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Pensions, income and tax return
Hello all, Please could I have the benefit of your advice to settle an argument? A close friend is now retired. She has income from an occupational pension payment per month (around £500), full state pension and (joint) income from a rented property on which she pays a mortgage. I think she should provide a tax return; she…
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Armed Forces contribution to State Pension
Hi, Just joined the forum, so apologies if this needs to be somewhere else. Ex Military (RN), served 41 years, now aged 66 and just started state pension. I was on AFPS 75 throughout my Military service. I heard rumblings on social media for the last 2 years about getting a reduced rate, due to a lack of NI contributions…
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State pension rights for UK citizen who worked 16 years in EU
I am a UK citizen. I paid NI-analogue contributions in Spain (Seguridad Social) for 16 years during the EU period. I have lived in the UK since before 2020. I have 20 years of UK NI contributions. According to gov.uk's International Pension Centre, my years of Spanish contribution can be taken into account to reach the…
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Which month is best to retire in
Just been playing with my spreadsheets to work out when I meet my combination of requirements: namely retiring a bit early, having something to spare by not draining my SIPP completely before I can access my DB and State Pension. On some conservative assumptions it seems like July to October in a couple of years would be…
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JIMI NHS MNTHLY A
I have received a payment into my bank account with the above description but I don’t know what it means. Presumably something to do with my NHS pension? Also got a payment from NHS TAX I’m guessing it’s related. Does anyone know what it means? I don’t mean to look a gift horse in the mouth but I don’t want to spend it for…
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How to get a Government Gateway ID
Hey I'm trying to help someone I know check her potential state pension. And I know that can be done online if one has a Gateway ID. So this is the problem. She doesn't have one. She does have a NI no. But as far as I'm aware she has none of the other things needed to get an ID. She obviously would have a credit of some…
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New SIPP, aged over 75
If a person of good health, aged over 75, not employed, opened a SIPP, are they allowed to contribute say £200k in one lump sum? I know they would not receive any tax relief. However, in theory the £200k would now be outside of their estate for IHT purposes. Assume the person would be liable to IHT on this amount if it…
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Pension contributions: relevant earnings from employment and tax-deductible work expenses
Should tax-deductible work expenses be subtracted from employment income to determine relevant earnings for pension contribution purposes? To give some context and details, I retired in September. My income for this tax year will consist of employment income until September (which constitutes 'relevant earnings') and of…
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USS Maximum Lump Sum Reduced by Second Pension?
I am a deferred USS member (for 10 years). I received a provisional benefits payable statement in May and I subsequently completed the paperwork requesting my pension to start on the 30th September with the maximum lump sum. I received the confirmation of my retirement benefits a couple of weeks ago. To my surprise, the…
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Tax relief on qualified earnings
Hoping for some confirmation. At the moment I currently pay 5% pension contributions into an automatic workplace pension i.e. NEST. The pension contributions are based on qualified earnings so a maximum amount is paid into NEST each month up to the £50,268 threshold. As a higher rate tax payer, am I able to claim an…
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Foreign employer contributions into a UK pension, is this possible?
Hi Everyone I am currently employed my a company based in the EU, I am payed through PAYE and am a UK Tax payer. I am the only UK based employee. My employer and myself have been making regular contributions into a private pension scheme, this scheme isn't suitable anymore (i wont go into why, there isn't enough time in…
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Pay a lump sum into a pension question.
I am a pension novice so it would be great if I could check some things with forum members. Am I right about this: if I paid 100k (for example) as a lump sum into private pension. This would attract a 25% attract a 25% tax top up from the government? So I would be paid £25k. So this bonus is the price I pay for locking…
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Pension Protection Fund Compensation
Hi All, An old company that I worked for for 10 years became insolvent in 2010. The company DB pension was taken over by the Pension Protection Fund. I was wondering if I should take my PPF compensation now at 55 while still working (PAYE job with DB pension ) as the tax free cash would come in handy at the moment. The…
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LGPS
Hi My husband was looking to retire aged 60 (he is currently 58). His pensions are both LGPS but split. One in Classic from 1980s - 2005 and one in Alpha from 2008 - current day. He is looking at options of retiring completely at aged 60 ( we know there are deductions from Alpha and have done the online calculation).…
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Cash flow modelling tools for during retiement?
The cash flow modelling, retirement planning tools I have come across all seem to be designed for forward planning during accumulation for retirement. As I am now just months away from retiring are there any better tools that are designed specifically for a forward look once into retirement? To use these tools once in…
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Self assessment and pension plans
Hopefully this is the best place to ask - I'm doing my self-assessment tax return and getting confused by the bit about pensions. I have a pension through the small company I work for. They really need to overhaul it, but for the time being, it's _not_ salary sacrifice and it _is_ relief at source. They take money from my…
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My pension will run out in 2095!!! Have I got this wrong?
Afternoon all. I have agreed a voluntary redundancy package and have decided to call it a day from work. I am 59 and always planned to retire at 60 but this allows me to bring it forward. I have a pension pot of c.£800,000 but no other savings but also no debt. I think this amount is reasonably healthy given that my wife…
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Pension overpayment w/o carry forward
Hi all, Due several issues with inflexible salary sacrifice at my workplace, I find myself overpaying by about 2k beyond the annual 40k limit into this year's pension. I have already maxed out all previously years contributions, so there I have no carry forward left. I'm assuming I'm liable for the 50% charge but thought…
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Will and POA
I didn't realy know where to post this... the heading seems to be planning for old age - and this is kind of plannig for the inevitable... Could anyone give me a rough idea of what to pay for a Solicitor to arrange a will and POA for myself. I have a very disfunctional family and no kids, if I pop off tomorrow (or become a…
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AVC LGPS personal loan
Hi Guys, im sitting in a hotel room on holiday trying to think of ways to increase my retirement earnings and came up with this. I’m not sure if this would work but here goes. I take out a personal loan for 20k over 2 years, interest rate 6.4% Total repayment £21321.36. I then use the 20k loan to increase my AVCs by…
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Most recent: Topping up NI contributions – lived abroad for 20 years by MaxB93
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