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The inevitable pre-budget speculation on pensions
In the
run-up to last year’s budget there was forum chat about whether the expected
rise in CGT would happen overnight. The majority thought it would probably kick in the following tax year. Anyone who sold assets just before the budget on
the basis they could B&B them back if the rise was delayed, is free to have
a little…
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NHS Pension - finding out what it will pay - nightmare
My wife will be 60 in February next year. She worked for NHS part time from 2001 to April 2025 with a one-year break. During much of this time she made AVCs (extra years). I've been trying to establish what she is entitled to from next Feb and what the best option from a McCloud point of view is. We submitted a request at…
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TFLS withdrawal before Autumn budget
I've decided to withdraw all of mine, and do a bit of recycling, well below the allowable limit, to take full advantage of the £268K allowance in case it's reduced, which I fear it will be. Doesn't take too long to use the money sensibly, pay off mortgage, ISAs, a bit of pension recycling, investment in growth shares (sell…
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Carry forward pension contributions
Hi all. I just wanted to check my understanding on how carry forward works. We are in a fortunate position this year that my wife will be able to contribute more than the annual allowance to her pension this tax year. Her earnings will be enough to cover what she wants to put in via salary sacrifice and will need to use…
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Do you want to pay Class 2 NICs voluntarily? Self assessment question
Filling out my self assessment form for the first time ever due to ebay sales and amd being asked "Do you want to pay Class 2 NICs voluntarily?" and its says it will be £91. What would this do for me? I am 60 and retired, taking 2 works pensions and am 1 year short of the max pension at £226 out of £230 max
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Pension payout by mistake?
Not sure if this is a scam or true. I assisted a person who had lost her husband with a pension pay-out that she was unaware of and she successfully received it last year. She got a lump sum and receives a monthly income for life. They had contacted her about it as she wasn't aware of it until then, this was march 2024 and…
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Home Responsibility Protection
My wife is 76 so receiving the lower state pension. Reading Martins advice regarding HRP we went online to see her National Insurance record to find that years 1975 to 1990 show as “year is not full.” Our son was born in March 1975 but our records regarding Child Benefit have been mislaid probably during house moves. We…
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Where / How to find out Tax Year State Pension payments?
I am trying to find the total (gross) state pension payments I received for year 2024_25 and what tax was deducted. This seems difficult to locate. I can see a summary for my company pension but not the state one. Where or how do I get this info online or do I have to contact the DWP / HMRC or whoever? Thanks.
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Surprise deferred pension input amount
Hi All I've been paying additional voluntary contributions into a company DC scheme close to the annual allowance for the last 6 years. All was good until recently when I was informed by a deferred DB pension scheme, that due to an increase in my benefits they had applied a pension input amount of over £95K for financial…
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Has anyone had any experiences with ReAssure?
How do!. First time posting in the forum (I think) so apologies if I put this post in the wrong section. My question is this, has anyone had anything do with ReAssure? I ask because quite frankly they've been the worst company I have had to deal with and it's got to the point where I'm at my wits end. It started back in…
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NHS Pension - Reducing Days
I am hoping that someone can give me a sanity check. My wife has been working full time in the NHS since 2007, and recently got her TRS Statement which I understand based on the two scenarios. She is going to retire fully in 3 years at 60. From now on she is reducing her days to 3 days working. Am I correct that her 1995…
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Separating and splitting assets, remortgaging, pensions
Hello All New to all of this and hoping for some general pointers. My partner and I are separating (filed for DIY divorce 3 weeks ago). We are amicable and want to sort things out as simply as possible. We own our house worth 300k. We have no children and have both worked in similarly paid jobs. However their pension is a…
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Civil service- EPA and annual allowance
Hello Can anyone confirm whether my understanding of EPA is correct? I'm in Alpha and at the moment am buying extra DB pension and paying AVCs. This has taken me over my annual allowance but it's ok this year as I have some allowance to carry forward. However, from next tax year I won't have any allowance to carry forward.…
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Early-retirement wannabe
I would like to create a topic (don't see it at the moment - other than the NUMBER thread). Who is aiming for early retirement (or who has retired early already)? When did you begin planning and what drove the decision? What is the strategy for getting there? How much of a relative decline in income are you prepared to…
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Annuity 5% increase per year or RPI
I'm thinking an annuity will be the way to go for one of my SIPPS (currently around 360k). I don't intend to take the tax free element (or maybe I should?), so 100% will be used to buy the annuity. if I do buy an annuity my conundrum is do I get a 5% escalation or an RPI? If the BoE target is inflation target is met, or…
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Early retirement from a DB is a bad deal?
I am struggling a bit to understand the consequences of early retirement from a DB pension with NRD 60. Previously I'd gone along with the consensus that you need to live to mid 80s before early retirement starts to lose out. But if you factor in increases in deferment, I am struggling to see how you get past mid 70s.…
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Is this recycling within rules?
63 y.o.male. Currently in receipt of £25k DB pension. Also have £200k flexible drawdown DC pension Still working self-employed earning about £12.5k p.a. In recent years have always contributed at least £10k p.a. to pension pot. Was thinking of contributing a single payment of £8k to DC pension every February and then…
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Missing NI Contributions for Pension Qualifying Years
Following Martin's advice we checked my husband’s qualifying
years and he is short on 3 years that we can pay to make up and registered for
a call back before the deadline (Apr 2025). The call back was due to my
husband having limited capacity for work due to ill health. He was able to
claim contribution-based ESA which…
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LGPS AVCs vs S&S LISA
Aside from the difference in earliest age they can be accessed (55/57 versus 60) and contribution limits per annum, is there a material benefit to contributing a regular monthly amount into one of these versus the other? LISA contributions are made from post tax salary, with 25% uplift, and available at 60 for retirement…
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Monthly money from pension lump sum
Hiya all....I'm thinking of starting a partial encashment of my pension pot.... 15k withdrawal gets me roughly 12.7 k after tax free portion and the 20% tax on remainder...I get this as a lump sum. My question is what's the best way to transfer 1k per month into my bank account on a regular basis until money runs…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
715 discussions
6.2K comments
Most recent: When paying for NI Top-up, do you have to pay the years separately or in one? by jem16
13 October at 12:50PM
