-
New Tax Year Honours
Happy New Tax Year! I feel there should be some acknowledgment of all the patient, helpful responses by members like @molerat, @Dazed_and_C0nfused, @xylophone and @SnowMan (among others) over the last few weeks leading up to the cut off to top up state pensions. Hats off!
-
Rough idea of cost for an execution only fee for moving a small DB pot to a DC pot
Hi I have a small DB pension that I *might* want to move to my bigger DC pot. I've asked for a quote from the provider for a current cash out value. My understanding is that if the value is <£30k I can handle the transfer myself but if it's >£30k I'd need IFA sign off. Therefore I'd appreciate a ball park figure of what…
-
Guaranteed Minimum Pension (GMP) and cash in value
Hi Looking to retire in a couple of years aged 55 and as part of my portfolio I've a very small DB pension with a normal pension age of 65 but you can start taking it at 55, with an adjustment. So I wrote to the provider asking for a quote to see how much I would get at 55 and they responded that there's something in place…
-
Cash in SIPP - counted 2024/25 tax year?
This may sound like a silly question. If you paid in to a SIPP today (5th April) that is showing as available to invest/cash value, is it still counted as paid this tax year? Or does it have to be invested in a fund by midnight? Thank you.
-
Taking all of private pension
Hi, I was wondering if it would be better to withdraw all my private pension amount of £38,000 out over the next four years as I've retired . I would withdraw £12,000 a year as to avoid paying tax as its below my personal allowance. I get my state pension in 5 years time at 67. If I leave my private pension till then I…
-
50% discount for lasting power of attorney
To claim the discount would a print out of my HMRC personal PAYE page showing my pensions for the whole tax year suffice? I do not have an official letter which is what it asks for or recent P60s.
-
If you are an SWR purist, when does your retirement start?
If my retirement had started when I handed in my notice 3 months ago then my SWR would be about 5k pa higher than it is now I am about to hit my retirement date. To me this points up a pretty big flaw with a pure SWR approach.
-
Deadline for voluntary contributions - turnaround time for CF83 form
Good afternoon I would be grateful for any advice for the following question: I am looking to make voluntary contributions to make up UK pension years. However, I worked abroad for the years that I wish to make payment for and understand I need to fill in a form CF83 in order for HMRC to give me the amount I need to pay…
-
State Pension forecast anomaly
Something is confusing me, and I'm hoping someone here could maybe point out where I might be missing the obvious ... I am in my early 50s, and currently have 33 full years on my NI record. And as far as I know, you have to pay in for 35 years before you get the full state pension. However, according to my state pension…
-
Combining pension pots.
I'm 54 and have a couple of questions relating to combining pots. Background I have 2 pension pots with Scottish Widows, a workplace pension, from when I worked for a company, it's got the bulk of my pension in there (£145k). A few years ago I left and it converted to a new name "ex-employee of X company". It's got a 0.3%…
-
is it possible to claim NI credits or tax credits as I was a househusband
Hi there, I was a house husband from 2003 to approx 2016 and did no full time work during that period, with some part time near the end. My wife was the earner and tax payer during this time. I have read that I may be eligible to transfer NI or Tax credits from her to me to top up my pension. We have not claimed child…
-
Just to confirm, There's no way to get an NI 18-digit reference no from the robot web-chat?
I just want to be sure about this. The web-chat can't give me a reference number for voluntary contributions. It can only connect me to an advisor, which at the moment, probably isn't any more possible than on the phone? Or were the times I tried just unfortunate? The only thing to do is wait for a call back? Which isn't a…
-
Another USS with Voluntary Severance Query
Apologies, I have another USS query and would appreciate some views please from our informed colleagues on this forum. I have been offered ‘voluntary severance’ (VS) and want to ensure if I take it, it is most efficient in respect of the payout and my USS pension. The date for the VS is yet to be determined, but I expect…
-
Threshold Income / Adjusted income - impact pensions tax relief
Hi do any posters have any knowledge on this ? If your adjusted income is above £260k then for every £2 above that, the annual pension allowance of £60k is reduced by £1 Seems to be conflicting info out there when google it Is it some thing you are meant to declare somehow on your self assessment, or would HMRC know and…
-
De-risking
I have a DC pension pot in addition to two smaller defined benefit pensions and so I decided going all equities was fine. Recently, however, I've realised I'll need to rely on this pot heavily for the early years of retirement and I don't have same the same appetite for risk anymore. I'm likely to be retiring in 3 to 4…
-
LGPS ill health retirement
I have some queries on LGPS ill health retirement, I have searched and read multiple threads on this forum but I am hoping someone else has had a similar experience and can give some advice. My partner has been off sick from work since April 2024 with Severe Aplastic Anaemia, a rare and complicated condition treatable by…
-
switching pensions and tax relief
I've recently switched a SIPP from Fidelity to Charles Stanley. Charles Stanley sent me a message saying my switch was complete and the balance for the Fidelity SIPP was nil. £100 tax relief has now appeared in my Fidelity account, with another £100 pending. Will that £200 go across automatically, or do I need to do…
-
LGPS FINAL SALARY
Hi, As retirement age is looming, I have a question. I am in the LGPS. My salary is 46k. In the last 3 years my pensionable pay was 50k+ due to overtime I worked. Will it affect my final pension calculation as it’s a final salary scheme? Will my pre 08 salary be calculated on my final salary of 46k or would the ‘higher’…
-
Pension advice for naïve 45-year-old
Morning all. I have a number of recent posts on the MSE forum as I am trying to sort myself out, financially, after many decades of neglect. Ashamedly, I have never taken any interest in my pension until now. I have just logged into my work pension account and it says "If you asked to transfer your money to another pension…
-
Salary Sacrifice
I am employed full time and a basic rate tax payer.I am contributing into a company money purchase retirement fund through salary sacrifice giving me a take home hourly rate 2p above the national living wage.Am I also able to contribute to a SIPP and receive basic rate tax relief on my contributions?
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
700 discussions
6.1K comments
Most recent: How long before your state pension increase actually comes through? by molerat
12 August at 2:31PM
