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Pensions, annuities & retirement planning

For help with everything to do with pensions and retirement.

LGPS AVC Lump Sum Overshoot
Quick question. My good news is that it seems I am set to significantly overshoot my maximum tax free AVC lump sum that I can take when I retire and take my LGPS pension later this year. Am I right in thinking that I will simply pay income tax on this excess amount? My plan is take as much as possible now, while making…
Defined benefit cash balance - do I need IFA?
I have a final salary pension from an old employer. In addition there’s a ‘Cash Balance’ element, I’m assured that although this is a DB there are no safeguarded elements to it like the Final Salary element has. The cash balance element is only growing at a maximum of 2.5% pa and so I’d like to move it to a scheme linked…
Moving a DB pension
Hi I have an old very small db pension that I haven’t paid into for years. It’s under 30k . After reading a few posts on here am I right in thinking I need to transfer it to a stakeholder pension and then into a personal pension ? If that’s right is it easy to do ? Which companies do this ? My aim is to cash it all in as…
LGPS pension
Does anyone have any experience of or know whether you can take a LGPS pension and still carry on working please? thanks
New State Pension
My birth date is November 1951. At 66 I started receiving the basic state pension. I do qualify for the new State Pension but have probably at least 10 years contracted out when on a company scheme. I paid into National Insurance for over 40 years. Am I entitled to any increases? Can I still ask to buy back years? At 73,…
National Insurance gaps and payments
On March 5th I paid for some of my National Insurance Gaps. I did this through the HMRC website. I received a receipt by email, with a reference number. It is now nearly two weeks later and my NI records have not been updated. The receipt says this should happen 3 to 5 days after payment. Should I be worried or is there…
Personal Pension Providers
Hi, I'm looking for the above which gives me two things: 1. The ability to take 25% lump sum ( but leave the 75% invested ) 2. A Platform that allows me to manage the funds that I'm invested in. I was wondering if anyone knows of any of the "big ones" that do this. Thanks
National Insurance gap
Hi Folks I've been through the gov uk national insurance checker. I have a one week gap in 2017-18 between claiming benefits during medical treatment and returning to work. The checker says; National Insurance credits: 51 weeks These may have been added to your record if you were ill/disabled, unemployed, caring for…
Additional Rate Tax Relief Calculation
Hi all, First post on the MSE Forum :) . Can someone help me understand the calculation for Additional Rate Tax Relief? I calculated it as 25% of Total Employee Contribution in my 23-24 Self Assessment however I've been told by a friend that this should in fact have been 25% of Total Gross Contribution (Employee + Employer…
LGPS to LGPS Final Salary
Hi, I'm wondering if someone could give me a little advice? Situation, My salary was/is £48000 and I'm moving to a new location to be with my Fiancee, However the new salary will be a pay cut to £38000. I am 50 and have always been in the LGPS (GMPF) and have final salary benefits. The new role is in a different LGPS…
TDG Pension.
Hi all i am trying to sort my pension out but have hit a brick wall. I was employed by the above company as a HGV Driver from 2000 to 2004 on a final salary pension. I understand that the company was sold some time ago to a French company and has been sold again to a company called XPO i have used the Gov site to trace a…
Should I take drawdown or Annuity
I am 65 in July and am going on a three day week until my state pension kicks in in Nov 2026. I have a combined pension pot at the moment of £169000. I have lost £6000 in the last two weeks with the state of the current market. I know everyone is losing at the moment. I saw my financial advisor last week to organise…
Pension - Moving to Australia
I am really hoping for some help and guidance please. I am 47 years old and moving to Adelaide in 6 months. I lived in Adelaide for 5 years moved back to the UK 5 years ago. I was born in the UK. I intend on moving back for good. I am concerned what I need to do regarding my state pension I am missing NI contributions for…
Increasing salary sacrifice to max but above NMW
I am looking to increase my SS into my pension to the maximum but understand I need to keep my salary above the NMW. I have calculated NMW from April 25 £12,21 x 37.5 x52 at £23809. First is that corrrect? Next I also contribute £100 pcm into the works save as you earn share scheme. It’s a three year contract to the buy…
Between 'Buy In' and 'Buy Out' stage....
does a deferred member of a Defined Benefits pension scheme usually have rights to a statement/ongoing statements during this stage? Before a 2023 Buy In was secured, the scheme Trustee/Administrators provided Tri-ennial statements, with the next one due in 2024. Buy in has not yet reached full Buy out status (taking a bit…
Demand for Class 2 NI contribution from 1988
I've been self-employed for a long time and have always completed my self assessment on time. I've paid any taxes due on time too and even had several refunds. This week I received a demand for Class 2 NI Contributions from April 1988. It's only for 6 quid, but I'm confused. During several conversations over the years with…
Changing working hours and State Pension
Ok, so my pension forecast says I am entitled to full state pension when I finally get there in 2037. I know I can't make the pension any better. My question is this: I am thinking of reducing my working hours (I'm 55 this year and have a lump sum I can draw on), but this will likely mean me not paying any NI contributions…
Government pensions advice needed
Hello, can anyone help..... I work for the local authority and am soon to be TUPE'd over to a private health care company on 1st April. I have been paying into the LGPS for 8 years and now have the option to remain in it or to switch to the NHS pension. I understand that they are both good options but I am unsure whether…
Retirement for someone with no dependents
Hi - as per the title, I am in a situation where I have no dependents and therefore do not need to have any money or property when I eventually pass away. I'm 49, above average salary, own my own home, a private pension, work pension and some savings. I have come to the realisation that potentially it is no longer…
Drawdown options
My husband and I have spent weeks talking and emailing with Aviva pensions but get told something different every time, hence would be grateful for any further thoughts here. My husband took a drawdown Fund 3 which is supposed to be invested in a diverse portfolio, but on checking last week, it's invested in bonds at 99%…

