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Can I take another lump sum from my pension?
Last year I took a tax free lump sum from my pension of £35k, it's a flexible drawdown pension with around £380k current value, as I understand it I won't pay any tax on the lump sum taken last year going forward and will only pay tax on any future withdrawals from that crystallised pension. My question is can I take…
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Civil Service Pension - promotion after partial retirement
Question for you clever folk. I took partial retirement (Civil Service) in July - reduced my hours by 20%, took 16 years worth of Classic pension (of 18.5) and all accrued alpha. When I eventually fully retire I will take other 2.5 years Classic and new alpha accrual based on new salary. Because i took 16 years Classic and…
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HL SIPP - Inundated by Drawdowns?
Does anyone else have this same problem? I have just started to draw my pension from HL. I am going to have to rely on this mostly until I hit the state pension age. First withdrawal was a difficult process for me to follow, but things are when you do them for the first time. But it did at least go through quickly once I…
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Non communication & delay in paying LGPS
I have requested payment of my LGPS DB pension from December but am becoming increasingly concerned that I'm not going to get it. Having read Google reviews for TWPF/Civica, everyone is saying the same thing, that they are months into retirement with no pension paid and no communication from TWPF! They will not respond via…
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tripple lock in EU for pensions
why a pensioner from uk retires to Australia a commonwealth country has pension frozen, but not in USA or EU what is the point of the commonwealth. mike
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Aptia DB pension - different valuations
I have an old Nokia pension. coming up on 55 so looking for an illustration. The scheme administrators sent me a rebaselined figure of £17800 in todays numbers at NRA of 65. this was in February this year. They also provided the early retirement factor table - 0.82x at 5 years early, 0.70x at 10 years early. From that I’ve…
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State pension - after divorce
I wondered if there is any guidance someone can give with regards to an ex-husbands state pension. Before I start, it may sound as though I'm being greedy - but here is a bit of back history. Basically I was with my ex-husband from the age of 23 - he was 40. He was a very high earner and I was in a good job. We married in…
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Pension AVC 3 year rule
Hi I have been getting slightly conflicting information from financial professionals regarding adding to my pension. I earn 32k and basic rate tax payer. So after deducting pension contributions from my salary the balance left is what i can contribute to my pension as lump sum and get tax relief ? I have been told i can go…
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25% Tax Free Lump Sum (TFLS) Withdrawals
Is anyone else having delays with receipt of their 25% TFLS Withdrawal Request? I'm told due to responsibility laying with a third party, the SIPP Pension Fund provider is unable to give me any timescales on when I'm likely to receive my Withdrawal. With Budget Day fast approaching I'm extremely nervous that this is down…
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Nest pension tax free amount
Hi. I am so confused. I wanted to take the 25% tax free from my nest and at over £14,000 I made that to be around £3,500 tax free. I entered that amount and it said I would be paying £950 on that in tax. I got flustered and ended up only entering £1,000 to withdraw so now I have no idea what happens now or when I can…
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Pension pot withdrawal
Hi, My partner (67F) has a private pension pot of a bit over 30K. She has contacted her pension company (AON) asking to withdraw the funds to her bank account but she was told as the amount was over 30K she could not. Surely that can't be correct? What are the rules as I am also considering the same with a smaller pot. We…
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CS Classic Pension - considering partial retirement (anyone able to help with calculations?)
Hi, I am considering partial retirement, but I am struggling to calculate what my pension, lump sum and earnings will be. I have done some sums, but I have no idea how accurate they may be. Is there anyone on the forum that would be able to help? The calculator on MyCSP is known to be inaccurate, and wont let me calculate…
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Switching Pension Investments
I recently changed jobs, I had my previous job for 18 years and built up a reasonable pension pot. I was lucky enough to be on a 10% matched employer contribution pension. The pot was invested in an L&G fund which hasn't been performing brilliantly but because of the monthly contributions has seen it grow. Fast forward to…
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Pensions funds and MMF
Hello all. I'm currently invested in Legal & General Multi-Index 5 Fund via Scottish Widows platform. The fund has increased recently more than I can ever remember. I'm not experienced in moving money between different funds, however I'm aware that stocks are high and id like to lock in some of the gains I've made. I was…
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£2000 NI relief cap on pension salary sacrifice from April 2029 (confirmed)
UPDATE AS PER 1 HOUR BEFORE THE BUDGET (thanks OBR...) - this is now confirmed, government link below (with thanks to @SnowMan ) https://www.gov.uk/government/publications/changes-to-salary-sacrifice-for-pensions-from-april-2029 As we all love a bit of speculating on here... I don't think this one has been mentioned yet…
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NHS pension loss after less than two years employment
Hi all, looking for some advice here. Long story short, I've recently learned that for entitlement to an NHS pension, you must be employed for over two years. In my situation, I was employed for one year and contributed the whole time. My understanding as of now is that I had a 12month time frame to transfer my pension…
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Moved: State Pension and self assessment for capital gains tax.
This discussion has been moved.
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Taking my tax free lump sum and converting to a drawdown
Hello, I'm thinking about converting a SIPP I've got to a drawdown pension and taking 25% tax free, in order to pay off a mortgage. But I intend to continue to contribute to another SIPP I have with my current employer. If I've read the rules correctly, I can still do this. Plus, as long as I don't take any taxable income…
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Taking the last of my Tax Free Lump Sum
I am nearing the maximum TFLS I can take from my pensions, given the current allowance of £268,275. This is based on my own calculations from what I've already taken from various pensions (with different providers), but is it my responsibility to monitor this, or is does HMRC keep track of it too? If so, can I check with…
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Civil service classic final pensionable earnings rules.
Hi all, where can I find the full rules around calculating final pensionable earnings for the classic scheme? I have read on the forum that when you preserve your pension/leave classic scheme they look at your earning when you leave and step back 91 days a total of 12 times to see which is the highest in cash terms but if…
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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Most recent: NI years are now full, existing OAP, when should I expect my monthly payments to reflect this? by molerat
12 May at 5:13PM
