-
Taking pension income from two sources
We are a newly retired couple aged 60 and each have a SIPP with ii. I have no income and have chosen to take £16,760 this tax year from my SIPP - £12,570 plus the TFLS element. I am taking it in one lump and will reclaim the tax via a P55. My wife would do the same - but she has just started drawing a small DB pension of…
-
Taking pensions out and putting into an isa
Hi, with the current state of finances in the would affecting pensions would it be sensible to take out a pension whilst it is still at a good value and start paying it into an isa instead?
-
Starting drawdown and contributing in same year
So, I’ve pushed the button and had retired. I’m still being paid up the the 27th may. I’ll be starting drawdown this tax year so does that trigger the contribution limit? I’ll be adding to my SIPP prior to starting drawdown but it’s in the same tax year. Also, presumably I’ll get some income tax back as I’ll be below the…
-
What happens when I die? LGPS
I’m 58 married man and need to start planning end of life scenarios as I have no will in place etc. I have a 40 yr LGPS and although I Googled I am still unclear on what happens to my pension in these situations: 1. If I am still working and paying into my pension when I die. 2. If I am retired before state pension age and…
-
Is the statutory minimum 5%+3% enough?
Various comment suggesting not nearly so I ran some numbers based on a simple model - employee works for 45 years with an 8% contribution. Wages and state pension increase by 2% pa in real terms, invested pension money increases by 4% in real terms. An annuity/SWR of 4.5% applies at retirement at state pension age. In this…
-
USS - later retirement options
I am seeking counsel from those familiar with the USS scheme I reach my National Pension age Oct 25.Using the modeller, were I to retire at this juncture and take only my DB element I will have a 'full' pension with no ERF of c. £31400 and a TFLS of c. £209000 My IB models to c. £21900 at this date. Am I correct to assume…
-
Michael, 34, forced to move 6 figure pension to S&S ISA and cash due to Trump tariffs
Am I the only one a little confused by the story in the i paper? Possibly even to the point the journalist might have not done their diligence on the story? https://inews.co.uk/inews-lifestyle/money/pensions-and-retirement/six-figure-pension-pot-isas-savings-accounts-tariff-chaos-3640804 It’s not clear why the tax wrapper…
-
Pension Salary Sacrifice and Higher Tax rate
Work in England for tax reasons. Over last couple of years I have been above the higher rate threshold and so salary sacrificed myself to be lower. I did not realise until this week that I should have been talking to HMRC to get the higher rate tax benefits too. One year I was on £53k + 4% pension+ £4k bonus = £59,120…
-
Australian living in UK
Hi - I am Australian but live in UK. I'm after a Financial Adviser to help bring my super over to the UK. I have lived in the UK for over 20 years and reach the rules to withdraw my super next year. I don't want to pay a Financial Adviser to get their head around the rules, but want someone who knows them already. Anybody…
-
Why so much tax on a very small pension?
I tried to ring the helpline for this question but after ten minutes of listening to recorded messages telling me I could go through everything online or hold on for an advisor, they asked me a lot of security questions and then said they couldn't take my call, good bye. I have a small works pension coming in which is only…
-
Investment adjustment - increasing global equity exposure
Morning I am reviewing how my SIPP is invested and have decided to put more into equities. Currently I am 100% in cash (almost entirely in Vanguard SS £ money market fund). With the recent drop in equity markets I do perhaps have an opportunity to re-focus up-to 50% of my SIPP value into an off the shelf quality, global…
-
Taking 25 percent lump sum
Hi first time posting for a while.. Im 54 years old and ex employee of miner workers pension scheme.. Normal retirement age for this scheme is 60. Im full time employed with no intention of retiring till 65 years old unless something drastic changes. I want to access 25 percent of my pot which is £37,575.42 and then my…
-
Retirement plan and options
Hi there. New to this forum so apologies if I don’t get the format right. I’m looking for some advice. My wife and I are both 56 and looking to retire in 2 years when the kids finish university . We have a couple of DB schemes which I calculate will pay out £60K a year after reductions and tax. We have £200K in cash ISAs…
-
Is interest on delayed income pension taxable?
Hi I have an unusual situation with regards to my NHS pension. It seems the part of my pension in the NHS 2015 pension scheme was revalued and was due to be adjusted by April 2019. That didn't happen and having retired in October 2019 I received an adjustment in the form of an extraordinary payment this January 2025 which…
-
Royal London transfers out - be aware of timescales!
Hi all, My OH has a former workplace pension with Royal London. She wants to consolidate her pensions into one SIPP and start drawdown at the end of April, so in the middle of Feb she opened one with Interactive Investor and submitted a transfer form to ii to move her RL pension into it. She heard nothing so far from RL,…
-
What to do when I retire next year
Hi Advice please, I have a old NHS pension which I had taken out 25% 5 years ago and receive a monthly pension of £145. I have a works pension and I add AVC of £100 per month too. I retire at 66yrs. I do not have a large pension, I have no mortgage and no debts however, I would like to move when I retire. I am not sure…
-
signing up to workplace pension
I haven't got a clue about pensions,I'm starting a part time job 25 hours a week,it's a minimum wage job.The literature online describing the pension says you can pay in directly from my pay or use something called SMART Saving through SMART(also known as salary sacrifice) for those who pay…
-
Income, Expenditure and Gifting from Excess Income
I am trying to get my head round income, capital and gifting from excess income. The figures are for discussion purposes and are not real or well thought through. Suppose I have a pension income of £40k (from DB schemes and the state) My yearly expenses on food/energy/holidays/housing are £30k leaving an excess of income…
-
AVC and SIPP: can't quite get my head around
Hello I am a higher rate tax payer. I make Additional Voluntary Contributions (AVC) through my employer. These are taken through a third party provider. This is taken before my 40% tax. I also have a Self Investigated Personal Pension (SIPP) which I pay into each month. My provider claims 20% from the government. I claim…
-
DB quote query
I'm wondering if anyone can shed any light on my DB quote, as it has me puzzled. I've raised the query with the company but they are very slow in responses so thought I'd ask here. I have in the last 3 years or so received the following quotes Pension start date 27/3/22 £5465 p.a made up of £1773 pre 97 (increase at…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
699 discussions
6.1K comments
Most recent: Conflicting State Pension Forecasts by molerat
10 August at 4:04PM
