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Calculation for topping up pension
Can someone please just check I have worked out the right amount to top up the wife's pension this year, I have got myself confused as included the government contribution at first but obviously an higher amount if I use the figures on her payslip, she has been in and out of salary sacrifice through out the tax year just…
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STATE PENSION AND INCOME TAX
If the state pension goes above 4.4% in April 2026 and the tax threshold of 12570 is not increased than it will become liable for income tax and for those without any other taxable income such as a private pension then those just getting state pension will receive a HMRC tax bill at the end of the financial year as HMRC…
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Excel template to track and allocate to carry forward pension allowances
Hi, does anyone have or know of a freely available Excel file designed to easily track carry forward pension allowances? Trying to build one myself but a bit facing a bit of a brain freeze on how to use MIN/MAX/other functions to program the automatic allocation of contributions across multiple prior years, so am currently…
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HMRC: Claim Personal Pension Tax Relief (beta)
I’ve just used the new service to submit a request for a refund of higher rate tax paid this tax year (2024/25). The reply timescale quoted is 28 working days. There is one place where I think they need to provide a bit more guidance. You can submit information about more than one pension e.g. SIPP plus workplace pension.…
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SIPP - Newbie would really appreciate any views please
Hi, this is my first post on here and I really would appreciate any views please. I have a SIPP with HL that has around 250K currently in the cash account. This was setup as it was the preferred way for a company to pay me commission over the past few years and I have done nothing with it. I am 60 years old and probably…
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SIPP annual deposit allowance
Hello All In work in the NHS. mid level band 6...approx. £38k/year I presently pay into the statutory pension scheme but I've recently received a fairly substantial inheritance approximately a year ago. I've used this years ISA allowance for the year and the rest I put into a couple savings accounts. I've been thinking I…
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Is cash car allowance "earned income" so eligible for SIPP tax reclaim
I'd appreciate your collective knowledge when the HMRC pages are hiding the info, I know not where.... I hope I am using the words earned income in the correct context. I get paid a cash car allowance, added to my salary every month. I am in the process of maxing out my SIPP contributions to 100% of my annual earnings / up…
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Forecast to get max rate of state pension BUT I've <35yrs qualifying contributions ??
What I have: Full Years = 27 Years Reqd = 5 more Years not full = 10 Current Age 59 So on paper I'm short qualifying years. I was listening to Martin's podcast today knowing I've till April 5th to buy more NI years if required. I've understood 35 years is the requirement. BUT when looking up my pension forecast it states:…
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Too much tax
I have just taken my first drawdown payment which I knew would be taxed on an emergency code. This has turned out to be 40%. As I am currently a non tax payer I expected it to be taxed at 20%. Will HMRC sort this out themselves after April 5th? Or do I need to contact them and ask for the refund? Or do I just fill in a tax…
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Fund choices
Hi there, Bit of an odd one. Is anybody good at fund choices from my rail pension? I'm 45 and I'm happy for a bit of risk as I have another pension.
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First time SIPP user where to start, is it worth it & should I pay for advice
Im new to the idea of a SIPP & z bit unsure where to start. My employment has changed I need to decided between being auto enrolled in to Nest, or opening a SIPP with standard life via my new "employer"(umbrella company) or going to an IFA & paying for advice & getting a SIPP via them (if they can find a salary sacrifice…
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What are Foreign Exchange fees?
Hi, Looking to open a SIPP and doing some reading. I come across Foreign Exchange fees. What are these please? If fund X holds shares in the US as part of the fund, do I have to pay the FX fees when I sell/buy some of the fund? Surely that's part of the trade fee? I'm very clearly missing something here.
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Deferred State Pension
This discussion was created from comments split from: deferred state pension.
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Paying private pension @ 40% tax.
Hi, And thanks for any help. I've read all over that if (for ease) you earn £1000 over the £50k tax band, and put it in a private pension you get ALL the tax back, some added to the pension, some via tax return. But this doesn't add up to all. Eg. I earn £1000 in higher rate 40% Tax £400, Leaves me £600. I put the £600 in…
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Rentokil Initial Pension Scheme
Hi, I have a final salary scheme from 2003 with Rentokil Initial and are having trouble tracking it down. It seems that the schemes were all sent to different administrators and none of them seem to recognise my NI no. The Pensions Tracing Service gave me a name of Capital Hargraves but they have no record. A fellow…
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Widowed Parents Allowance - NI credits towards State Pension?
I was widowed in 2009 with 2 children aged 15 and 12 at the time. I received Widowed Parents Allowance from 2009-2015 until my youngest child left full time education. I did not work during this period, or claim other benefits. I am trying to find out if receipt of WPA entitled me to NI credits against my State Pension…
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Deferred Defined Benefit Pension- should I take this at 55?
I have a defined benefit pension scheme however it is deferred as I left the employment in 2018. I currently earn approx £8500 a year and pay no tax. What I want to do is take a large lump sum and the smaller pension this year when I turn 55., in the hope that I will only pay tax on the lump suma and the yearly pension…
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Scottish Widows RAC - Investment Switch?
I have an old Scottish Widows RAC and about 2/3rds of the value is held in unit linked funds. 40% is in the UK Equity Tracker Fund and 60% in the Mixed Pension Fund. In August this year I will reach my selected retirement age and I will be buying an annuity then. I am wondering whether to switch the two funds I have to…
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Need a Pension Actuary & Divorce process guidance
Hi, thanks in advance for your guidance and help. I will be divorcing my husband, he has worked for the NHS for 30 years, no private practice. I have very little on my pension pot due to career breaks and raising family to facilitate his career. I have it clear that I will need a pension actuary report for his pension. I…
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Platform Error
I am (trying) again to switch my funds (NOT Sipp) on the Aegon platfrom .When I am in the 'Switch' section' I get an error 'Sorry, something has gone wrong. Please try again later.'this had happened before. but this time i can see all my funds listed below, Aegon told me to try another time, so it seems a guessing game of…
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Most recent: Voluntary NI Contributions – What to Expect After Requesting a Callback by molerat
13 August at 7:57PM
