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Opting out query
I worked for a company that opened a works pension. I have the option to opt out but i will lose my employers and tax relief contributions. As i am now retired and over 55 what are my options for taking the money out without losing the contributions?
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Tax on pension
Hi. Friend of mine has gotten himself into debt and is trying to work his way out of it. He is in a debt management plan and things aren’t going well for him. His wife of 5 years has recently left him, leaving him with all the rent and other household bills. Anyway he is short of ready cash and has decided to withdraw his…
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Means Testing of State Pension
There's been a bit of talk about this lately, and in its current form and with the country's finances not the healthiest, I think it's inevitable at some point. Any opinions on what form this could take?
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UK retirement planning tools
Hi,I'm looking for a DIY retirement planning and drawdown tool that can make suggestions, especially around tax. There are lots of options in the US, but in the UK I can only find a product from Retireeasy.co.uk. Does anyone have experience with this tool, or know of UK alternatives? Thanks,
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Changing my pension investments - unable to do it without FA
Hi, I rang Aviva and asked to have my pension changed to 80% cash and 20% low to medium share investment. I am retiring in December 2025. Aviva refused to do it and said it was their policy.Is this correct and why I cannot deal with my own money the way I want? MyAviva only allows the change from one fund to another, but…
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Pensions private and state
Hi All I have a friend who is Brazilian and resides in Brazil. Her English Civil Partner passed away 7 months ago, her partners sister says that the Home Office are now involved because they apparently have concerns. The family are not divulging to her what the concerns are. The Solicitors have already received the…
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Split Year Treatment Pension Contributions
Dear All, I am returning to the UK from abroad in August and will receive split year treatment for this tax year. For pension contributions, what am I allowed? How does the £3200 I am allowed when abroad and the contribution amount I am allowed while in UK work? Do I have to calculate e.g. 30% of the tax year abroad = £960…
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Tax Free Cash > 25%, Scheme Specific Protection
I was pleasantly surprised to find out I had scheme specific protection giving me tax-free cash > 25% for a workplace pension that I commenced in January 2006, details as follows:- - A Day Tax free Cash: £400 - A Day Fund Value: £1000 - Current Value: £150,000 (of which approx. £60k contributions after A-Day, remainder is…
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Annuity purchase timings
I've looked through as many forum posts as I can handle - Hundreds. Anyway...I'm 65 and expecting to start receiving my State pension next August. I'll be working until then. I have 4 DC pots from previous employments. I'm in my employer's pension scheme, paying 6% plus my employers 9%. Looking to do my research into…
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Question for experienced VCT investors in retirement
When using VCTs as part of a retirement investment/ planning/ income strategy, what tend to be your holding approach? * Hold long-term and take the tax-free dividend income * Roll over (into new VCT or same >6 months requirement) every 5 (or >5) years to get renewed tax relief. * If you do roll over, will you have less…
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State Pension - Change to PAYE Code
I am about to start receiving my state pension and have just had notification of changes to my tax code. It looks like I am going to be paying more tax than I expected so I looked at the details. They seem to be expecting my annual income to increase to over £45,000, which is considerably higher than it will actually be.…
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Advice Needed: Pension Consolidation and Financial Advisor Costs
Hi everyone, I’m a complete newbie to financial planning, and recent life changes have pushed me to get my house in order. I have a couple of pensions that I’d like to merge into one and actively manage rather than leaving them in standard company plans. I first spoke to an advisor associated with SJP. Their proposal was…
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DB Clawback / State pension Deduction / Barclays 1964
Hi, I am hoping someone can give me a simple explanation around my accrued DB benefits. I have initially emailed tower watkins who administer the Barclays 1964 scheme but just got directed to read the Scheme booklet (which they couldnt provide). I think I need to understand a bit more before I call them. I am currently 51…
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Financial Advisor Fees for Pension withdraw
OK so I hit 55 and want to withdraw my pension. It is £500 over the £30,000 limit So l I need to get a F.A to sign it off.. And that's all i want. I do not ned any advice or explanation.I have considered this for two years and know what I m doing. But I am being quoted £1,200 And the usual spiel..The F.A .will explain it…
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How Do You Invest in Retirement?
I’m wondering how I will invest my pensions and ISA’s in retirement tax efficiently. Annuity’s don’t seem to offer great interest rates. If the money is put into a global index fund, this could generate a 7-10% annual return on average, but could suffer if a black swan event occurs. What do people here do?
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Alternative to Morningstar Portfolio
Hi, With imminent demise of Morningstar's portfolio tool, what's the best alternative, to track a predefined list of funds, ETFs etc?
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ALERT: Prudential Compensation Payments
March this year Prudential informed me they had undervalued my Scottish Amicable 8.7% GAR fund ~£11,000 (Surprise surprise) My NRD was9.25 years ago (March 2016) when the annuity was bought. They stated they would compensate me to cover my loss without stating the rate. I asked for a breakdown and they informed me I will…
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Couple of State Pension queries.
I'm working towards retiring at 55. I'll have 35 qualifying years when I'm 53. Aside from being contracted out for a couple of years (NHS), does this mean I'll mostly receive the full State Pension at 67 or will those years from 55 to 67 count against me? Also, if I work more years after 53, do those 'good' years override…
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Inherited State Pension - Triple Lock Increases?
I have been informed by DWP that I am entitled to inherit 50% of my late husband's additional state pension (GRP, SERPS & ASP) when I reach SP age September 2025. Can anyone advise me if the "Triple Lock" rule around state pension increases applies to this entitlement as well as the core State Pension I will receive in my…
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SIpp contribution amount limit in current tax year
I am a lower rate taxpayer and have a sipp that is crystallised and in drawdown I have some spare cash and would appreciate if someone could advise the amount I can pay in to said sipp ie £2880 or £8000 ? ( excluding tax relief) many thanks
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715 discussions
6.3K comments
Most recent: Delays for P55 tax refund from HMRC by Fishingtime55
22 October at 9:39PM
