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Backdated pension contributions
Hi, hoping someone can answer my question. Following the winning of an age discrimination lawsuit I now owe £5000 in the contribution difference between what I should have paid and what I actually paid over a 7 year period! Obviously I’m entitled to tax deduction from the years I would have paid it so I need to pay £4000.…
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Existing Flexi ISA to new Flexi ISA
If I want to transfer some funds from my existing Flexi ISA and open a new Flexi ISA. I should ask the new Flexi ISA to do a 'transfer out request' to my existing Flexi ISA (to keep the ISA wrapper). I only do a withdraw / bank transfer when I am taking the money out to use or pay into a non ISA bank account ?
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State pension commencement letter figure right but wrong.
I received my letter today from Dept for Communities (NI) informing me of what i will be paid from november for my state pension. It is based on my NI payments to date. I have paid my NI (self employed) for 24/25 with my self assessment in June 25 but my NI record hasn't been updated yet! Will I need to contact the…
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25% Lump sum - MPAA
I'm 52 and have 3 separate pensions. I was thinking of taking a lump sum at 55 somewhere below th 25% tax free amount and continuing paying into my pension until i retire at 65 - Im i correct in thinking that if i do this I can only put up to £10k into my pension per year because of MPAA? My pensions are with Pru, Aegon…
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Civil Service Pension Scheme - More Delays
Just tried to log in and check out what the schedule is for ABS this year 0 nothing showing yet but also this message: Due to ongoing industrial action, you may experience significant wait times when calling our phonelines. We're prioritising customers undergoing financial hardship, bereavement or a pending payment. For…
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Adjusted Net Income with Relief at Source Contributions
How do I calculate my adjusted net income please? I asked my company to make a £375 contribution per month to my pension. My payslip shows £300, which figure do I use for calculating my ANI? My total annual gross income takes me into the 40% tax bracket and, at this level of contribution, the whole contribution amount sits…
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Teacher's Pensions Transitional Protection Payment
Hello, I was just wondering if there was anyone here who has retired from teaching and have received their transitional protection payment. I returned my form nearly 6 months ago and have contacted TP asking if they were still on track to make the payments within the 6 month window they had allowed themselves. I have sent…
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Royal Mail Pensions
My hubby has pensions with Royal Mail. The first being the RMSPS that ended in 2008 then the Royal Mail Section C plan since then to recently followed by a collective plan tat started last year. WE have been told he can take a lump sum from the RMSPS but not from the Section C plan - They have made these pensions super…
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Is opening a SIPP the answer?
I'm currently 57 and in full time employment with the NHS. I have one LGPS DB in payment and plan to take the NHS DP in 10 years or hopefully much sooner if circumstances are good. As things stand, I am going to be in the higher rate tax band in Scotland from this year onwards, so tax on over £43,663 will be paid at 42%.…
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Timing and order of DB access and DC withdrawal
I’m looking for opinions on some real life numbers. Whilst
being a (self-confessed!) person of moderate intelligence, the options are
numerous. I know there won’t be a perfect answer and I do fully understand the
mechanics of DB and DC pensions. It'll be post that most look at the numbers and skip by...but some people love…
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Annuities or take the cash ?
My first ever post, your thoughts would be appreciated as I have no financial acumen and am going round in circles. I am 60 and my freestanding AVC has matured and I have £36,500. I want to take the 25% tax free ( £9000). Do I get a drawdown product, a fixed annuity or a lifetime one at £ 1300 pa ( escalating, joint life…
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Paying deferred State Pension into private DC pension - tax status?
I deferred taking my state pension when I was eligible 7 years ago (in 2018) and I'm considering claiming it now. I'm still working occasionally and drawing a (USS) defined benefit pension and pay tax at basic rate. I also have a small (c. £20K) defined contribution pension (with Aegon) from a previous employer. According…
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Bond element of pension portfolio
I posted here last year as I was trying to work out some sort of strategy for my SIPP in retirement. One of my questions was about the extent to which I needed to follow the common guidelines like a 60/40 equity/bond split, given that we will also have a reasonable DB component coming in. In the responses, there seemed to…
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Drastic reduction in CSP pension Gross amount
In May my Gross figure was £1940 per month, in June it was reduced to £1559, my future gross payment for July will be £595. I had assumed that it was connected to the start of my state pension, however that would only affect the net figure. I have contacted CSP, I wanted to know if anyone could shed some light on this and…
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Finding an annuity
Afternoon, all This question is prompted by another, recent thread. I have an initial meeting with an IFA later this week to start the ball rolling to purchase an annuity. I’ve done my due diligence, and the firm / individual appears to be suitable for the job. My question is, assuming we get as far as a product…
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Annuity choice
I've been made redundant at age 58, and given the current state of the job market, I've decided to take the giant leap into retirement! I recently obtained quotes for an annuity from a respected and well known broker. I was quoted around £50k a year for a flat rate annuity, £35.5k a year for an RPI annuity and £36.5k a…
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Drawdown question
Is the only difference between a SIPP, before and after some or all of it gets put into a drawdown account, that when you withdraw some, it's all taxed? I have a SIPP with HL, which has not been touched. To keep the question simple, if, currently it was at £100k. With 75k invested in two different funds, and 25k cash. If I…
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Address for the DWP Complaints Department
Can anyone please help providing an address to send a letter of complaint to the DWP Complaints Department? I have sent three letters to the Future Pensions address but I have had no response, nothing. I then sent a letter of complaint about this lack of response to the DWP Caxton House address. No response from there…
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Relevant earnings for pension tax relief - pension income?
I have been contributing to a stakeholder pension as a non-tax payer, so max £2880 per annum. I am now in receipt of an annual pension of £18k, can I increase my stakeholder contributions accordingly? Thanks!
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State Pension entitlement versus actual payments for tax
I’d be glad of some help to understand State Pension payments - the significance of ‘entitlement’ compared to actual payments to my bank account in a tax year; and which amount should be included in a tax return. I have read the notes at HMRC which say I am taxed on the entitled amount rather than, in my case a lower,…
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717 discussions
6.3K comments
Most recent: Class 2 / Class 3 payment sanity check by Suhusa
29 October at 3:08PM
