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Advice please LGPS vs ASAR for teachers
I am a teacher of 57 years taking early retirement but will continue working part time. Is it best to opt out of the LGPS of continue and receive Additional Service After Retirement (ASAR)? Any help much appreciated.
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Self Assessment: Pension Contributions and HICB charge
I am having a disagreement with my accountant over my self assessment tax calculation as I believe he has made a mistake. I pay in to two pensions: * My "old" personal pension. I still pay in £10 per month (long story) which the provider grosses up. * My "new" occupational pension. This is not a salary sacrifice pension,…
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What Am I Not Considering?
Just reset my password as I last posted in 2012! I have
however continued to lurk and have learnt a lot from others posts. My husband has just asked for his LGPS pension to be put
into payment and whilst waiting for exact figures we’ve been thinking a lot about
our future plans. We were going to only go for the automatic…
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VLS60 ..vs..Aegon Flex Tracker ARC
Hello all, I've been dragging my heels on consolidating pensions and basically getting my stuff sorted, so now need to get it done but have a question or two. I'd been looking moving away from Aegon as the performance had typically been poor in comparison to similar funds. VLS60 was going to be my preferred choice, through…
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Self Assessment Confusion - Says 'No Tax to Pay'
So I did my 23/24 Self Assessment on 2nd January and my calculation shows I owe about £2k of tax for 23/24 and £1k on account for 24/25. Makes sense - EXCEPT my account balance says 'NO TAX TO PAY'. I've spent hours online trying to figure this out, why can't it be clearer HMRC !?! First I thought it would filter through…
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How does emergency tax work ?
Sanity check please on how this works? So say I retire and I decide to take my first year's UFPLS payment early in the new tax year, with maybe another payment in October. So something like this: 7th April £15k 7th October £15k Ignoring TFC for this discussion. Surely HMRC systems don't say to themselves "Ah, he took £15k…
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When to retire
Looking for thoughts on my position and number. Currently 53, looking to retire at 55 (March 26 so will stay at 55) /56/57. Think I have enough for 55 but tempted to go longer and be in a stronger position. Quite a novice with all this as had been looking to my DB pension to sort everything but a bit of a lightbulb moment…
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Scottish taxpayer - claiming tax relief on regular contributions when on Intermediate rate (21%)
Trying to get my head around this. Not for me but for someone I help do SA. They are on Scottish intermediate rate for income tax (21%) and their workplace pension is NEST. I understand NEST to be relief at source. Is it correct to say that NEST will only have claimed the 20% UK basic rate and 1% is therefore sitting on…
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Thoughts on Bonds versus Stocks & Shares
My (m59) SIPP is currently 100% in a managed Global fund. Despite charges, it has performed well over the last two years and is now c. 830K. Full State Pension in 8 years. I'm not reaolutely retired yet, but I'm 'post-pandemic relaxed' about finding another employment, and currently not working. Married, wife still working…
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Ballpark monthly income..lgps 7 years early
A year in March will be 60...and have 25 years service....projected annual pension at 67 will approx 19k...if I take it next march....what should I expect my annual...pension to be at that point...will probably carry on till august....28% of pension unreduced?...I know it's a risk relying on casual hours...but could have…
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TPS Gaps
Really struggling to calculate my likely TPS. I joined TPS Sept 2002. Left it August 2020 as my independent school moved to a different scheme. I have the chance to move to a TPS school in Sept. I understand that the maximum gap is 'no more than 5 years' to pick up the scheme rather than start again. Last payment in August…
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Month 1 pension tax code - good news
Scrapping the emergency tax on month 1 looks like good news https://www.yourmoney.com/household-bills/scandalous-tax-code-system-for-pensioners-ditched-as-refunds-reach-1-4bn/
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Maximum tax free withdrawal
Hi all. New to the board as a poster and I'd like to ask what may seem a simple question but the answer may determine my future plans! If for sake of argument I have a DC 'pot' with lets say £100k in what would be the most I can withdraw in one year to pay no tax? I'm UK based, 60 years old and let's assume no other…
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Age 60 AVC Value £9715 or add pension of £347.60
I am about to draw my DB Pension and have an AVC of £9715 which I can take as an additional pension of £347.60 pa. I am aged 60 and good health. The AVC part would be index linked same as main scheme. Is this good value?
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Lgps Pension Scotland
Wondering f I should put a lump sum into my pension, I'll be leaving in n a year. Is it worth it?
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Will my NHS pension affect my state pension?
Quick question. My forecast when I get my state pension is £12600 based on my NI contributions come Nov 2027. I am planning on transferring my DC pot into my NHS 2015 scheme having joined them 1 year ago at the age of 63. Will this in any way mean I will receive a reduced state pension it appears that some people in the…
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If start to take monies from pension
Hi If i start the above will the company stop investing my remaing pot till all used up or stop once I start to take the moines Plus want to leave something for son for his future is trust a good thing or cash gift which should he not touch till 18 and should do the same for x or not as not getting any younger
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Overseas NI years
Hello. I've been living and working in the UK since 2019, now a citizen and am trying to plan for my retirement years, well in advance. I should have another 20-25 years of my working life remaining. I am considering moving back overseas for work for a few years and intend on returning to the UK in the future and for…
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My plan - using the 4% rule - feel free to tell me if I have it wrong 😊
Here goes, please be patient and excuse any ignorance 😊 Myself – age 54 – will be 55 mid this year Spouse – age 57 - to be
58 mid this year Myself DB Pension £31k
pa S+S ISA £85K DC Pension £299k Total ISA and DC Pot = £384k using 4% = £15.4k pa income. Wife Bank Cash £143k S+S ISA £91k DC Pension £101k Total = £335k using…
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Salary sacrifice confusion
Dec was the first month my employer went to salary sacrifice. Before the change I was paying in 8% and they paid 5% so my contribution was £160 and £175 from them. It normally shows on my plan on the 10th of the following month. It was late this month and only went in today . Usually the 2 contributions show as employer…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
