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I have 4 pensions - can I take the equivalent of the 25% tax free overall amount from 2 or 3 of them
I have four pensions, one of which is a DB scheme which I’m unable to transfer. Therefore, I would like to know if I could take all of two or three of my pensions (one being the DB scheme) as the 25% tax free of the total amount in the four pensions rather than 25% of each of them?
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Annihilation or Abundance ?
What odds are you putting on each of these in your retirement models? You are wrong by a factor of 10 at least.
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Back in "employment" - pension options
I've been self employed for years so have been paying into a SIPP that was originally a few old workplace pension pots. Soon I'll be returning to employment but I'm just confused by my options with pensions. While self employed I was grossing £70k and contributing £1k a month (£1.25k after tax relief). This was also…
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Pension: Years Earned and TopUP
Pension being a benefit and not an entitlement, there are various rumours circulating, that State Pension could become a means tested benefit. Many people have topped up their contribution years by extra payments in order to get a full or increased pension. ( I think current prices are about £850 per extra year) My wife…
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SAUL flexible options?
I am approaching retirement and have a SAUL DB pension. It had never occurred to me to take any of it until I fully retired but I have read so many comments about the flexible options on NHS and USS pensions that I began to wonder whether I was missing something. I contacted a SAUL pension advisor who said that SAUL…
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Annual Allowance previous years
So I have question if you guys can help. In 2023/24 I went over my annual allowance by £28K due to a promotion but in 20/1 I had unusead allowance of 26K and in 2021/22 I had unused allowance of 29K so all well and good. In22/23 I had 3K unused allowance In 2024/2025 I reckon I'll be under but only by about 6K In 2025/2026…
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Pension Drawdown
I am trying to work out how Pension drawdown works. If I have a pension pot of 200K I believe I can as a one off,
take out 25% so 50K tax free. If I don’t take the lump sum but instead draw 10K a year on top
of my state pension do I get the 25% tax free off the 10K yearly, so I only pay
20% tax on £7500. Next question, say…
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Provide income after retirement and minimise tax
Good afternoon all. Sorry, long post! Myself and Mrs Beano have now been retired for 10+ years. I'm working out my strategy for the next phase of our retirement and would welcome your comments and thoughts on our plans. Our aim is to make our income requirements (approx 35k PA between us) and minimise, or pay zero tax to…
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Small Profits Threshold - will not need to pay Class 2 National Insurance Contributions?
Apologies if this has been asked before - my search didn't turn anything up. Does the following statement from the self assessment return mean I don't need to pay my class 2 to get my NI pension credit for the year? * Customers with taxable profits of £6,725 or more (the Small Profits Threshold) will not need to pay Class…
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Home Responsibilities Protection. Payment for my late Mother
Could I have some advice please? My late mother was entitled to HRP and received a letter to say she was entitled to it for 9 years. I have spoken to HMRC two or three times and have sent all details to them along with mine as I am her executor. HMRC tell me I need to claim in unusual circumstances of which there is no…
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Food for thought - healthy life expectancy
https://www.health.org.uk/evidence-hub/health-inequalities/map-of-healthy-life-expectancy-at-birth This makes very interesting reading for anyone that is planning retirement. A George Orwell quotation comes to mind, but I'm trying to avoid political debate.
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Civil Service Pension legacy lump sum to max out or not
I have service in classic plus and alpha. I'm a year or so away from 60 and leaning towards taking the lot and retiring at 60. What I'm struggling with is working out the pros and cons of taking a larger or smaller lump sum from the legacy scheme part of my pension. I've seen threads from a few years ago now about this but…
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Retirement in 11 months time - does my plan sound reasonable.
I'm 59 and thinking (a lot!) about retiring at the end of March next year. My wife (58) and I will both get the full state pension at 67, she also has a DB pension from 60 (around £14k per year + £39k lump sum) - she's not decided whether to retire then or not, she may well do. On retirement my 'pot' will be approx £420k.…
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Asset allocation- cash and shares
Thinking ahead here because I'm not close to retirement yet...my understanding is that the traditional way of lifestyling a DC pension is a bit out of date if you're not buying an annuity, but that standard advice is still to bring some of your pension into bonds as you approach retirement. I'd be grateful for people's…
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Historic data for RPI and CPI
As these figures are used for calculating increases in pensions, benefits etc where is the best place to look to find this information? I am particularly interested in RPI and CPI figures showing inflation over the 12 months to September for the last 5 years.
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Taking reduced DB pension early
Another DB question… I have a small DB pension around £3000 that can be taken early by with a reduction of 3.4% per year if taken before aged 60 (NRA is 65th birthday but currently no reduction between 60 to 65). I’m not utilising personal income tax allowance as economically inactive approaching 55 and no plans to return…
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Early retirement on savings, with or without a pension?
I'm planning to retire several years before I get my state pension. This has become possible due to an inheritance, that amount being enough to last the intervening years before my state pension is available. I also have two work pensions, a Final Salary one frozen since that scheme closed over a decade ago, and a Money…
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Salary Sacrifice vs Net Pay - NI
My wife has just had an email from her employer telling her that due to the National Living Wage increase that her pension can no longer be taken as Salary Sacrifice as it would bring it below the National Living Wage and that it will be taken by net deduction instead. I assume this will also mean she doesnt save on NI and…
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Pension post 75 years of age
Hi, This is over 20 years away, however, something I'm looking to understand. I'm hoping to reduce my working hours from age 60 (in around 5 years' time) and probably draw down funds as and when I need them. I understand that after age 75 anything left in my pension would be taxable if passed to my wife. How does that…
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State pension hrp
Is my mum entitled to hrp , she has basic pension at 172 and pre 97 top up of 74 and post 97 of 14 also has cod deduction of around 9 pound, her total is 255. She never worked from 1971 to 1991 and claimed child benefit for them years, she only managed part time small jobs since 1991. Her husband died in 2001 after 30…
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Most recent: Help! HMRC State Pension Topup Callback by SVaz
16 October at 11:48AM
