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Filling gaps in National Insurance to boost state pension
Apologies if this has been covered elsewhere. I am self employed and I have just checked my National Insurance record. From 2006-07 right through to 2023-24 my year `is not full`. Nearly all of those years it's suggested I may pay a voluntary contribution of £824.20. What I don't understand is that in most years I have…
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Financial Advice - how much does it cost?
Hi I'm 50 and as I'm sure many people do I have a private pension that I have been personally paying into for like 30 years plus a number of pensions that have been setup by previous companies I have worked for.I also have a resonable amout of savings in ISAs and general instant savings account. I'm looking to get some…
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Buy Additional Pension or Vanguard LS
Good afternoon. I am currently a Civil Servant earning £12,000/year. I 63 years old I am in the Alpha Scheme contributing £45/month since I started in the role 5 years ago. I am in the fortunate position of being able to put more of my salary into a pension so can 'buy' more Alpha pension or alternately pay the funds into…
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Tax relief at source - worse off?
Hi, I was of the impression that both tax relief at source and contribution at source should produce the same net impact. For example, contribution of £10K pension at source, from gross salary into an employers pension fund should have the same effect as contributing £6K on your own, into a private fund of your choice.…
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Choosing a pension provider for a new SIPP - help!
I have around £10,000 (plus £2,500 government top up) which I want to invest in a new SIPP. I took redundancy recently so can no longer contribute to a company pension. I would like to contribute more than £10k but I am limited by my salary for 2024/2025. So I think that this is the max I can put in before April 6th. And I…
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Drawing from SIPP monthly
Good afternoon. I posted on the benefits board before and they sent me here, as it is more a pension question than a benefit one. ESA and pension — MoneySavingExpert Forum I have a relative who receives disability benefits that are not means-tested. She is only allowed £85 net a week in pension before her benefits are…
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Divorce - Galbraith and Tax
I have a pension, but my wife doesn't. Let's say the pension pot is £200k (Defined Contribution (DC) Pension). I'm considering offering a lump sum payment, but know I don't want to offer £100k cash. So I saw Galbraith tables. I looked up "Current Age" against "Retirement Age" and the figure came back as 0.598. (Based on…
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SIPP contributions, to reduce 40% tax paid.
Hi everyone, I’d like to know how much I can contribute to a SIPP to reduce the amount of tax I pay at the 40% rate. Should I base my contributions on my gross pay or taxable pay from my payslips for earnings above £50,271? Also, do I need to include interest income when calculating this? Thanks in advance.
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Finding an old pension
How do you find old pensions from the 1980’s im sure I contributed to some pension schemes , worked at different places . Do I contact Hmrc
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Discrepancy in my State Pension
I have been notified by DWP that my state pension would increase from April. The triple lock makes it an increase of 4.1%. When I looked at the figure, I noticed an error. My old weekly pension currently amounts to £173.81 a week. The new weekly pension, according to DWP, is £179.39 which is wrong. It should be £180.93.…
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Is topping up teachers pension still worth it?
Age 41, wanting to go at 60. Every year I currently pay approx £3000 (BEFORE TAX) for an extra £250 per year to claim at age 68, cant change this age. I purchase a 1 year contract every year for 250. With this, on top of my normal accrual, I bank around £1250 per year in Career Average. I have also done 3 year buy out. My…
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Retirement planning - does my plan have any holes?!
Morning all. I’d been planning to retire in two years at 61 but having looked at the sums i now wonder if I could retire a year earlier - next year, at 60. I’d welcome thoughts on my plans! My partner (60) is retired with a small private pension and a significant and life-limiting illness (albeit one that isn’t affecting…
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SIPPs
Please can someone explain to me (as though I'm a nine year old!) exactly what a SIPP is and whether I should consider one. I have a pension (People's Pension) which I contribute to (with my employer). I have the ability to save a little more each month (which I would like to do for the medium term planning towards…
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Partial Retirement on a Civil Service Pension and Abatement
I have started to look into partially retiring when I turn 55 later this year. I was on classic but now on Alpha (impacted by Remedy). I’m reducing my hours by 20% but understand that any monthly pension payment may be abated if it’s more than what I currently earn at full time hours. I know this doesn’t apply to Alpha. My…
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IHT £250 small gift exemption
The guidance on all websites., even Gov.uk is contradictory. These two consecutive statement on an accountant's web site set out the contradiction. "You can also make small gifts of up to £250 to as many
people as you like throughout the year. This small gift exemption allows you to
give these smaller amounts without…
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Effect of US Tariffs and how it might change your investment strategy (or not)
Interesting video. US based and touches on the history of tariffs (3 different eras going back to 1800's), how they have affected the market and strategies for navigating the current market, especially if you are investing for retirement. Clear presentation and very grounded though most interesting bits for me are the…
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NI gap query
This discussion was created from comments split from: Paying NI Gaps.
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Lump sum question (Nest)
I am in the process of completing my transfer out of Nest Pensions to an annuity company and taking my cash free lump sum. I am expecting to see the money come into my account on Monday, but I received a rather confusing confirmation letter from Nest, considering they must be using a template. They talk about "we HAVE…
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Company Pension - No discretionary increase
I have a private company pension which is split into 3 components.. GMP prior to 6 April 1988 - Not increased by the plan GMP after 6 April 1988 - 1.7% increase Pension in excess of GMP accrued prior to 5 April 1997 - Discretionary increases only, no increase The bulk of it is in the 3rd category. Can I assume that as it…
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Very quick first withdrawal from II at age 55
I have heard and read over the years that once you turn 55 that your first pension withdrawal takes a while to sort, I turned 55 last week and thought I would try and see if I could squeeze my first withdrawal into this tax year, so to my surprise it has appeared in my bank account this afternoon (20% tax been taken off…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
700 discussions
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Most recent: Voluntary NI Contributions – What to Expect After Requesting a Callback by molerat
13 August at 7:57PM
