent retirement quote a not so insignificant “pension offset” decrease when i reach state pension age. ive read all the BTPS blurb & fact sheets, several…
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Pension emergency tax refund - 30 or 90 days?
I recently paid an extortionate amount of emergency tax on my pension drawdown, with the expectation of being able to receive a refund within 30 days of submitting the form. That is what was said in the confirmation email from HMRC, and it is what is stated on this website and many others. However, when I go into Govt…
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State Pension and self-assessment tax return
My husband is completing his first tax return since claiming state pension part way through 2023.The form states to enter his entitlement and the DWP figure already on the form is £7,865. He actually received £7,204.28 up to 15th March and, as it is paid in arrears, his entitlement would require another 21 days to 5th…
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Small DB Pension queries - Total annual pension at retirement age
Hi everyone. I have been reading through some of the threads on pensions and DB pensions as I am trying to make sure I am preparing the best I can for retirement. I am 38 years old and have a small DB pension that I had paid into for around 4 years (2012-2016). Over this period I had paid in around £6.8k before moving to…
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ReAssure pot(s) - "Wealth Plan" and "Wealth Plan (COPPS component)"
Hi all - Firstly I intend to give "ReAssure" a bell on this but just wanted to gather some feedback so as not too sound too daft or fobbed off when ringing them... Background - I started a pension with ReAssure (I THINK it was General Portfolio originally and then something else before ReAssure) around 35 years ago. I only…
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Worth starting to make AVCs at 57?
This discussion was created from comments split from: Is it worth paying AVCs into my pension at my age?!.
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Any Disadvantages of Moving Some Pension into Drawdown to Access 25% TFLS?
I currently have a £220k DC pension pot. I am over 55 and wish to access £25k tax free. This is the last of my TFLS, as I have previously taken a very large lump sum (~£240k+) from a DB pension. I want to take the remaining £25k lump sum as it may be targeted in the budget, and with the maximum TFLS no longer indexed, it…
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Timing of drawing 'closed' DB scheme
This could be a really stupid question but all around timing, not necessarily need. I have a closed DB scheme and active DC scheme with the same employer. I'm 55. I have modelled the various years to start taking it from now until 60. I intend to be out by 58. It surprised me the amount of time it took before you became…
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Paying NI Gaps
I have been paying off NI gaos for my wife over last few years. It normally goes online but this year seems late? For tax year 2023/2024 online it still shows as payment amount not available yet.
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UK State Pension - Potentially moving abroad / 8 qualifying years
Hi All, Looking for some guidance on my current situation, partner (South African) and I have been contemplating moving to South Africa after working in the UK for the last 7.5 years. In Summary, we would like to ensure that we have achieved the 10 full years of NI contributions in order to have some UK state pension when…
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ii transfer from Aegon
Have done some research around transferring from Aegon to ii Although they both use origo interative investor can’t do in-specie transfer and it has to be cash only I’m just a little worried that Aegon sell my current funds at a time suitable to them and it’s sitting in cash funds for weeks especially with US election…
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Bundling our pensions and giving the lot to Schroders Personal Wealth - yes or no?
My husband has reached 55 and I’m a couple of years behind. We both have a couple of pensions from previous jobs totalling around £550k. Our bank (Lloyds), MAGICALLY sensing that 55 was looming, offered us a free chat/consultant meeting with one of their experts at Schroders Personal Wealth. Having at least heard of…
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Trading Allowance
I pay tax on my pension income as it is greater than the personal allowance. If my sole trader husband pays me for admin and it is less than £1000 per annum. Do I need to complete self assessment or would this be allowed under the trading allowance rules.
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Two LGPS AVCs with different employers
My wife is currently in the process of getting estimates from her employer in preparation for flexible retirement from LGPS early next year. She has two AVCs, one that is a ‘with profits’ through a previous LA employer that she seems to have opted to leave with them (there was a tick box to this effect from 10 years ago).…
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Teacher's Pensions and widow's pension
My Dad had a pension from TP when he retired in 2001. When he died in late 2015, my Mum became entitled to a long-term widow's (dependent's / spouse's - not sure of the precise term) pension in a reduced amount. In May 2022, TP wrote to Mum asking her to complete and return a document to confirm she continued to be…
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Royal London Pension Portfolio with Income Release / Flexi-Access Draw Down.
Hi, My partner has just moved 2 of his pensions into a Royal London Pension Portfolio with Income Release/Flexi-Access Draw Down pension. He is planning to take his 25% tax free allowance next month. If he chooses to take another cash lump sum in 2025 (for example) would he pay tax on this amount? I'm assuming after the…
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Moved on to BR tax code and paying more tax?
I have been retired for 3 and a half years, during which time I have made yearly UFPLS withdrawals from my pension. I recently asked for a £20K withdrawal and received a letter from my pension provider breaking down the payment as follows: The payment of GBP14,871.80 has been issued in line with your instructions.Your…
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DB & state pension tax question
Hello all, Having had my DB pension in payment for the past 10 years I reach the ripe old age of 66 next February 2025. My question is; do I need to inform HMRC when my SP is due to kick in? I currently already pay tax on my DB as its more than the PA and am aware that I'll pay more tax on my DB as my SP uses up almost all…
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HL 2880 to 3600
Hi i paid 2880 into sipp which has been increased to 3600 and i am now trying to withdraw it I have been unable to set up a Nominated Bank account on line I rang them and they said i had to decide how i want lump sum before they send me application to withdraw. crystalizes something I am so outta my depth , i have small…
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Access to Defined Benefits Pension
Hi Folks, I have an old pension with my local council called a defined benefits and I recently asked for a CETV which is 28k. I don't work so I have no income whatsoever, my husband works. Can someone tell me how I can access this money please ? Can I just ask for this whole amount to be paid into my bank account or do I…
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394 discussions
4.1K comments
Most recent: Class 2 Payments, does the 18 digit code work? by skycatcher
12 January at 2:58PM
