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Pension Contributions Refunded In The Next Tax Year
Hello. I started a job in Feb 2024 and opted out the company pension, but not before I had deductions from my salary in Feb and March. They were done as sacrifices so it reduced my income before tax. The contributions were refunded in April in the new tax year and counted as extra income there. Now I realise that the…
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Tax rebate on pension contributions - employer's contributions?
I'd like to confirm my understanding before I approach HMRC about my tax rebate. I live in Scotland and my income is into the 42% tax bracket. I sacrificed my bonus to my pension this year and, due to the NI savings for my employer, they contribute an extra 10%. The pension fund will automatically claim 20% on my behalf. I…
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Scottish Widows - why need to use an 'intermediary'?
Hello.I have two small pensions which I wish to transfer and amalgamate into one, and turn it into an annuity. Scottish Widows (who I'm not currently with) provides one of the best current annuities, so I wished to explore this.On their website, they say such a transfer would require an 'intermediary'. I've just…
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Calculating Annual Allowance for NHS 1995 and 2015
Hi.. anybody know how to calculate annual allowance for somebody who is in 1995 and 2015 nhs pensions? I'm informed that both have to be calculated but how do I do that? I know how to do an individual one and there's a great calculator here Defined Benefit Pension input amount tool but how do i combine 2? And how do i…
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Lost opportunity to receive deferred DB pension benefits
I am currently assisting the widow of an ex-work colleague in attempting to resolve an issue with one of his three defined benefit occupational pensions. He held a deferred pension for a period of approximately 35 years since leaving service of his first employer, with a normal retirement date of mid-2019 on reaching 65…
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Taking tax-free lump sum from pension at age 55 - from one or all pots?
Under advice, I have been consolidating various workplace pensions ahead of turning 55 in April, when I plan to take 25% tax free. I have been left with two pension pots. Do I need to take 25% of each pot, or does HMRC take both into account so I can take 25% of the TOTAL amount just from one pot and leave the other as it…
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Paying more into a pension to reduce annual salary
Hi, I’ve just moved into the 40% tax bracket as other interest from savings combined with my salary has increased. can anyone clarify in simple terms,if I pay more into my private pension or nhs pension will it be taken from my salary hence reducing my taxable income. I hold a nhs and private pension which one is…
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HMRC Now received advanced notification of DB pension streams
Just to mention because it comes up as a topic around tax codes quite frequently here. It seems that HMRC now received advanced notification of DB pensions being put into payment. My DB pension first payment is due on 1st April, and HMRC have just sent me a (correct) tax code for the income which will fall in 24/25.…
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Salary sacrifice contributions
Hi. I’m looking to add to my SIPP before the end of the tax year. I’m trying to work out how much I’ve paid in to my pensions so far. I understand I can only pay in up to my earnings of £34k. I pay £100 a month to SIPP and £184 from my salary to my pension. I have also been paying into to my AVC (varying amounts from £650…
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Dealing with pension pot on death
Individual dies aged 50 with a defined contributions pension pot of say £200,000. Expression of wishes forms completed and submitted to pension provider. Beneficiaries can convert to an annuity or withdraw all the monies? May the beneficiary ask pension provider to convert pot value toa drawdown fund? If a drawdown fund is…
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SIPP S.O.S.
Always had a conservative approach to money and never invested in anything other than an ISA. I am now convinced (and was by my FA too) that at 48 and running a Ltd company a SIPP is a must. I have postponed this for too long and now I have to make a quick decision at the worst possible market condition. This current stock…
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Pension vs ISA when basic rate tax payer...
Yes I know it's been done to death BUT If you are a basic rate tax payer, maxed employer contributions, no salary sacrifice available, unlikely to be able to access means tested benefits anyway .... Surely ISA does beat pension because say you put 10k into an ISA from salary after tax. Yes you have already paid tax on that…
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Will taking some private pension now limit me in future ?
In July I will be 57 and will start taking my deferred DB pension. And unless tax rules change drastically I will always be above the personal allowance in future. But this current financial year, I have £5k unused allowance. So wondering if I should take this much (plus 25%) out of my private pension. For a tax saving of…
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Civil Service pension - help needed
This discussion was created from comments split from: Civil Service McCloud lump sum confusion.
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LGPS ill heath retirement
In November 2022 I was successful in getting my LGPS at Tier 1 due to ill health.At the same time, I applied for my pension from my previous employer which was also LGPS. Unfortunately, they turned me down fully. I was really shocked, however, I was just too poorly to even be able to fight. I am no better and never will…
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State pension clarification
Hello, Please can you help us with thinking re my wife's state pension so we can be assured it is correct? If not, is there a way to contact HMRC / DWP to confirm? Thank you in advance for your advice. My wife started to receive her state pension in 2008 so we are talkng about the old state pension (born in 1948). Her…
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Voluntary national insurance contributions- Abroad. Class 3 or 2
I'm panicking a bit here, as I have until April 5th to get the voluntary National Insurance contributions in. I'm a resident in the USA. My issue is this: I've been told by HMRC that I qualify to buy 18 years' worth of contributions, and I was given the cost based on the Class 3 rate—great! But then they added that, as I…
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Put Bonus to Pension???
Hi All, My annual salary is £51k and this March before the fiscal year ends I am going to receive a bonus of around £20k. Last year I received the same and because of tax I only received around £11k. I was tax 40%!!!! To avoid getting robbed by the taxman again, I am thinking of putting 50% of my bonus to my pension and…
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Alpha added pension and exit/VR
What happens to the outstanding monthly Alpha AP payments taken from payroll if leaving on exit/VR? Do you pay the remaining balance as lump sum and claim back retrospective tax relief? I believe AP payments cannot be refunded unless you’ve worked less than x years. For VR, I read you can use the severance pay to buy out…
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Local Government Pensions Scheme
Hi I was wondering if anyone could offer any advice on buying into LGPS. I have recently joined a LGPS (only 7 months in) and I understand that I can transfer in external pension pots within the first year. I have approx £80k in another pension pot - has anybody got any experience of doing this and whether it's worth…
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Most recent: Voluntary NI Contributions – What to Expect After Requesting a Callback by molerat
13 August at 7:57PM
