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Working part time & taking pension early
I'm 58 & currently in a superanuated pension scheme which I've been in for 34 years. I'm thinking about going down to 3 days work & taking my pension early when I'm 60, but then I'll be paying into a new pension based on the 3 days. Can I continue working 3 days indefinitely until I decide to retire altogether or is there…
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SWR and age starting drawdown?
Dumb question, but does the SWR rate vary by the number of years you expect to be drawing down? So a 3.5% "SWR" may be suitable for someone in their early sixties, but too conservative for someone fifteen years older, and too agressive for someone in their fifties.
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Moving from Royal London to another platform - how to avoid being out of the market for too long
B-in-law wants to move RL SIPP to passive tracker. He is looking at Vanguard Global, HSBC FTSE All World index or SPDR MSCI ACWI IMI ETF. If he moves directly to Vanguard platform I think the transfer is in cash so potentially out of the market for 30 working days according to website. Does anyone have experience of moving…
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Help filling out Form P55
Can anyone who is familiar with the P55 form help with this very simple query. I have recently drawn an UFPLS payment using the classic figures. Total of £16,760, therefore 4,190 tax free (25%) and £12,570 taxable. £3,987.45 has been deducted in tax and since I will have no other income this year I need to fill out a P55…
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Working post retirement
Hello all, I am 64 and have retired with a pension of around £35k and a DC Fund of £450k (only taken the tax free element). I have been offered a part time WFH IT role hours and work to suit and have decided to go for this for the next nine months or so to help with a planned house move. i am under a umbrella arrangement…
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DB 15k at 60 or 20k 65?
My first question on this forum. I’m 57 and have the title options to consider. I realise I’m not providing much info but as your answers/questions arise I will answer as best I can. I’ve been a lurker for quite some time and have been impressed with the quality of forum debate. Thanks in advance.
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Tax refund
Quick one, I’ll be paid up to the 27th may and then I’ll be on ISA and SIPP until my lovley DB in three years. I’m a higher rate payer but will be in the 20% band this year. Will HMRC sort things out and pay back the excess income tax I’ve paid at some point this year or will I need to wait until next year and force it…
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Early retirement - a smorgasbord of pensions
I'm in a position of, courtesy of a "near miss" health scare a couple of years ago, contemplating early retirement, 10 years before SP age. Despite having pretty lousy employer pensions for much of my (well paid) working life with a fair smattering of different companies, I reckon I can still jump early. Being told thirty…
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Deferred company pension schemes at 60
I have 4 pension 3 deferred company pensions and my current local government pension which as I am still working is still being paid into. I have 2 company pension which say that as I am 60 I can start to take them. Oxford University Press Options 1) take you benefits as a yearly pension £3,174 2) take tax free lump sum of…
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Deferring a State Pension
Hi Just trying to work out if it is worth deferring my state pension by a few weeks. I have seen conflicting advice on this. Some say that if I defer by 5 weeks I would get a 1% boost on my monthly pension, but other say 9 weeks. Can anybody tell me which is the correct one? I appreciate I would then have to work out if…
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Extra payment into private pension
Hi, I have a annual salary of 44k and futher investments of 12 k,obviously placing me into a higher tax bracket,any ideas of basically how much extra I would need to contribute in a year to my pension to lower myself into the basic tax bracket,and do I need to claim any additional payments back through HMRC,thanks kindly .
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ii SIPP in drawdown
I was after anyones experience of initiating drawdown from an Interactive Investor SIPP. I was thinking / hoping you could keep funds invested whilst in a crystallised pot, e.g. you might crystallise a few years worth of funds, then turn them into cash when closer to actually transferring to your bank monthly . I was…
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SWR vs percentage of total pot?
Thanks for all the info on a UK "SWR" which for my planning purposes I am going with 3.5% as I have a small DB pension and will have full SP in 6 years time. Someone suggested a flat percentage withdrawal each year of the total SIPP at a given time, so for example 5% of whatever the balance is on April 6th each year. Does…
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Opening pension
Hi there, new to forum so apologies if breaking any rules. I've graduated from university within the last year, and I'm looking to open a pension but I'm unsure what my best option is. For context, I have been doing temporary contract and freelance media work up until this point. I have some money saved, but no pension. I…
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Pension drawdown while still working
Hi! Looking for some advice re drawing down a small pension pot while still in employment. Currently earning £23k a year and looking at drawing down a pension pot of £40k in order to pay off debt and revamp home. I understand that the first 25% will be tax free and I will be liable for income tax on the remaining 75%. My…
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Full pension/lump sum & reduction
Hi, turning 60 this year. Final salary pension from a previous employment is payable:- Full pension = £11,151 pa Reduced pension = £8557 pa with a lump sum of £57,052 Looking at it simply (not including growth/inflation/tax) difference is £2593 p.a £57,052 divided by £2593 = 22 Therefore, I would be 82 before taking the…
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Are there any calculator websites to help calculate taking DB Pension early?
Namely the government ciivil service ones....
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Retirement advice please
Hi I’m 56 and thinking of early about retirement. I've got local gov pension worth £20,000 a year (which I can take whenever), £10,000 a year from property rental and about £200,000 in a mix of cash & S&S ISAs. No mortgages on my own house or rental and don’t need a lot to live on - couple of holidays a year etc. My plan…
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SIPP Drawdown and tax
I’m 71 and ready to start drawing income from my SIPP. To do this, I need to take a few steps. First, I must transfer funds into my drawdown pot. At this stage, I have the option to take 25% of the transferred amount as a tax-free lump sum. However, I prefer to remain fully invested and do not wish to take this lump sum.…
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Royal London
I have a small pension with Royall London that was originally taken out with Abbey National. I have already taken the 25% out of it, but as there is no online access to it I'd like to move it elsewhere. I've ready different comments with regards to RL and how where the pension came from/resides makes a difference in the…
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Most recent: Voluntary NI Contributions – What to Expect After Requesting a Callback by molerat
13 August at 7:57PM
