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Pension contribution amount based on pay rise.
I currently earn £2,200 before tax, I contribute 15% of my salary and my employer contributes 7.5%. Currently this equates to £495 per month going into my pension. If I get a 5% pay rise, will this directly increase my pension by 5%? So £495 per month becomes £519.75? Or does it not work out this way?
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Lump Sum Quandary
Hi, some thoughts please? I'm approaching 60 and have an old Local Government deferred pension. I'm with another LA currently and will have 21 years in that pension by the time I retire at 67. My query is, do I take a Max lump Sum now, from my deferred pension, or keep a maximum annual payout? If I take a 25% lump Sum now…
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Timing Issue on taking Deferred LGPS
I reach the magic age of 60 in late February next year when I can and will start to draw my LG deferred pension hopefully for many years to come I have used the on line calculator so know what I am entitled too My question is - is there any advantage in waiting for the new financial year before taking it as not sure if…
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Maximising Tax Free Cash in Drawdown
Looking at the techzone website, they give the following example of how to drawdown income from a pension in a tax efficient way: Ann is 60 and has just retired. She has a SIPP valued at £450,000 but has no other income. She could take drawdown income of £12,570 completely tax free as it is within her personal allowance.…
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What do i get
Hi i am still employed and earn in the higher tax bracket, i have been deferring for 3 years in September, i plan to work another 3-4 years, so will have deferred for 6-7 years, how will i get the money back i have deferred, is there a lump sum available or is it tagged onto my state pension and spread over an amount of…
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SIPP Draw Down Rules & HMRC Self Assessment
Hi, I'm after a little help please. I'm looking to draw down from my SIPP this month. The funds I am drawing down will be used to pay off my mortgage. I want to take 25% which will be tax free. I also want to drawdown an additional amount. If I understand HMRC rules correctly, my SIPP provider is required to stop income…
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Annuity Quotes on MoneyHelper question
Hi, I'm new here and am hopeful that I'm posting this in the correct place. On the MoneyHelper website I have received annuity estimates for starting a pension at different ages. If, for example, I ask for an escalating quote for a 58 year old I am quoted more than if I was 57 but the annuity starting at 57 will have…
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Buyin pension years
Martin hasnt metioned the buying pension years in a few months, last time it was in the email letter it said to buy years now; as its a couple of months into 2025 folk have to buy years back surely with interest rates a bit higher for savers presently it may be shrewd to get the higher interest rates from the banks savings…
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Inheritance Tax on pensions - budget announcement and consultation
Thought I'd create a thread to discuss this particular announcement. During today's Budget, Chancellor Rachel Reeves said: "First, the previous government froze inheritance tax thresholds until 2028. I will extend that freeze for a further two years until 2030 that means the first £325,000 of any estate can be inherited…
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How doesn't Mum receive full State pension?
Mum started work at age 16 and worked until her retirement at age 65. She is now 87 and has never received full State pension. She did elect to pay the "small stamp" in 1976 as my Dad was self employed. She finished paying the "small stamp" age 60 but carried on working until age 65. Shouldn't she be entitled to receive a…
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Pension pot improvement guidance
Hello MoneySaving, I'm a newbie and excited to have joined the forum! If it's permitted I'd like to ask for guidance to improve my husbands pension pot. Recently I've been trying to get our finances, Will's etc in order and finally got to Pensions. My husband's total pot is awful and he didn't increase any company…
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Pension saving BBC article
At first , I found the figures mentioned here hard to believe, especially as there is now auto enrollment. Then realise it's not half of working people not saving into a pension at all, but half of working age people. So, that doesn't mean much, unless I know how many working age people are actually working.…
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Help with HMRC Pension Tax Relief Form
Hello, I’m a higher rate tax payer and my monthly contributions to my workplace pension scheme are made via salary sacrifice. In February I made a one-off additional contribution (part of my bonus) to my workplace pension. I believe I can claim tax relief on this. I do not complete a self assessment and hence using the…
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Transfering a DB pension into Alpha?
I'm starting a civil service position next month and looking for advise on transfering in my DB pension. I see DC transfers have had a lot of coverage here, but not so much on DB. I have nearly 9 years in a DB pension, as of 1/4/25 it's worth 3K per year and an 8.5k lump sum, increases by CPI up to 5%, i'm 47 (Yeah, i…
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Defined Benefit Pension transfer out
Newbie here so please be kind :) I have an old defined benefit pension which i want to transfer out of due to the company experiencing financial difficulties and not paying into the scheme for the last 6 months. I have had a letter from the pension company stating that its looking very likely that things wont improve due…
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Pre 97 additional State Pension
Hi Having just sorted out my mums self assessment bill, I thought I'd look into her state pension entitlement and I'm not sure it's correct! This is the breakdown of how her state pension is made up: Basic State Pension £176.45 Pre 97 additional State Pension £173.55 Less contracted out deduction £38.91 Total Payable…
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General pension advice for a pension virgin(ish)
Hello all, I'm looking for advice on pensions. Consider me a pensions virgin in that I've never really dipped my toe in the water but I'm ready now. I was employed with the civil service for 6 months but recent defra cuts meant my role wasn't extended. I accrued 6 months pension (ca£4.5k) and am approaching the limit to…
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Government Launches Early Review of State Pension Age
Not political. Facts: https://news.sky.com/story/government-to-conduct-early-review-into-state-pension-age-13399571
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Pension Benchmarks
Hi there fellow MSE forumers, I am looking to see how my pensions are performing against industry averages/benchmarks but I'm really struggling to find Benchmarking information. Can anyone tell me where I can find such factual accurate information? (if it helps - I'm risk profile 6/10). Thanks in advance.
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Do I need an IFA for pension advice?
I've got a BT (mostly DB) pension that's due to (unless I stop it) start paying out 20K PA this December (when I'm 60). I'm also still working full time for TfL that has a very good DB scheme. I expect to stay another two years at which time the TfL pension will pay out approx 12K PA. I've got 7K of AVS with BT scheme and…
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717 discussions
6.3K comments
Most recent: Class 2 / Class 3 payment sanity check by Suhusa
29 October at 3:08PM
