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Pls help me to retire early - DC pension - 3 years later
Hello wise MSE Forum people, My 1st ever post and lots of naïve questions (please be gentle). I'm 49 and it recently hit me hard that I absolutely hate my job - the pressure that comes with it, lack of time to spend with family etc etc. etc. WFH & lockdown put another perspective on importance of "little" things and made…
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Should I stay with current IFA or jump ship?
Hi I am approaching 60 and want to semi retire. I would love to retire completely but cannot afford it just yet. I have had the same job for 40 years, it is a managerial job and I propose to step down to a member of staff earning just over minimum wage and to work for around 20 hours per week. I need approx £2000 net per…
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Mum paying me to top up my pension vs her paying into my pension directly
My mum is currently transferring £150 a month into my account for me to pay into my personal pension. I then pay this into my pension myself. I earn £20K and I get tax relief at the basic 20% rate automatically (relief at source) with my pension provider. I just wanted to check there was no difference in terms of tax…
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NHS Deferred Pension - Normal Retirement
How soon before NRD should the forms be sent in to NHS Pensions to claim a pension so that it kicks in from NRD. It’s not a large amount, family member may decide to take a trivial payment as old LTA Value (20xPension plus PCLS) is about £7,000 so well under £30,000. DC Pensions elsewhere under £10,000.
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Transfer CS pension to Vanguard
This discussion was created from comments split from: Vanguard pension - run a mile?.
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Self-Employed - State Pension - HMRC (now confusion)
After a couple telephone calls with different HMRC departments, am now totally confused. It is understood that 10 years pension contributions are required by HMRC to receive a state pension. Here's the situation. I have married a UK national and for the past 3 years, I have been working part-time, self-employed. As my…
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GMP Equalisation Exercise
i received a letter yesterday telling me that my smallest private sector pension (NRA 60 taken at 56 in 2020) is being increased by approx £120 pa from December and also a back payment of approximately £500 for past underpayments will also be paid. A nice surprise. I also have a larger pension from a later employment (NRA…
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Redundancy and pension sacrifice
I'm going to be made redundant soon and will receive 60k enhanced. I wanted to accept the first 30k as thetax free redundancy portion, can I have my employer pay the other 30k into my pension and would this incur tax?
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Pension Beneficieries
Hi I pay into a nest workplace pension approximately £300 in total per month from my salary inc tax relief. I also pay anything I earn over £50,270 into the pension so that I receive the basic rate 20% back from via the pension provider and hmrc said I can claim tax releif for the other 20%, either as a lump sum yearly or…
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Tax Relief - Have I got this calculation Right???
I dropped to 4 days January this yearUnfortunately, 3 months before redundancies came up (oh well!!) I am now retired (hooray) I am now looking to put as much into my workplace pension as I can in this final employed year. To get the maximum Tax Relief My figures are based on the following As on HMRC website£19188…
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Pension Consolidation Confusion...
Hi all, Firstly, thank you for reading. I'm hoping to find some guidance regarding a pension query that came up a few years ago, and seems to become more and more pressing as time goes on. Essentially, I have worked since I was 15. At some point, I was entered into pension pots due to the auto-enrolment feature that was…
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Employer savings on salary sacrifice (passing on to employee)
My understanding is that generally, employers contribute 13.8% to National Insurance and can therefore generate up to 13.8% savings on any funds processed via salary sacrifice for employees.How common is it for employers to pass on that savings to employees? I previously asked my employer and they said they do not do it.…
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NMW and pension salary sacrifice error - help!
I've been making additional contributions to my pension for a couple of years. I am leaving my job at the end of December so have decided to increase the amount I contribute for the next 3 months (Oct-Dec). However, the amount I requested from my scheme (USS) will take me under the National Minimum Wage. My employer has…
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Tax relief of paying lump sum in to pension.
I've not really looked in to this properly yet, so just hypothetical I've read that if I add to my pension the Gov adds another 25% Ie. I add £100k £125k is actually added to pot. Assuming pension pot is £300k add £100k gov adds another £25k Pot is now £425k - Next day I take out the £100k tax free and remaining pot is…
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National Insurance Gaps
My wife has the following gaps in her national insurance contributions: * 31 years of full contributions * 8 years to contribute before 5 April 2030 * 12 years when you did not contribute enough Estimate based on your National Insurance record up to 5 April 2022 £143.67 a week Forecast if you contribute another 8 years…
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SIPP and SIPP Drawdown
Hi - getting very confused with the advice I'm getting: I have a SIPP and also a SIPP in Drawdown both on Hargreaves Platform - the SIPP is actively funded and the DD is a legacy of previous employment/transfers. However, I have not taken a penny from either yet I'm being told that the Tax-Free cash is not available from…
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25% Tax Free Lump Sum Pre Budget
I am due to take my DB Pension in January which also has a significant Tax Free Lump sum in excess of £100k which I built up in linked AVCs through my working life always planning to use these as the Tax Free part of my pension. I have contacted the Pension provider to see if I could draw say 3 months early to beat the…
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Long term plan for when my mortgage is finished
I've just done my annual financial review I think I'm doing okay but a fresh perspective is always welcome. I'm 50 years old and live on my own. * Property value £280k * Salary £35k (currently have £500pm additional as a side hustle) * Outstanding mortgage balance £25k, 7 year fix @ 2.69% ends May 2025 (£555pm) * No other…
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Move away from the expensive Royal London Pension Scheme and partial transfer to Vanguard?
Hello All, I have been doing some research recently on the provider my employer use and they come up rather pricey so want to see if my logic makes sense here. * Current Provider - Royal London * Scheme - Relief at source * My Tax Band - Higher Rate (40%) * Management Charge - 0.75% * Current annual charge - 250GBP (Pot…
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Which pension is best to over pay into?
I am after some advice of which pension is best to grow the
retirement pot. I am 40 and have two jobs, Plan would be to try retire a bit earlier if possible. The main job has a L & G
workplace pension set up. Where at moment I pay 10% in the company matches that. I also pay extra 10% on top. You can then decide to which…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
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