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Help with working out balance remaining of pension lump sum allowance
I didn't crystallise any pensions before 6th April 2006. Between 6th April 2006 and 5th April 2024, I crystallised one DB pension. This was in March 2011. The total value of the benefits taken then was £475,506. The amount of LTA used then was 26.41% (the LTA ceiling then being £1.8 million). The tax-free lump sum taken…
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how to drawdown investment savings
I have about 150000£ spread over investments at H&L, Charles Stanley, and TD in Canada. I'm 71 and don't yet need this money but I would like to know how to access it when I do. Do I have to sell some portion of these investments every month/quarter to obtain the cash? Do I have to keep track of the 25% I can take tax…
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Should I take my LGPS early?
Interested in people’s views on this. What are some of the reasons other than Tax to not take your LGPS at age 55 ? Has anyone done a calculation of how the reduced income and lump sum might perform in a SIPP or trading account (or savings account at 4.6%) for 12 yrs vs leaving it with the government for 12 more years ? if…
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Interactive Investor SIPP
I'm looking at transferring a pension from L&G to II as we're unable to pay into the L&G one and there would be a saving on fees. However, I can see they have 40,000 funds but from what I can see there is no ability to look at the fund offering before opening the account? If anyone has a SIPP with II, would you be kind…
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SIPP Deposit Accounts OR SIPP Gilts
I have a pension pot (100k-ish atm) that -I believe- I wish to place inside a SIPP wrapper, although stocks, shares and the like are off the table as I don’t wish to depend on the swings of markets. SIPP Deposit Accounts OR SIPP Gilts is my question, together with what offerings and where are currently out there, and what…
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Partially retired civil servant paying higher tax rate
Firstly, I’m not at all sure if this is possible / allowed, hence the question. I’m a partially retired civil servant with a combined income + pension of ~£80k therefore on a higher tax rate. Not knowing whether tax contributions are ‘relief at source’ but if they are - can I make additional pension contributions to bring…
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Should I take extra out of my pension in early retirement and pay into S&S ISA?
A question raised on another of my threads got me thinking about the implications if my pension started to drift into higher rate tax. Planning to retire at 57 my target income is around £48k after tax. This is made up from £14k DB benefits plus UFPLS of roughly £41k from my DC pots. At this stage I could increase my DC…
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Pensions v ISA
Hi there just want to get people’s opinions on the following:- I’m 62 years old and looking to retire in the next 2-3 years. I currently have a SIPP (300k) as my main pension and two much smaller ones which I’m planning on consolidating in the next few months. I also have two cash ISA’s which have a combined value of ~50k.…
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Small Pensions - cashing in
I have 2 small pension pots; about £20k combined. Since they were 'parked' up, a number of years ago, I have started work as a teacher. By the time I get to retirement age (67 in my case) I will have a reasonable pension; contributing the the TPS scheme. I turn 55 in a few days and am looking to reduce my overheads. I want…
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Quick question, backpaying voluntary NICs
Hey all, hope everyone is good Apologies, I don't mean to clog up the forum but just a quick one as my deadline for paying is Thursday next week. I only have 3 years on my NI record, the three years you get by default at the beginning, and now I have the opportunity to pay back the years up until 2019 (all class 3 which…
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How best to plan to use some of a (currently 100% equity) DC for an annuity in six years time?
Firstly, apologies for the long post - I’m not
great at brevity and have attempted to answer many of the typical questions I see
in similar posts here upfront. Planning to retire in around six years (at 57)
when I can access my DC company pension. I’m fairly confident I will have ‘enough’ saved by then across…
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Pension Drawdown - Annual or Monthly ?
Assume I have a pot of 400K and I have decided a safe withdrawal is 4% Would you take one £16,000.00 per year or 12 x £1,333.33? J
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Insolvency
I’ve had a private pension since 2014 transferring my army pension and another private pension into this in about 2017 the dolphins German property group went into liquidation and I lost a lot of money however at this time I was 55 and have been told I should have been removed from high risk investments I still have my…
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Is the 4% rule still applicable today?
I’ve read a number of articles that Bill Bengen who came up with the 4% rule for drawdown is stating that he believes it is more appropriate to be drawing between 5.25% and 5.5% due to ‘today’s’ economic environment. What are people’s thoughts on this?
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Now self employed, restart previous private pension other start new and transfer in
Hiya. I'm 48, I've got a LGPS pension which I dont want to transfer, ive now become self employed and looking at sorting a private pension. I have previously paid into one in 2007/08, thats got £20K in at present. Im wondering about starting paying into this again or setting up a SIPP or personal pension and looking at…
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Pension Withdrawing at 57
I have 4 pension pots, can I draw 25% tax free from all of them when I reached the eligible age? Thanks for advising
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State Pendion confusion
Martin's discussion today about Aoril 2026 pension increase refers to the maximum full state pension of £230.25 pw. I'm paid 4-weekly and get £961.40. Multiplying this by 13 gives £12,498pa, which is £240.35 pw. My HMRC app confirms my pension as £12,498 - can anyone explain the reason i get more than the maximum?
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Looking to Protect My 25% Tax-Free Lump Sum
Hi everyone, I’m hoping to get some views on a pension strategy I’m considering, especially with rumours swirling about possible changes to the 25% tax-free lump sum in the next Budget. I’ve got a defined contribution pension through my employer, and I’m able to transfer out up to 95% of it without affecting the employer…
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Higher rate relief calculations
I recently informed HMRC via the online chat of my SIPP payments for 2024/2025 and wonder if anyone can check / confirm their calculations are correct? In addition to the screenshots, my gross salary is £65,547 + approx £1200 in O/T, I pay 10% ish towards my work pension. My SIPP contributions for 2024/25 were £3040 net,…
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If I start taking a DB pension does it trigger MPAA????
I have two pensions for my retirement that I have not taken any income from: 1. A deferred DB scheme worth about £25k per annum. 2. A DC scheme I am currently contributing to from my employment worth about £650k. I have already contributed £11k into this DC pot this tax year. I am retiring shortly and wish to start taking…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
727 discussions
6.3K comments
Most recent: Voluntary NI contributions cut off 2025 by Silvertabby
19 December at 7:04PM