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MSE News

Lloyds, Halifax and Bank of Scotland to cut overdraft rates for millions but hike them for others – here's what's happening and full help
If you're a Lloyds, Halifax or Bank of Scotland current account holder, the interest rate you're charged for using your overdraft could change soon as part of a fees shake-up. The Lloyds Banking Group, which owns all three brands, says millions of its customers will pay less after the changes – but a "few" will pay more.
Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
Around 2.7 million more low-income households, including 900,000 families with children, will become eligible for the £150 Warm Home Discount this winter, as the Government has confirmed it will remove the existing 'hard to heat' eligibility criteria. The extension has only been confirmed for winter 2025/26, with further changes possible for future years.
Martin Lewis: At last a chance to fix Council Tax flaws impacting millions – debt collection, difficulty challenging your band, discounts and more
Major flaws in the Council Tax system in England could finally be fixed in future, as the Government has launched a wide-ranging consultation to review hideous debt collection practices, the difficulty of challenging your band, the overly complex and horribly-named Severe Mental Impairment discount and more. MoneySavingExpert.com founder Martin Lewis, who has long campaigned on these issues, shares his response and analysis.
Energy complaints to be dealt with more quickly and Energy Ombudsman to get new powers under Government plans
If you have a complaint about your energy firm, it may be resolved more quickly in future, as the Government has announced a raft of proposals to strengthen consumer protections in the energy market. The planned changes include giving the Energy Ombudsman new powers to force firms to comply with its decisions – but it's still very early days. Here's what we know so far.
Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
Around 2.7 million more households, including 900,000 families with children, will become eligible for the £150 Warm Home Discount this winter, as the Government has confirmed it will remove the existing 'hard to heat' eligibility criteria. The extension has only been confirmed for winter 2025/26, with further changes possible for future years.
Base rate held at 4.25% – here's what it means and when it might be cut next
The Bank of England has held the base rate at 4.25%. Below we explain why, when it might be cut, plus what it means for your mortgage and savings.
Applied for South West Trains 'boundary fares' compensation? Act now to claim it
If you applied for compensation from South West Trains before the deadline in January 2025, you now need to provide your bank details to the claim administrator so it can be paid to you. Here's what you need to know.
Winter Fuel Payments to be reinstated for millions – Martin Lewis explains how it'll work, what it means and if it's an improvement
All State Pensioners in England and Wales will receive a Winter Fuel Payment this winter, though those who earn over £35,000 will see it clawed back through the tax system. It means nine million pensioners will get the £200 or £300 top-up. Here MoneySavingExpert.com founder Martin Lewis shares his instant response and analysis, and we include answers to your key questions.
Winter Fuel Payments to be reinstated for millions – Martin Lewis explains how it'll work, what it means and if it's an improvement
All State Pensioners in England and Wales will receive a Winter Fuel Payments this winter, though those who earn over £35,000 will see it clawed back through the tax system. It means nine million pensioners will get the £200 or £300 top-up. Here MoneySavingExpert.com founder Martin Lewis shares his instant response and analysis, and we include answers to your key questions.

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