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Inherited Pension Advice
I am seeking some advice on behalf of my Mum. My Dad has recently died aged 65 and my Mum has inherited his Flexible Retirement Plan Income Drawdown with Prudential. My Dad had taken early retirement and had been taking drawdowns for a number of years. The total value of the plan is now £377,649. My Mum is aged 72 and has…
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Can’t be bothered with work any more
Age 45 Got 890k in my dc pension 40k in a Lisa 10k in a cash isa 40k in a s&s isa my missus (age 40) has 190k in a dc pension + Lisa , plus she work local government so is building a CARE pension That’s more than enough for our retirement, I’m pretty miserable in my job, while it’s well paid I almost don’t need the money…
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"Healthy Life expectancy"
Stand out data from Azul's recent video is what he terms "Healthy life-expectancy", the age at which your health declines significantly. I'd not seen this before and on digging deeper it is a metric measured by the world health organisation and is termed "HALE". In the US this number is 66.1 and the point he makes is that,…
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How to implement pension carry forward
Hi all An inheritance that I'm due is going through probate at the moment and I intend to put a big chunk into my pension using the carry forward rule. I'm aware that I need to max out the current year before going back to the year before. If the money comes through before 1st April, I could easily calculate how much to…
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Defined Benefit Pension
Hi if anyone can advise, my husband has a DBP with a national grid, we went through their preferred IFA and we were rejected, however we feel our answers were naïve as we had not really been prepped or understood that is was an analyse whether he would be accepted. So after further research we have found an advisor who…
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Pension Trustees & Wills
The reason many DC pensions were tax free on demise to beneficiaries, is they are held in trust by the pension fund trustees, hence an expression of wish helped direct them to leave the fund to specific beneficiaries. The Gov are removing that distinction. So DC Pension funds will no longer be held in trust. So its now…
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Civil service pension - EPA vs added pension
Hi all, Trying to wrap my head around the civil service pension. I've only been in the civil service for 3 years. I'm 41 and have a state pension age of 68. I'm in the alpha scheme so relatively straightforward (hah). Currently earn £35000 approx. I know there are a bagillion different posts around the same thing but I'm…
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Extra SIPP contribution this year after MPAA triggered?
My OH converted her SIPP to a fixed term annuity a few months ago. She had paid in £12500 (gross) earlier in the tax year. We understand the annuity limits contributions to £10k pa in future but what about this tax year? She has extra earnings that would allow another contribution before April. Am I right that this is…
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Withdrawing 25% of pension pot tax free - hidden charges ??
Trying to release 25% of my pension pot tax free, Wesleyan Group are refusing to release the money without me speaking to their financial advisor at a cost of £3000 (3% of pot). They have also informed me I cannot use any other independent financial advisor, only theirs. Is this legal ?
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National Insurance Contributions Missing and no being paid still
Hi All, My wife has checked her pension forecast and is currently set to get £160 per week at pension age. We have looked and she has several years missing full contributions. I have several questions so please bear with me. 1, we had our first child in 1997 and second in 2000. We claimed child benefit and was paid until…
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MSE Forums vs Pension Wise (and a word of thanks)
I've created an account here primarily to thank the contributors on this pensions board. I've been trying to work out how best to access a number of pensions I have, and have found the discussions here extremely useful in working out how various options might best suit my circumstances (e.g. FAD vs UFPLS; and, considering…
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Salary Sacrifice - what would be the maximum
I understand the Annual Allowance of £60K. I get that includes personal and employer contributions are included when calculating how much you have saved into a pension. What I am not fully clear on is salary sacrifice contributions impacts. Are they consider employer contributions so not impacted in count towards AA or if…
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specified adult childcare credits part year
Hi, We have regularly looked after our daughters children over the last few years and my wife is short of NI contribution years. She has successfully claimed for two of these years where our daughter had full contributions from childcare credit and self employment. She has other years where her self employment covers part…
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Unable to contact HMRC post retirement via phone
I need to contact HMRC via phone as I retired in 2024, this now seems impossible! I have a gateway ID yet cannot get past 2 forms of ID! I do not have a passport nor a driving licence. Does anyone know the number for me as I'm already retired & need to make top up payments but have no idea how to & seems everything is…
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NHS Pension Gross Misconduct
What happens to your NHS Pension if you are sacked for Gross Misconduct? Do you lose it or do you only lose it if you are sacked for Gross Misconduct that is related to a criminal offence? I’m sorry to ask but I am just a bit concerned. Thanks.
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Personal allowance adjustment
Last year I started to get my State Pension at the start of the year. When the new tax year started 24/25 they adjusted my personal allowance to allow for the state pension. But they also said I had underpaid the previous year by £200. So would reduce my personal allowance further to recover this. I have just had…
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Indecisive and overly cautious?
So, I’m 56 (and a half!) I was planning to go to 57 for no particular reason other than 56 seems mad, I may jump earlier. My numbers are as below… £92k ISA £127k SIPP £40k DB at 60 (RPI linked, 5% max) £140k AVC (linked to DB so potentially take that all as a PCLS depending on how much tax free I take from the SIPP, I’ll…
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How are you mitigating for IHT
Not sure where to put this - but Pension Forum is seen as being 'wealthy'. If I die today my executors will need to pay IHT. Some facts about me: 1. Early 70's 2. Widow 3. Income DB (mine and my deceased husband) and SP (deferred pre 2016 for several years) so at least 22K pa with dead husband uplift to SP as he born early…
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Consolidate small pension pots?
Hi everyone, I'm in the civil service and currently pay into the alpha defined benefit scheme. I have also set up Additional Voluntary Contributions (£400 per month) into a Legal and General defined contribution scheme. I am 32, so still have 30+ years before retirement. I have a couple of small pension pots from previous…
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Early retirement plans on alpha civil service pension
Hi everyone, I am 32 and it's worried me that I don't really understand pensions and how to prepare for retirement, so I am taking control and hoping to get some advice from wiser MSEs. Thanks in advance! :smile: I pay into the Civil Service alpha scheme on a salary of £58,989. A calculator online suggested that, based on…
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Most recent: If You Have Registered For A Call Back Look Here by molerat
21 May at 3:04PM
