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GMP Equalisation - Lifetime Allowance Charge
I’d be grateful for help from anyone
with expertise in HMRC’s Lifetime Allowance (LTA) Charge in
relation to GMP equalisation. Sorry it's a long post, please bear with me. I am a male current pensioner in
a DB scheme. I've had a letter from my Scheme Trustees stating that I’ll receive a back pay lump sum of £30, plus…
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Age 62 new pension ?
Is it possible/worth doing - to set up a new pension at age 62 ?I am disabled and taking an ill health pension from a government job - and have expectations to receive a full state pension (contributions being paid by DWP) in 5 years.I have a fair amount of spare cash having a large lump sum invested in an ISA - but can I…
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Claim now or wait until the new tax year
Hi all, question please if I may , my OH has took early retirement as of last month. He has 3 pensions, one of which has a monthly amount paid for life. Given that it took 12 whole months to get a refund on my over taxed pension, when is the best time for him to start claiming this pension, he's paid April to April, and…
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State Pension Again
Please forgive. I did a similar post a couple of days ago and thought I had worked it out just by asking the questions on the forum, but now looking at it again. My State Pension Forcast was £230.24 a week £1001.18 a month £12014.12 a year Either I am being particulary stupid or the maths dont work out.....(be kind..lol)…
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Best way to contact future pensions centre
Hi, Could anyone advise the best way to contact the future pensions service? for a state pension forecast please? Also, is it free to call them. Thank you
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New state pension, private pension & tax forms?
I am due to get my state pension in March 2027, I also have a very small private pension of £200 per month. Following the recent budget I am confused about self assessment forms? Will I have to complete one each year? I am baffled as HMRC are aware of my private pension & future state pension so I can't see the point!…
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Contracted out (National Insurance)
I started working in 1981-82 tax year and had a pension amount deducted from my wages (I think I 3.75% and the Employer also paid 7.5%). My national insurance deductions were slightly less as a result.I became self-employed in November 1998 so was contracted out for 17 years.There is only a gap of one year in my national…
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USS pension, self-employed side hustle, and salary sacrifice cap: being tax-efficient
Hi All, I hope you are well. I wasn't sure whether to put this in pensions or cutting tax, it is more of a pension question, but a lot of the knowledge I am lacking is around tax efficiency. In employment I pay into USS via salary sacrifice. I'm currently paying the standard amount into the DB part, plus about £765 a month…
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Index linked gilts and index linked annuities: are you moving money into them, yea or nay?
There has been a dramatic switch around in the real redemption yields on index-linked gilts recently (see my chart at end of post). The return above inflation available for an index-linked gilt bought today if held to maturity is for example around 1.5%pa for the 2048 maturity, compared with around minus 2.5%pa back in…
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NEST Pension being illegally witheld
Is anyone experiencing problems getting their NEST pension paid? I applied to take mine as a lump sum, provided the necessary ID and received a letter on 3rd Oct 23 to say they submitted the payment on 3rd Oct and it should reach me within 5 working days. Its now 17th Oct and I still haven't had it. I have called them,…
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Need to take more money out of pension-take me over personal allowance. Taxed how?
I retired early, living off pension lump sum / savings and smal pension withdrawals. Pension withdrawals do not breach personal allowance threshold for the year. I now need to take an unregular extra non monthly withdrawal from my pension to pay for something. At the end of the year, without this extra withdrawl, I will be…
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Anyone cashed in a NEST pension?
Hi, I'm over 55 and have just £1,000 in a NEST pension for a job I diid over 5 years ago. This is not my main pension and I would like to cash it in and close the account to pay for a holiday. Have to say the process was straightforward on their website and have provided the bank statement they asked for. However, there…
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Reducing window to draw pension income at basic rate
Apologies if this has already been covered elsewhere but is anyone else dumbstruck by how the window to draw income at basic rate is being shrunk by both how the SP will grow into the basic rate band and the freezing of the thresholds? Even if we assume only 2% pa inflation until 2031 then it will only be possible to draw…
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Setting up sipp pension with NHS pension
I was wondering if someone might be able to advice me- I am on NHS band 7 and have a NHS pension but only have a few years in the NHS pension as previously was with a different employer. I was thinking about setting up a SIPP and am aware you can contribute up to £60,000 and can they potentially retire from 55- however I…
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Pension
Can I take 25% tax free of my pension and put the remainder into another existing pension?
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Approaching LSA - pension still the most tax efficient way to invest?
In the last few years I've been maximising my pension contributions with a plan to retire in July 26 age 56.A recent(ish) inheritance and house sale means that I also have quite a lot of funds (several 100k) outside any tax wrapper after maxing out my ISA allowances.We've also been maximising my wife's pension and ISAs,…
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Voluntary contributions to State Pension
In October this year I made a payment of over £ 2,000 in order to fill 9 years of contributions ( both class 2 and 3) . Checking my pension forecast yesterday shows that the payment does not seem to have been processed as the relevant years are all still showing as incomplete. Wondering if anybody else has had such a delay…
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When to cancel transfer of married allowance?
My wife has transferred 10% of her income tax allowance to me (marriage allowance). She has only had very limited income for a number of years and didnt use all of her allowance. Next April (in new 2026/2027 tax year) she will start to take her DB pension and will be paying basic rate tax. So she will stop the marriage…
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Flexible Drawdown Pension Transfer
I was wondering if, a flexible drawdown pension (specifically a dependent's drawdown pension) can be transferred to a different provider without there being any implications to the tax free status of it? I'm going with a particular provider to invest my late partner's pension but their fees are higher compared to the…
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LGPS Best of last 3 years
Hi, Hope you are all keeping well! Does overtime (not contractual) count as a ‘best of the last 3 years’ calculation for LGPS final salary scheme? thanks
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
727 discussions
6.3K comments
Most recent: Voluntary NI contributions cut off 2025 by Silvertabby
19 December at 7:04PM
