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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…
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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…
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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…
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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…
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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…
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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’…
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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…
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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?
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Retiring at 50?
I'm in the position where I can easily see myself retired at 50 (will be 44 this year and partner similar). Not through ill health but moreso just to get out of the rat race, give myself the freedom to choose what I want to do and when I want to do it. Has anyone else chosen through their own accord to bow out around this…
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Civil Service Pension and Retirement Modeller
I wonder if anyone familiar with the Civil Service Pension scheme and the MyCSP Retirement Modeller could possibly explain why there is such a massive disparity in pension and commutation (lump sum) between the retirement ages of 66-68 illustrated below, taken from the Modeller. The individual concerned joined the CS in…
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How much can we pay into a SIPP for my spouse?
My wife earns £18,900 a year and according to her payslip she contributes approx 3% pa to her pension. We believe that her employer only pays the minimum in pension contributions, which I believe is 8% (£1512) in total, 3% employee and 5% employer, although frustratingly I can't confirm this because the exact figures are…
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Widow’s Pension and State Pension
I currently receive Widow’s pension. This is higher than the standard single person state pension. What happens when I retire? Will the current pension continue unchanged? I can’t find anything clear online to explain
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Why do I pay tax on my AVC lump sum?
I'm have a defined benefit pension and have also built-up AVCs (known as APeCS by my pension provider). I'm about to retire and have two options: 1. take my full pension as an income, or 2. take a reduced pension and a tax-free lump sum. In option 1, only 25% of my AVC lump sum is tax free. In option 2, the whole amount is…
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Classic Preserved Pension
I have been receiving CSP statements through the years showing CPI increases , however, I have now received my pension quote showing pension and lump sum figures the same as the date I left civil service in 2002. I queried this and was told the higher figures were predictions. Surely CPI/ PI should have applied ? I have a…
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Local Government Pension Payments.
Hi After receiving my deferred retirement pension package with a Retirement date of March 2025 i am looking for answers to questions before I decide which option to take. I live permanently in France and understand Tax on UK Government pension not a State Pension will be payed in UK - True or False ? One other Big…
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Trivial Commutation question
Hi, I have three old small pensions (two worth less than a £1000, and one worth around £20,000). I am 56 and did not realise that I could cash these in. When I have looked I am being asked if I want to take Trivial Commutation which of course raises the amount. However, I also have a teacher pension that I am currently…
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Speaking to HMRC ?
In November last year I switch from a contractor to permanent. When I got my payslip the government had taxed me at 40% because according to their records I was working both for my current employer and the contract agency so earning over 50k !.. I went onto the government portal and changed the date had finished working…
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NHS Question based on Redundancy/Leaving/Rejoining
I know is is not an unusual situation but NHS Pensions are their usual, slightly difficult selves. At the end of November I took redundancy (not based on efficiencies) from an NHS role where I have 25 years+ of 1995 contributions. After 2 weeks I started a new position in an independent NHS provider where I do not…
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Underpayment of state pension
Hi - recently had letter from DWP advising they had underpaid my late mum's state pension and to fill out form included if I wanted to request same. I was executor for mum and had probate granted, so have completed and sent form back to DWP. Am just wondering though what this is about as no further details or amounts etc…
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Pension/tax claim question
Hi, Recently I've taken a lump sum of my pension early at 55. 25% was tax free so from my request of £5000 I got £4400 approx. Can I claim that tax back that I paid? I've seen adverts saying claim your tax back.
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Most recent: Voluntary NI Contributions – What to Expect After Requesting a Callback by molerat
13 August at 7:57PM
