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Pensions, annuities & retirement planning

For help with everything to do with pensions and retirement.

Fund choices
Hi there, Bit of an odd one. Is anybody good at fund choices from my rail pension? I'm 45 and I'm happy for a bit of risk as I have another pension.
First time SIPP user where to start, is it worth it & should I pay for advice
Im new to the idea of a SIPP & z bit unsure where to start. My employment has changed I need to decided between being auto enrolled in to Nest, or opening a SIPP with standard life via my new "employer"(umbrella company) or going to an IFA & paying for advice & getting a SIPP via them (if they can find a salary sacrifice…
What are Foreign Exchange fees?
Hi, Looking to open a SIPP and doing some reading. I come across Foreign Exchange fees. What are these please? If fund X holds shares in the US as part of the fund, do I have to pay the FX fees when I sell/buy some of the fund? Surely that's part of the trade fee? I'm very clearly missing something here.
Deferred State Pension
This discussion was created from comments split from: deferred state pension.
Paying private pension @ 40% tax.
Hi, And thanks for any help. I've read all over that if (for ease) you earn £1000 over the £50k tax band, and put it in a private pension you get ALL the tax back, some added to the pension, some via tax return. But this doesn't add up to all. Eg. I earn £1000 in higher rate 40% Tax £400, Leaves me £600. I put the £600 in…
Rentokil Initial Pension Scheme
Hi, I have a final salary scheme from 2003 with Rentokil Initial and are having trouble tracking it down. It seems that the schemes were all sent to different administrators and none of them seem to recognise my NI no. The Pensions Tracing Service gave me a name of Capital Hargraves but they have no record. A fellow…
Widowed Parents Allowance - NI credits towards State Pension?
I was widowed in 2009 with 2 children aged 15 and 12 at the time. I received Widowed Parents Allowance from 2009-2015 until my youngest child left full time education. I did not work during this period, or claim other benefits. I am trying to find out if receipt of WPA entitled me to NI credits against my State Pension…
Deferred Defined Benefit Pension- should I take this at 55?
I have a defined benefit pension scheme however it is deferred as I left the employment in 2018. I currently earn approx £8500 a year and pay no tax. What I want to do is take a large lump sum and the smaller pension this year when I turn 55., in the hope that I will only pay tax on the lump suma and the yearly pension…
Scottish Widows RAC - Investment Switch?
I have an old Scottish Widows RAC and about 2/3rds of the value is held in unit linked funds. 40% is in the UK Equity Tracker Fund and 60% in the Mixed Pension Fund. In August this year I will reach my selected retirement age and I will be buying an annuity then. I am wondering whether to switch the two funds I have to…
Need a Pension Actuary & Divorce process guidance
Hi, thanks in advance for your guidance and help. I will be divorcing my husband, he has worked for the NHS for 30 years, no private practice. I have very little on my pension pot due to career breaks and raising family to facilitate his career. I have it clear that I will need a pension actuary report for his pension. I…
Platform Error
I am (trying) again to switch my funds (NOT Sipp) on the Aegon platfrom .When I am in the 'Switch' section' I get an error 'Sorry, something has gone wrong. Please try again later.'this had happened before. but this time i can see all my funds listed below, Aegon told me to try another time, so it seems a guessing game of…
Semi-retired, can I avoid higher-rate tax?
I am semi-retired and have two defined benefit pensions that come to ~£47,000 per annum. I work part-time (self-employed) and earn ~£12,000 per annum. Am I able to put any of my additional funds into a pension (SIPP) to shield from higher-rate (40%) tax?
Underpaid pension
I recently contacted HMRC regarding underpaid pension for my late mother and father. They have stated that they don’t have the pension records as they passed in 2016 and 2011. Therefore they cannot assist. Is this correct?
Managed Portfolio Service for investing SIPPs and ISAs
I'm 78, retired, and I feel I'm being overcharged for managing my SIPP and ISAs. I am paying a management fee, a platform fee and an advisor fee. I'm not in drawdown and have no plans to access my pension fund in the foreseeable future. My current advisor gives me no useful advice and the investment return is poor. I don't…
Do i need to pay any more NIC's after taking early retirement?
Hi Guys, Quick question, I am a male and was born after 6 April 1951, im 58 this year. My NI record on the Goverment gateway website shows full NIC's years from 1983 up to 2024. The Goverment gateway website shows me my pension forecast and shows me the payment i would receive at state pension age and states its the most i…
Tax efficient
Have 800k in various pots. what would be the most tax efficent way to get around £2500 a month with no other income am 56 year old
Making additional SIPP contribution before end of tax year, as a self employed low earner
Hi everyone, I’ve been reading some of the threads recently and I’m learning a lot, thank you. I have several small deferred DB pension pots with different companies, which should start kicking in when I turn 60 in about 3 years’ time. I’ll probably return with more questions about those, but in the meantime I want to ask…
Armed Forces Spouses Pre 1975.
Why is the cut off date for Armed Forces Spouses pension credit 1975? My wife accompanied her husband overseas several times prior to 1975, therefore she was unable to make NI contributions and now receives a reduced pension of 60%.
Fees for setting up an annuity? And dealing with annuity providers directly
Doing a bit of annuity research and read that typically insurance companies charge a fee (either flat or a % of the fund) when taking on a new annuity. Perhaps naively I thought this would be fee free and they'd price this into their quoted rate. I'd assume a fee of I were using an advisor but not going direct. I'm not…
Tax rate on DB pension lump sum.
Hi ,I have made the decision to retire from work and to spend some relaxation time doing things for me.I have worked in the Utilities sector for 40 plus years and I have been fortunate to have contributed to a decent Final Salary Pension scheme [DB scheme] for 40 of those years.I am currently a 40% tax payer and my…

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MSE News

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Martin Lewis: At last a chance to fix Council Tax flaws impacting millions – debt collection, difficulty challenging your band, discounts and more
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Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
Around 2.7 million more households, including 900,000 families with children, will become eligible for the £150 Warm Home Discount this winter, as the Government has confirmed it will remove the existing 'hard to heat' eligibility criteria. The extension has only been confirmed for winter 2025/26, with further changes possible for future years.
Base rate held at 4.25% – here's what it means and when it might be cut next
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Applied for South West Trains 'boundary fares' compensation? Act now to claim it
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Winter Fuel Payments to be reinstated for millions – Martin Lewis explains how it'll work, what it means and if it's an improvement
All State Pensioners in England and Wales will receive a Winter Fuel Payment this winter, though those who earn over £35,000 will see it clawed back through the tax system. It means nine million pensioners will get the £200 or £300 top-up. Here MoneySavingExpert.com founder Martin Lewis shares his instant response and analysis, and we include answers to your key questions.

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