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DB Pension Contracted Out - Work pension reduction after receiving state pension
I am after some thoughts here please. I was in a Final salary pension scheme - contracted out for most of the 40 years. Not going to get state pension for another 12 months but trying to work out my finances to plan ahead. I was subject to a pension debit - roughly 25% after divorce - so pension amount received is a…
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Claiming tax relief
Hi all I am 57 and currently in receipt of my LGPS pension. I work for the NHS and have been paying in to my NHS pension for about 5.5 years. I have worked out that from April 2026 my combined income from wages plus pension will take me in to the Higher rate tax band which is 42% in Scotland. To avoid this I am considering…
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Teacher's Pension tax free lump sums
Good evening, I have spent days reading through pension websites, government and
other websites and talking to my pension agencies to try and fully understand
the implications of when to take my pensions. I have sent several secure messages to TPS but
no response over the last 4 weeks. I would be very grateful if someone…
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TAX ON FULL STATE PENSION APRIL 2027
I notice that ML has not mentioned that IF those only getting state pension with no other taxable income then there will a tax bill at the end of the financial year because it cannot be under the PAYE system for some reason
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Employer pension contributions delay
I get paid on 28th of each month. 10% gets deducted for my pension contribution However - this does not get added to my pension until 17th of the following month So it looks like for years someone, either my employer, or the pension provider has been holding on to my pension money for an extra 3 weeks - during which time…
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National Insurance query
I started my last job in December 2010 and retired in June 2024 aged 60. i have a full NI record but on further examination, 2014/15 and 2013/14 whilst full seem to have had NI credits added. I did not take any sick leave or any other unpaid leave during this time. The year 2013/14 has 52 weeks credit! It doesn’t matter of…
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only 47 but being offered a cash lump sum from closing pension.
Hello All, first time on the Forum so please bear with me. I am only 47 and have recently received a letter regarding a pension i was briefly in at a former job. The pension fund is closing and i am being offered the chance to take a cash lump sum of approx £2000 (25% will be tax free) so will be taxed on around £1500. as…
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USS or Civil Service Alpha?
Hi all, Currently looking at a role which offers a USS pension. I am currently a civil servant and pay into the Alpha scheme. In the past, I was under the assumption that USS was a very good pension but, reading into it, it doesn't look all that great compared to the Alpha scheme. I believe USS has a contribution rate of…
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LGPS payment anomaly
I finally reached 60 years at the start of this year (Jan '25) and my deferred LGPS pension commenced payment In January this year. My contribiutions were between 1987 - 1997. All the amounts they have paid made sense (circa £620) but on reviewing my bankstatement there sems to be a one-off peak in April which is circa…
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Pension switching incentives
Lots of coverage on incentives for current account switching, but none that I've seen for pensions. I kind of get it - bank accounts are a well oiled process, don't involve long waits, differing paperwork requirements, and potentially large sums needing to move. But given that the demographic of this board is made up of a…
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Most efficient way to get £20k pa pension from following?
Hi! I've previously toyed with getting an annuity but now my head is going the way of drawdown when I'm 55 (in the next couple of years). I can live comfortably on £20k pa (increasing by c3%), so would appreciate thoughts on the best way to approach it giving the following income streams (appreciate the most efficient and…
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Should I change my gilt investments
Approaching State Retirement Age and have only recently started looking at the individual funds into which my DC pension is invested. I should have been more proactive over the last five years, but was ignorant in thinking that the recommend Lifestyle approach from my pension provider would have looked after my pension.…
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Help with Salary sacrifice and Self asssesment
Hi, so last year I filled in a self assessment and filled in the tax relief section on the SA form to claim the other 20% back through SA, filled this in due to higher child benefit charge. Back in october Hmrc changed my tax code to 1336L and they automatically closed my self assessment and said I don’t need to do one the…
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Pension complications
I’ve got a very complicated situation as I’ve discovered in the last year that I’m quite ill and the prognosis is not good. My pension arrangements had been to retire at 65. I’m 60 now but it’s almost certain I will have to retire now due to ill health. This is means a change to my plans. Obviously can’t get my state…
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Investing with my new SIPP advice
Bit of a clueless post here. I had a pension with Aviva that I have just transferred to a SIPP. There's £38,000 sitting in cash and I need to invest it. I don't know what, where and to a lesser extent, how. Can someone give me some pointers? I'm planning to add more over the next 10 years.
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Tax Free Lump Sum and 2025 Budget
Hi, Imagine the government does remove or reduce the TFLS at the budget, how would this be implemented does anyone know? Could they announce it as effective immediately? Or would that breach any rules or norms about allowing people approaching or of pension age having time to get their finances in order? Thanks, R
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aegon genuine request for id OR potential scam
I have a question regarding Aegon. I can see they are a genuine company, howver out of the blue I got a letter from them saying I had a pension with them even though I took what I thought was my full pension back in 2020. I have been in correspondence with them and they appear genuine if a bit slow to reply and now have a…
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Need Advice - Need Access to Nest Pension Funds at 50
Hey guys, looking for some advice and guidance if possible, here is my thing... I just turned 50, I am currently unemployed after being made redundant from a 20 year stint. I am working on some things but I need more time to put things together, and I am running short on funds. My question, is it possible for me to…
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Tax efficiency with a combination of DB & DC pensions and a SIPP
First post - thanks in advance for views/feedback. Is the following assumption correct?: If my income from all pensions is going to be large enough that I will always pay tax then taking a tax free PCLS from my DB pensions is the only way to get some tax efficiency from that part of my pensions? I’ve just stopped full time…
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State Pension Annual Increase
The increase to next year’s state pension has been decided ( late October) Why do DWP pay me last year’s rate in the first payment of the new tax year when they have 5 months to implement it (doable even if it has to be pro - rated). What’s worse they tell HMRC I have received all payments in the tax year at the new rate…
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720 discussions
6.3K comments
Most recent: National insurance Gaps v pension received at retirement age by molerat
5 November at 4:57PM
