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Help understanding NHS pension for someone who has always been (sort of) self employed
Hello I've popped up again to leverage the experience on here to compensate for our ignorance in pension matters. Some background (and I will get to the NHS bit eventually): 1 - Myself and my missus have always been self employed, or directors of our own businesses. 2 - As a result of being daft really we got to our mid…
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Overpaid tax on a private pension lump sum payment
Hi all, can anyone help. My hubby had a lump sum out of his private pension (already used his tax free amount) instead of the usual 20% tax we expect to pay he has been taxed on an emergency tax basis. So has been taxed quite heavily. Filled in a P55 form to claim back over 3 months ago, numerous calls to the tax office…
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Do I need a SIPP?
I am about to turn 48 and having paid a small amount into a pension every month for the last 27 years, I'm now actually starting to properly think about retirement. As it stands I have c£10k in a workplace pension and c45k in my own one. I have around £140k in saving, over half of that is spread in various cash ISAs. My…
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State Pension Entitlement
Hi, I have just received my state pension letter , and it's below the forecast , which was the full state pension . I have 43 years of full NI contributions. I did retire 4 years ago after taking earlier retirement. My understanding is you need 35 full years of full qualifying contributions , however i am being told its…
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Issues with repayment of pension contributiona
Hi, not sure if this is the correct forum category, so please advise if I should be somewhere else. I left my job in March, planning to live for a year on the pension my employers enrolled me in when it became compulsory! I arranged it so I drew the whole amount down after 6 April this year, and the pension company…
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MPAA
My wife retired from the NHS a couple of years ago and currently draws a pension.She also has a with profits pension with Royal London, after a brief spell away from the NHS, which hasn't been touched yet and no contributions have been made since 1990. It's currently worth £33000. She'd like to withdraw that money, half…
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SP errors due to NI gaps
I'm 74, married in 1970, had my children in 1971 & 74 and my work history & consequent NI contribution record from leaving school in 1969 is fragmented but almost all part-time with years out when the children were small. Divorced 1976, remarried a self-employed chap 1982 but my own work was intermittent until we emigrated…
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Aegon flexible pension plan to A J Bell sipp
Hi all, I currently hold a Aegon flexible pension plan, i've paid into this for several years, the current value held is around £206k. Over the last 2 years or so i've reduced the payments paid in to £40 a month to increase the wife's (low) pension amount. As we edge closer to retirement ages (55 now) i've been…
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Opted out of Serps
Has anyone been told that this went into a separate pot and that you could claim this back and has anyone done this? Also does this effect your state pension
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Question on HMRC Pension Recycling Rules
I am due to receive my 25% Tax Free Lump Sum in Sept 2025 for around £65K. The remainder of my pension pot will go into drawdown, As I will be remaining to work on P/T, £100.00 of my current pension pot will remain uncrystallised and I will be continuing to make payments via Salary Sacrifice and Individual Contributions.…
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Pension contribution amount based on pay rise.
I currently earn £2,200 before tax, I contribute 15% of my salary and my employer contributes 7.5%. Currently this equates to £495 per month going into my pension. If I get a 5% pay rise, will this directly increase my pension by 5%? So £495 per month becomes £519.75? Or does it not work out this way?
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Lump Sum Quandary
Hi, some thoughts please? I'm approaching 60 and have an old Local Government deferred pension. I'm with another LA currently and will have 21 years in that pension by the time I retire at 67. My query is, do I take a Max lump Sum now, from my deferred pension, or keep a maximum annual payout? If I take a 25% lump Sum now…
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Timing Issue on taking Deferred LGPS
I reach the magic age of 60 in late February next year when I can and will start to draw my LG deferred pension hopefully for many years to come I have used the on line calculator so know what I am entitled too My question is - is there any advantage in waiting for the new financial year before taking it as not sure if…
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Maximising Tax Free Cash in Drawdown
Looking at the techzone website, they give the following example of how to drawdown income from a pension in a tax efficient way: Ann is 60 and has just retired. She has a SIPP valued at £450,000 but has no other income. She could take drawdown income of £12,570 completely tax free as it is within her personal allowance.…
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What do i get
Hi i am still employed and earn in the higher tax bracket, i have been deferring for 3 years in September, i plan to work another 3-4 years, so will have deferred for 6-7 years, how will i get the money back i have deferred, is there a lump sum available or is it tagged onto my state pension and spread over an amount of…
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SIPP Draw Down Rules & HMRC Self Assessment
Hi, I'm after a little help please. I'm looking to draw down from my SIPP this month. The funds I am drawing down will be used to pay off my mortgage. I want to take 25% which will be tax free. I also want to drawdown an additional amount. If I understand HMRC rules correctly, my SIPP provider is required to stop income…
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Annuity Quotes on MoneyHelper question
Hi, I'm new here and am hopeful that I'm posting this in the correct place. On the MoneyHelper website I have received annuity estimates for starting a pension at different ages. If, for example, I ask for an escalating quote for a 58 year old I am quoted more than if I was 57 but the annuity starting at 57 will have…
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Buyin pension years
Martin hasnt metioned the buying pension years in a few months, last time it was in the email letter it said to buy years now; as its a couple of months into 2025 folk have to buy years back surely with interest rates a bit higher for savers presently it may be shrewd to get the higher interest rates from the banks savings…
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Inheritance Tax on pensions - budget announcement and consultation
Thought I'd create a thread to discuss this particular announcement. During today's Budget, Chancellor Rachel Reeves said: "First, the previous government froze inheritance tax thresholds until 2028. I will extend that freeze for a further two years until 2030 that means the first £325,000 of any estate can be inherited…
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How doesn't Mum receive full State pension?
Mum started work at age 16 and worked until her retirement at age 65. She is now 87 and has never received full State pension. She did elect to pay the "small stamp" in 1976 as my Dad was self employed. She finished paying the "small stamp" age 60 but carried on working until age 65. Shouldn't she be entitled to receive a…
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Most recent: Home Responsibilities Protection by sheramber
30 July at 9:13PM
