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Drawdown and Tax
My wife is looking to drawdown a lump sun prior to the end of this financial year. She is looking to take out about £17k The calculation is £17k - TFLS = £4250 Balance £12750 is equal to her personal allowance - and as she has not "earned" any money this year that should be tax free as well. We assume that Nest will treat…
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Private pension calculation.
My relative has just retired, he will be 72 in May and pays 20% tax.. He has a small private pension which he has decided to take, showing a current valuation.£15545.00. The figures they have given are £3886.25 (tax free) leaving £11658.75 (75% to be taxed). They then show a figure of £3624.75 as tax to pay. Can anyone…
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Paying £2880 into pension when retired
Jamesd wrote in another thread the following: "She can make £720 a year tax free by paying 2880 net into a pension, having it grossed up to 3600 then withdrawing it. Can only do the withdrawing part from age 55. Can only pay in for this until age 75." I have just retired at 60 and have transferred my DC pension to a new…
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Another DB & DC pension question
Following on from my last post… I have ten years till I turn 60 and can access my Premium Civil Service pension and then need to wait until my state pension and Alpha pension to kick in (currently 67, I think). My working assumption is that I won't take the lump sum option (for my Civil Service pensions) given comments to…
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Contacting Future Pensions Centre from Overseas
Hi All, Not sure if this has been asked before, I did a quick search, but apologies if this is old ground. Has anyone had any success contacting the Future Pensions Centre from overseas? Everytime I call using the +44 (0)191 218 3600 number, I get to the point of selecting English and then the line just goes silent, 10…
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Tax code BR
If the tax code on one of my income streams for next tax year is BR (cumulative), and I want to withdraw my entire annual amount as one amount (about £35K), will this work and will I only pay 20% tax on the withdrawal?
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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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State pension forecast changes
just saw this on the HMRC webpage. might be of interest
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PSA Pension
Hi guys I worked for the Property Services Agency (PSA) 1989-1999. I'm trying to find who now holds our pension. After privatisation I beleive Corillion took over. They are no longer in existance I've tried pension tracer, Civil Service pension, Pension protection fund all with no luck and not recognising my NI number.…
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Please evaluate my investent/early retirement plans
I have just sold my house and have £190k equity, plus savings of £20,000. I'm 60 and can access a couple of small pensions which will give me tax free lump sums of just over £50,000 and a yearly income of £6,000 from now (DB pensions). I'm currently not working but expect to take on some freelance/part time work soon. I…
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For a married couple with no children;
If one spouse dies and provided no use of their tax free allowance has been used, does the allowance then pass to the living partner totalling £65k for disposal on their death according to their will?
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£2880 - Can I pay in twice at 74- different tax years
My wife has just turned 74 - We have just paid in this tax year - and want to pay the final year after April 2026. I assume its tax years that count but we would be paying in twice at 74
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ReAssure (General Portfolio)
Just after a bit of guidance while I'm waiting for a pension wise appointment!! I started a pension with General Portfolio in the late 1980's, about the time of the big "opt out of SERPS" campaign. The rep promised £5000 a year at retirement for £40/mth, with yearly increases to the contributions so that I'm now paying…
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Old style with profits pension - should i move it?
Hello, i have an old style company with profits pension thats not accessible online. I have the chance to move it into a new scheme (at no cost) with similar risk but supposedly better returns & lower charges but don't know if its a good idea. I'm about 5 years from needing to access it. I have a reasonable amount saved in…
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Transferring to a SIPP - fund in one go or several chunks?
I've opened a SIPP and will be transferring in a personal pension. It will have to be a cash rather than an in-specie transfer. It's unclear exactly how long I will be out of the market, but a couple of weeks looks like a fair estimate. I thought doing this as say 4x separate chunks would help smooth out any market dips or…
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Pension Transfer. Time Out of Market.
Imagine you are transferring one SIPP to another. Clearly the whole process could take quite a varied amount of time. Especially at the moment! But what about the actual gap where you are not in the market? The old SIPP provider sells your funds and turns them into cash. This is then transferred to the new provider and…
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Unsure if this is good or not
Im 56 years old with a very small DB pension which I paid into for only 18 months. My Main pension which Im not touching till I am of retirement age is separate. I earn approx £15k a year in interest and no other income due to early retirement (self funded no pensions taken) My Small DB pension has given me the following…
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Pension drawdown
I would be very grateful if someone could help. I am about to begin taking money from my Bestinvest SIPP (first ever drawdown). I wanted to take a UFPLS of £16760 in order to make best use of my tax free allowance so that the full amount would be tax free (I will have no other income this tax year). Bestinvest informs me…
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Financial Advisor Planning to Move to New SIPP Platform?
My wife had her annual SIPP review meeting with her financial advisor. The company are considering moving her SIPP from AJ Bell to Soderberg. They claim that Soderberg has outperformed AJ Bell, but he also disclosed that Soderberg have made a small investment in their company. We have not heard of Soderberg, is moving…
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45,000 open pension / pay off mortgage / or money in cash ISA?
I'm self-employed (since 2012), 56 years old and have £31,000 left on my mortgage (approx £671/month until May 2030). I've been paying £200/month into a savings account since I went freelance and realise I'm probably missing out on tax breaks and better interest by doing so. I've accumulated £45,000 (I started off with…
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734 discussions
6.4K comments
Most recent: Paid gaps in N.I a year ago, still not updated. by Bighitter32
6 February at 11:02PM
