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SIPP, Sal Sac and AI confusion
This post may be a bit long, but I hope it is interesting. I am trying to work out how much I can add to my SIPP this
tax year. My situation is a little
messy, but I thought I understood the rules. Partly to check and partly as an experiment, I asked ChaptGPT for its
views. I then put the same data into
Co-Pilot. These two…
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Drawdown period calculations
How do you work out how long your pot will last for? The Which calculator sounds very optimistic to me - e.g. a million would last for 23 years if you take out £62k the first year and increase it by 2% a year with a moderate portfolio and middling growth.…
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Can I take another lump sum from my pension?
Last year I took a tax free lump sum from my pension of £35k, it's a flexible drawdown pension with around £380k current value, as I understand it I won't pay any tax on the lump sum taken last year going forward and will only pay tax on any future withdrawals from that crystallised pension. My question is can I take…
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Should Student Take Refund of Under 2 Years Pension Contributions or set up SIPP?
Son is 24 and currently a student again after approx 2 years in the workplace following graduation. It is a one year masters after which he would hope to be employed in a role with a civil service pension. He has two periods of employment and two small pension pots. The first is about 18 months, the second 6 months or so.…
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Additional contributions to SIPP check.
Hi all. I am just looking for clarification of my plan to make sure I don't contribute too much to my SIPP. My YTD earnings are as below. Year to date. Total gross pay £18154.51 Gross for tax £18154.51 Tax paid £2065.80 Earnings for NI £18154.51 National insurance £813.44 Pension (Inc ADV) £0.00 Employer NI £2248.01…
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Potentially moving from LGPS to CS pension - need some advice, please.
I'm currently in a job in HE, on £44,000 pa with an LGPS pension - with a 60 mile round commute. This is linked to 10 years of final salary LGPS pension from a previous public sector role, so with the current annual spine increments and negotiated cost of living awards, that benefits my old final salary pot. I've been…
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Pension or no pension!?
Good evening, I was reading through the MSE site regarding pensions and I'm now somewhat confused. I came across a FAQ saying "If you’re over 55 and have taken income from your pension, you can only contribute up to a maximum of £10,000 a year, or 100% of what you earn, whichever is lower. This is to stop you taking large…
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Drawdown - finer points.
Morning All I have SIPPs in both HL and Bell and in the near future I am contemplating drawdown. Initially this will be with a view to take the lump sum only, but will morph into drawing an income from the crystallized portion. A couple of Qs if I may Is this fairly simple to set up and manage the drawdown aspect of a SIPP…
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Aviva 98 Series Personal and Group Personal Pension
Hi everyone, I’m trying to help a close friend understand his options when it comes to drawing some tax free cash from his existing 98 Series PP. I’m not giving advice - just attempting to wade through the plethora of info which Aviva have sent him following a recent phone call. He’s invested in about 6 funds (I think…
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Is my pension in drawdown?
Looking for some advice please, in process of pension transfer from SL to ii. I have been told there will be delays because my ceding pension is in drawdown. I was not aware of this, but suspect I may have been ignorant on the subject. I have taken a lump sum, only a part of my 25% tax free allowance, about 5 years ago. Is…
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Claiming a deferred state pension - 7 months on from initial claim
Evening, My father deferred his state pension (pre 2016 rules) but decided to claim the deferred amount this year. He started the process in April but has had little success. He's been on hold at different points for hours with promises of call backs, action etc but here we are in November and he's still waiting. Obviously…
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Do I need to declare and overall money review
So I am currently in a position where I am/was around £5,000+ in credit card debt, with a £10,000+ loan for a car and have been offered to have the years worth of pension contributions paid back to me after I left. My main goal is to reduce the amount of debt I have in total, to reduce/remove the amount of interest I am…
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Registered for self-employment - or did I?
I called the Future Pension Centre to ask about filling gaps in my National Insurance record (I am 5 years away from my state pension). They said the amounts to fill up my years seemed too much for someone who is self-employed. So I called HMRC, and they said I am NOT registered for self-employment on their system. I…
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Civil service- Premium Alpha pension advice for my Dad!
Hi all, Long story short I'm helping my dad manage his pension as he's not clued up on pensions and is close to the retirement age. I've done lots of reading on his pension (Civil service- alpha & premium) but still have a number of questions. Looking for your expert advice as know there's lot of knowledgeable folk here.…
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Pension Contributions: Lump Sum vs Monthly
Hi everyone, Looking for some guidance on pension contributions. My situation: * Salary: ~£70k * No salary sacrifice scheme at work * Last year I contributed £20k, making monthly contributions from my salary. * I have got in Savings £10k. * Aviva applied 20% relief and I claimed the extra 20% as a higher-rate taxpayer web…
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'WASPI' women latest: Government to review decision to refuse compensation
Women who argue they were not fairly notified about a rise in the State Pension age may still have a chance of being paid compensation, as the Government has announced a review of its earlier decision to refuse financial redress. But pensions secretary Pat McFadden has stressed that this DOESN'T mean payouts are definitely…
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NEST Sharia - changes to fund.
Just received this email. Any thoughts on what this might mean? —————— The Nest Sharia Fund is for anyone who wants their pension savings invested in line with Islamic principles. It’s open to all Nest members, regardless of faith. You switched to this fund in xxx xxxx. Until now, the Nest Sharia Fund has only invested in…
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NHS Early Retirement and MARS
Hi I’m looking for some advice please and have been building up the courage to post this, as my head is currently all over the place at the moment and I’m not sure if I’m asking daft questions. I have spoken to Moneyhelper and tried to find an independent Financial advisor via Unbiased, but only received one email from an…
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UK Lasting Power of Attorney Whilst Resident in Spain
We moved to Spain last year but retained our UK Santander Current Account for our pensions to be paid into. It is a joint account, but my husband is gradually going deaf and Santander have told me that I nor my daughter who lives here in Spain with us, will not be able to deal with his account in the event that he goes…
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No change to tax free cash on 26 November
https://www.telegraph.co.uk/money/pensions/news/treasury-rules-out-pensions-lump-sum-raid/?WT.mc_id=e_DM732843&WT.tsrc=email&etype=Edi_Mny_New&utmsource=email&utm_medium=Edi_Mny_New20251112&utm_campaign=DM732843
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
737 discussions
6.4K comments
Most recent: Gaps in National insurance contributions by molerat
12 March at 10:53PM
