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DB Pension revaluation for deferred members, early retirement calculation
Having just became a deferred member of my Final Salary Scheme (one of the few still open private ones), I am checking my expected pension if I chose to retire early. I have a copy of the early retirement factors for both Active and Deferred members, Active is just a straight 4% per year, however deferred is more…
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GMPE Past Transfers - GMP equalisation claim form
Dated January 9 2024, I received a letter referring to my transferred out benefits on 21 May 2007. 'Mercer' identified an underpayment in relation to the transfer value being undervalued as it did not take account of GMP equalisation. I duly completed the claim form on January 12 2024. The amount is relatively small.…
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Paying into current LGPS AVCs after taking pension from previous LGPS employer - am I recycling?
Hi all, Following an investigation by the Ombudsman, I may be receiving a TFLS of approx £30k along with my regular LGPS pension (backdated to 2021) from a previous job. I didn't think I'd be receiving this and I've been paying into my current employer's LGPS scheme since 2022. At the beginning of this year, I began paying…
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Civil service premium pension
I'm doing some forward planning looking into my pension prediction. I've recently checked my ABS for my civil service pensions and the premium calculation seems to be incorrect. Can anyone help me with the following questions? The premium pension value is based on: (1) Pensionable earnings in last 12 months(2) Best…
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Civil Service Deferred Classic pension
Hi, I’m after a sounding board here if I may. Some of you, I know, are very knowledgeable on these matters. Are there any advantages/disadvantages to buying out (or just claiming and not buying out) my deferred Civil Service pension 2 years early, whilst still working for another 6 months in a non Civil Service job? I’m…
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Is this pension performing poorly or not?
Hi, all I have a pension with Scottish Widows ( shows up in my Halifax app ) which is frustrating me. It's crystalised as I took the 25% tax free withdrawal a couple of years ago. I don't contribute anything to it. For years now it's just seems to hover at the same level (around £110k). It just doesn't grow, but maybe I'm…
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drwa down
HI Hope all are well can any one hlp as not sure what it means as had halixf poly taken over by scotish widiwds moved other policy in th scotish widows one now get this
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My Annuity Purchase
I have just
purchased an annuity. I thought I would post the story in case it helps anyone
considering one for themselves. I am 60 and
retired. I have a good sized diversified portfolio, sufficient to provide for
my needs and reasonable wants for the rest of my life. So I took a look at some
of the things that could…
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civil service DB increased lump sum
Hi all. New to this site, but not to MSE. Is there a simple answer to the question of whether or not to take an enhanced lump sum (80% increase) in exchange for a 20% drop in my monthly pension in my DB pension. I wasn't aware I could get an increased lump sum, so I'm in a quandary. I am approaching 60, when I can take my…
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MyCSP - deferred member or not?
Looks like another myCSP saga in the making. Just after a bit of advice. My wife applied for her pension back in December last year through payroll as she was due to retire in June 25. Having heard nothing by the start of May we chased myCSP and they could find no trace of the application. So we got on to payroll and had…
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Any viable options or suggestions please?
Update: Just a “thank you” to everyone who responded, certainly responses and pointing to related threads provided different ( & broader) perspective 🙏 Given the unearthed DB also has an embedded widows benefit I’m coming to conclusion I’ll not get IFA support for moving to a SIPP, therefore receiving SIPP scheme also…
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Teaching assistant pension
I worked as a TA for local authority from 2000 to 2012. Should I have been offered a work based pension?
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Deferred pension poor performance
Hi all, I worked for Npower for around 10yrs, in that time I joined their defined benefit pension scheme. It wasn't great as they (Npower), paid 0 in. I left in 2019 & the pension then was £3985 pa lump sum £0 today when I have logged back in there is a retirement illustrator which calculates if I take my pension at 65…
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Minimum pension age from April 2028
I’ve just received an annual statement from my DB pension provider. It says that the minimum pension age will rise from 55 to 57 from 6th April 2028. It also says “this will affect anyone born after 5th April 1971 as they will be 57 in 2028.” Surely it only affects people born after 5th April 1973? Have I misunderstood, or…
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Drawdown strategy - tax, savings interest and student finance
So I have come up with a plan based on the following constraints: Personal allowance: 12570 - assumed to be fully utilised by state pension post SPA Savings allowance: 1000 and 5000 (reducing 1 for 1 with taxable income over personal allowance) Unearned income max pension contribution: 3600 - reduces income for student…
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Reaching Tax Free Lump Sum Limit in SIPP - Worth taking this part now?
So I'm wonder what's the best thing to do (mostly tax wise) if someone was fortunate to have a SIPP where the tax free element had reached the c. £268,000 lump sum allowance limit. Would it be better to keep it in the pension - where any growth linked to this amount that was subsequently withdrawn would be subject to…
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My retirement numbers; any advice?
So, here's me, 59, going to be 60 in a few months, hoping to retire somewhere between 61 and 62.I want about 30k in retirement, and this what I currently have:* DC pensions worth approximately 500K (430k in works pension, 70k in SIPP) * 100k in cash (about half and half NSI/ISAs) Between employer and salary sacrifice,…
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Small pots to maximise use of 0% tax band
Hi I've been pretty successful in getting most of my redundancy (taxable bit) into my pension via salary sacrifice whilst meeting NLW requirements. As a result I have only earned £9,760 taxable this year and my employer has contributed £45,623 to my pension. Since I have the time to do the admin I think I can contribute to…
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Keep AVC or take the money and run?
I have a smallish Teacher AVC of a predicted £16500 ( which I am very grateful for), It is due to mature( not sure if this is the correct word) in 6 months. I'm thinking of taking all the money but have noticed its predicted value seems to have gone up a lot in the last year, a fair bit more than if I put it in a savings…
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HMRC National Insurance Record - Year not Full
I've been looking after my wife's Self Assessment since she became self employed. I've always done them as soon as they arrive and paid them pretty promptly, I've never waited until end of January. Looking at her NI record, 2022-2023 says Year is not full We are checking this year to see if it counts towards your pension.…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
721 discussions
6.3K comments
Most recent: Delays for P55 tax refund from HMRC by leosayer
21 November at 11:44AM
