-
Nest triggered MPAA on a pot less than £10,000
Earlier in the year my wife took her whole NEST pension of £4,000. It should have been under the small pot rules. After numerous letters we have now found out that they triggered the MPAA without informing her. They should have written to her within 31 days. It was not a flexible draw down so should not be classed…
-
State pension amount
Hi, I'm 70 next month, married for 40 years, and started receiving my state pension in June 2021. I actually retired at the end of March 2017, after 42 years in local government. Looking at my NI record on HMRC website, it says full year contributions for every year since 1975 ( and 4 years prior to that ) I'm was just…
-
Maxed out TFC what to do with small uncrystallised pot
I have maxed out my TFC from my SIPP (moving funds into drawdown) and have a small uncrystallised pot left over. I am wondering whether to move that into drawdown or leave as is? Is there any difference? It seems to me there is not on basis of current rules, but I suppose gov could decide to fiddle with the laws in a way…
-
LGPS – Two Jobs, Semi-Retirement at 60
Hello, I currently work two jobs and I’m in the LGPS for both. I’m in my mid-40s but only started paying into the fund around 10 years ago, I don’t have any other pensions outside of the LGPS. At the moment I’m working around 58 hours a week, but I’m starting to think about semi-retiring when I turn 60 — the plan would be…
-
Home responsibilities protection. What else can I do?
Hi all. I need some advice please. I applied for backdated home responsibilities protection in 2022 as there is a large gap in my NI history from 1978 to 1995. I had children in those years and stayed home to care for them, children were born in Oct 78, July 80 and June 82. I claimed and received the CB in my name. HMRC…
-
Taking annual UFPLS lump sums
I've just spent too much fun tapping away into an online pension withdrawal tax calculator. It's telling me that if I were in the position right now where I *could* take a tax-free lump sun on a yearly basis without triggering the income tax threshold, I could take £16,760.00 each year without having to pay any tax as long…
-
Paying DB pension payments into a SIPP
Having had some sage advice from the good people on here before, I'm after some more (thank you). I'm still working (for TfL) which has a DB scheme and paying £540PM (the max) into AVCs (TfL doesn't offer this via salary sacrifice). I'm 40% tax rate, 59-and-a-bit years' old, and expecting to retire at 62, so effectively…
-
Interactive Investor - calculation of 25% tax free cash when holding Index Linked Gilts
In common with many platforms, Index Linked gilts are shown in my Interactive Investor portfolio value at the clean price. Obviously, the market price is much higher. When I come to take out 25% of my portfolio as tax free cash, do the Index-Linked gilts get uplifted to the current market price in determining the value of…
-
Crystallising my pension - tax implication
I have a money purchase pension scheme from years ago with a company I worked for - value is low £10,000s. I was always told to keep it for a rainy day and if not used could be left to dependents. In these taxing times that's no longer an option. I understand the 25% tax free bit and that the rest might be left in a…
-
Tax relief for buying NHS Additional Pension and paying lump sum
After spending weeks calling NHS pensions and tax office for weeks, any advice at this site is my last hope. I will retire from NHS 1995 pension scheme next week after working 15 years. I bought additional pension and paid about £42,000 lump sum for £2000 a year additional pension. I am hoping to get about £9,500 a year…
-
Taxation of one off drawdown pension withdrawal
Hi. I would be grateful for any advice about potential tax implications regarding one off drawdown pension withdrawals. By way of background I have already taken my tax-free lump sum and have subsequently been making monthly withdrawals from my drawdown pension for just under 12 months now. I have been under the tax…
-
"Cashing in" a defined benefit pension
Good evening all, I currently have a defined benefit pension from a job I had with my local water company from over 20 years ago. My pension pot is estimated to be worth around £50K, according to the scheme administrator - I haven't obtained an official transfer value yet though. I've been offered an annual pension of…
-
Local Gov Pension Query
I am 60 years old and I have been enrolled in local government pension schemes on 3 separate occasions: Sept 2007 to Feb 2011 Feb 2017 to Sept 2024 Feb 2025 to current The first enrolment and the last scheme are with the same pension provider. I am told I can’t do anything with this now except leave it as deferred. i am…
-
Is my safety net big enough?
Hi everyone, just want to run my figures past the experts here to see if I’m missing anything. I (61M) and my wife (59F) are currently partially retired civil servants looking to pull the plug entirely either, at the latest, in 2 years time, or preferably next year, the determining factor being having enough savings to…
-
Transfer DC pension to another provider to access 25% tax free
A family member wants to access his pension to take his 25% tax free sum. His current provider does not allow this, so he would have to move to another provider. 1) The pension pot is moderate/small in size. (He has previously approached IFAs, but they did not seem interested) 2) He knows nothing about investments, and…
-
Scottish Widows Pension Value not always updating
Anyone else with Scottish Widows find their pension balance doesn't always update daily? Today for example mine is showing a balance from 12th Aug but I've had it where it doesn't update for 3-4 days on occasion. Same thing across SW iOS App, Halifax iOS App or logging in via website.
-
Question on paying into a SIPP from a limited company
Hello all, I am a new IT contractor, with my own limited company (just for me), paying myself a small salary plus dividends, filling in a personal tax return - all in the usual manner. I want to set up a SIPP and I read that I can contribute into a SIPP from the company, so getting the tax relief directly - no Corp Tax on…
-
Overwhelmed by pension options any advice please?
Hi, I would appreciate any advice. My private pension is stuck for the past year with a FO
dispute (in my favour), as the provider has not released information on exit terms.
Crossing fingers, I can transfer it to a flexi-draw down fund in November when
the markets are usually higher. The pension is worth about £58,000. My…
-
Partial retirement and the Civil Service Compensation Scheme
I took partial retirement from my civil service job when I turned 60 last year. Slightly before I took PR I was moved to the Alpha Scheme. My new pension age is 67 under Alpha. My role is now being restructured and Voluntary Exit is being offered. I am finding it difficult to understand how my PR will affect what I might…
-
Taking HL draw down
I have started the process, but it didn't complete.Moving from an Hargreaves Lansdown SIPP to drawdown. I assume that you can hold shares in a drawdown account, just like a SIPP. Can shares be moved from a SIPP directly into a drawdown account, without selling the shares?Is a drawdown account very similar to a SIPP, where…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
721 discussions
6.3K comments
Most recent: Delays for P55 tax refund from HMRC by leosayer
Today at 11:44AM
