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NHS Pension - 1995 Section - delaying retirement
Normal retirement age for the 1995 Section of NHS Pension Scheme is 60, however, if somebody wanted to continue working beyond 60 and delay taking their pension, would this increase the final value of the pension taken if retiring at, say, 65? Looking at the NHS Pension Agency website there is nothing to indicate what…
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Financial advisor’s error has been costly for us - can we complain?
In 2022 We needed to employ a financial advisor when my husband retired and moved his private pension out - we really don’t know a lot about tax and allowances so felt he would be the right person to keep us informed and on track whilst taking a monthly income from the private pension, last year we also asked him if we…
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Earlier than planned retirement at 54.
Over the last 12 months in particular I've been struggling with my current job of 18 years, which is both stressful and physically demanding. Last week I finally hit burnout and for my own sanity and health, handed in my resignation. I may look for part time work but for now I'm trying to get my head around the finances…
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Should I merge?
HI, After a little help please. I’m currently 54, already retired, and next year will take money from my pensions to bridge the gap to 60 when a final salary kicks in. I have 3 pensions, combined worth just under £50k, and am considering merging them to make it easier to drawdown approx 6k a year. They’re currently with…
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Lump sum into workplace pension.
Hi Forumites. Will shortly be inheriting a sum of circa £50k. Don't need it for immediate purposes (mortgage free, no large debts etc...) however my pension situation is pretty poor so thought this best route ? Current salary is circa £24k - Age 60. Have a workplace L&G placed pension that's been going about 8 yrs (NRD is…
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Bridging to DB pensions.
I've asked questions about bridging before :- https://forums.moneysavingexpert.com/discussion/6489313/choices-choices#latest However I have been working on blended options, does this one make sense? I'm 59 now and will be 60 in December. I put my postcode and health conditions (cancer although I have been discharged and a…
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LGPS AVC overshoot - options
I've been hammering away at my LGPS AVC scheme for a few years, well aware that I'm building up a big fund that will be well in excess of the amount I can draw as a TFLS when the time comes. At present, the maximum TFLS I could draw is £80k, whereas my AVC is worth twice that. I'm aware that I have options for the excess,…
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P55 Tax Reclaim form online
Can anyone set my mind at rest about the fields on the P55 online form? I've taken a single UFPLS payment for the year. Am I meant to enter the amount on the 'UK pension income' page and then again on the 'Pension flexibility payments' page, so that it appears twice in the summary? It seems wrong to me, although I must…
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Pension dilemma
Hi, looking for a bit of advice, I have a Royal London pension worth 25K and I’m due to retire in three years time, with the full state pension. I have only been with my present employer for 3 years so won’t be getting much of a pension there. No other pensions as I previously cashed them all in. I am thinking of adding…
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tax rate on taking funds from AVC pot
I have an old AVC pot of about 150K - if I want to take a lump sum out of it, how much would I get taxed (40% tax payer) ? - would it all be 40% or would it be more if it took me over another threshold?
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Pension Advisor would want £21,000 for a failed transfer
Company pension scheme suggested this chap. So far after two hour's chat I've established that: 1/ He is someone recommended by my complex company pension administrator (DC with DB underpin) because he has successfully transferred many pensions out of the scheme before whereas "other companies have had less success with…
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Tracing wife’s missing pensions
My wife worked in NHS catering from 1989 to 1999 We have her NHS pension sorted (1989-1992) and put into payment at the NRA of 60, but she was transferred into an outsourcing company in 1992. I have not been able to trace any pensions post 1992. There seem to be an infinite number of Sodexo / Sodexho companies but the ones…
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Civil Service Pension Error – £22K Overcharged for Added Years + Retirement Plans Now Unclear
Subject: Hi all, I’m 58 and had originally planned to partially retire at 59 (in about 4 months). However, my application for partial retirement seems to have flushed out some errors in both my pay and pension records. As a result, I’m now unsure whether I can proceed with partial retirement as planned, or even what my…
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Recommended reading on increasing pension payments?
I'm still trying to figure out the advantages of overpaying into my nhs pension or private pension. Is there anything to read on the subject,like pensions for dummies as its about as clear as mud 🤔
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Switching USS funds
I have a USS pension and would like to switch one of my Investment Builder funds into the Liquidity fund (at some good moment in the stock markets) in the next 12 months (there doesn't seem to be an option for switching into cash). I couldn't find any information about when/how funds are switched. For example if I carry…
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AVC funds Cash or Equities?
Hi all, I have money invested in AVCs. I was in the Pru S3 equities fund and transferred it all to the cash fund a few weeks ago. The rate I got was 4.06. The fund yesterday dropped to 3.74. I am tempted to transfer back to equities and hope that the rate increases. My dilemma is I only have 1 year (redundancy) or max 2…
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Pension contributions after taking lump sums
Assistance please. Have 3 pensions. Taken 25% from two older ones, and have a current one I still pay into. Now approaching the end of my mortgage :-) Looking to plough what I was paying on my mortgage into my pension (salary sacrifice), however am I restricted to £10,000.00 a year. Cheers
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Draw Down Calculations...
Can someone check my logic? Assuming that I already have some income that takes up my Tax Allowance. If I take £5k ( 25% is tax free - £1250, the balance then is subject to 20% tax, so the £3750 gets reduced to £3000 ), then I actually get £4250 - and if I split this over 12 months that is £354.16. So the multiplying…
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Trivial commutation (TC)
Good morning. I have a question about TC which I hope is a simple yes or no answer. My wife currently has a pension which pays £672pm. She also has another pension that we are looking at taking. One of the options is to TC this pension but I dont think we can because of her current pension - which I think takes her over…
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State Pension Age Acceleration - Worst Case Scenario
Hi, at present the state pension age moves to 67 from 2028, but no further increases have been announced until 2040. I can see the move to 68 and beyond being brought forward, and wondered what the worst case might look like? Could it be increased to 68 in 2029, 69 in 2030 and 70 in 2031 for example?
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Most recent: Conflicting State Pension Forecasts by molerat
10 August at 4:04PM
