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Mortality rates in the 7 year gifting period
Those considering gifting assets in order to reduce IHT bills might like to consider the odds of living for 7 years after making the gift. The following table contains the mortality rates (in percent) over the subsequent 7 years for different situations and the age at which the gift is made. For couples the probability…
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NHS Pension Explainer
A useful basic NHS Pension explainer from The Times, putting it here so visitors might find it. https://www.thetimes.com/money-mentor/pensions-retirement/nhs-pension-explained-mccloud
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Gifting out of income
Hi - I am considering gifting to my children some of my surplus funds out of income which as I understand allows you to gift to them and remove sums from the potential threat of inheritance tax. Does this need to be done as an individual or can you do it all as a couple? Assuming you have to do it as an individual I assume…
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Old Employer Pension Question
Hi, forgive what's probably a daft question but i'm lost in the world of pensions,truly! I'm coming up to 58 years old ,been with my employer for 27 years and am paying into a final salary scheme,i'm hoping i can retire at 62 if not earlier. My query concerns an old pension i have with my previous employer,who i worked for…
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Ongoing drawdown pension advice and value for money with Hargreaves Lansdown
I retired at 58, now 63 and have investments with Hargreaves Lansdown through their Portfolio Management Service (PMS). This was initially as a SIPP, but last year changed to income drawdown. Over the last 5 years we've been able to use the money we had invested, £400k, to access our tax free allowance which helped with…
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Sipp And Wills
I'm 65 and wish to leave an equal share of my AJ Bell Sipp to 4 younger Nephews . Should I do this through a Will I intend to get next week or could I simply fill in the Sipp beneficiary's form?
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Civil Service Pension - Added Pension and EPA versus CSAVCS
Hi everyone, I'm after a little clarity/advice/confirmation as to which route to take. I am 48, I have 15 years of Premium Pension and 2 years of Alpha pension (these numbers recently changed due to Remedy). I am currently paying for a 2 year EPA on the alpha pension as well as buying Added Pension. I don't particularly…
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Help for beneficiaries to pay IHT
Thinking hopefully a long way ahead. I am 65 and my husband 75. Our estate will be IHT liable mostly in property but also savings and my SIPP. If my husband goes first he wants to leave our sons up to the threshold limit. If I go first it all goes to him with some left to our sons. Whoever goes last there will be a large…
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Pension in Drawdown - Tax Implications if Spouse dies aged 75+
I've been researching this but still confused. My husband has a DC pension in drawdown (but not taking any income currently). We have withdrawn 6% of the tax free lump sum from it. If my spouse dies aged 75+ is the remainder of the tax free lump sum taxed? If I use the inherited fund to purchase an annuity is it still…
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Pension drawdown - have I missed anything?
Hello, So, I'm 55 next year, and was planning on moving some of my pension funds (which are in SIPPS) into a drawdown pension (probably with HL) and take 25% tax free. I just wanted to check I've not missed any potential pitfalls. I plan to move one of my SIPPS into the drawdown pension, invest it, and take 25% tax free…
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Whats the penalties for going over my Pension Annual Allowance?
I have DB, DC and SIPP pensions. This makes calculating exact figures regards Annual Allowance difficult/time-consuming. Im looking to max-out my AA contributions. I dont think I have much carry-forward left. Im not quite sure of what the consequences are if I go over my AA limit. Am I right in thinking that I wont get a…
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Discretionary Trust Funds
Hi all, following the budget I have been researching Trust Funds, as a way of passing on unused Pension. It appears immensely complex, and with conflicting elements within it. One article I read stated it was subject to 6% "periodic tax" - what does that mean? It said 6% was more attractive than paying Inheiritance Tax. In…
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Advice on IHT Please post budget
Hi my DH and I jointly own our home of residence along with jointly owning a second property. My husband also has a pension pot currently valued at £370k with five years of employment left to go before retiring. Our question is based on the above and the spouse exception rules would I have to pay any inheritance tax on any…
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CETV value and annual pension
hi, I was quoted £425000 CETV value about 3 years ago if I wanted to transfer out my whole final salary pension, it’s now dropped almost £200000 in that time. My forecasts if I didn’t take it out for 25% lump sum and annual pension income haven’t really changed. I don’t totally understand why the annual pension hasn’t…
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‘Transitional tax-free amount certificate
Hi all, I'm currently applying to start withdrawing one of my private pensions, the one I am trying to access is a total of £41k. I am taking a 25% tax free lump sum and the rest monthly, I am 65 in March and want it to start then. I have another private pension which will be about 100K which I will be applying for after…
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DC pension nomination to children - is this best between now andd 2027?
Hello, I believe it is best in our case, and until 2027, to nominate our children as my pension beneficiaries - am I right? - Im 52, OH is 10 years older - OH has enough funds to support children & himself without my DC - children are still young teens - my DC pot is -500k If iI go to another world before 2027 (hopefully…
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CETV - DB Transfer
Yes yet another thread on this topic ! My scenario is that due to the rerating of markets I requested the latest CETV for a modest DB pension I have. It wouldn't even cover my monthly CT bill in today's values. Quite unbelievably, it has come through as £30,036.50 ! Obviously, it is right on the bubble, and £36.51 is…
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Budget, Pensions, IHT and Surviving Spouse
I know there's a long thread discussing things like this but I have a simple question. I was always under the impression that when I die, all my assets, including DC pensions as yet unstarted (where she is the named beneficiary), a deferred annuity as yet unstarted (where she will get 50% after my death), and foreign…
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Pension charges Vs performance
Hi everyone! Can you help, I'm terrible with numbers.... How do I know whether I'm paying too much for my pension charges/fees, or whether my advisor has positioned my investment optimally (I realise this is subjective, but surely there are some indications a layperson can use)? For some reason I've got 2 SIPPS with AEGON…
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Explanation in 'Which' of salary sacrifice for pensions
No wonder people get confused. The comparison below assumes that the personal allowance has already been used, and looks at what income tax you'd pay with and without salary sacrifice: Without salary sacrifice * Your total salary remains unchanged at £25,000. * The basic rate of income tax is 20% - so that leaves you with…
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