-
Options for DB Pension upon retirement
Hi, After an 18 month wait I have finally received my CETV from my DB pension administrator. In short, it values the transfer @ £173k and estimates an annual income from this pension at about £4,500k per year on retirement, or less if I extracted some of my 25% tax free allowance. In my simple world, I divided the CETV…
-
State Pension - Civil Partnership certificate demanded
I have been receiving State Pension since 2017, partner since 2020. After 30 years together we became Civil Partners in January this year (2024). Obeying the guidance I saw about notifying of change of circumstances, I wrote a paper letter to "The Pension Service" advising them of the fact, and giving details of me and my…
-
How long should I wait for a CEV
Hi, I have been waiting since Feb 2023 for my pension administrator ( XPS ) to give me a CEV for my DB pension. Lots of promises that it will be sent through next week, etc etc but nothing. Latest message has been that the Trustees of the plan to put transfers out on hold temporarily as the factors are currently being…
-
HMRC unable to unlock access to NI record info - help!
My partner is trying to access his NI records to check for missing years and hopefully plug the gap. However he has hit a wall with HMRC - his details don't match on their system and he cannot log in. He was asked to send his passport info to verify his details and unlock the account, however even this hasn't worked and…
-
Max pension contribution
Hi, No doubt a simple calculation but one that I'm struggling to nail. I'd like confirmation re max pension contribution I can make and still get tax relief ? Annual taxable pay £47k Annual take home £37k AA used up by DB pension ~£16k. Is the max I could contribute in this scenario whilst still getting tax relief ~…
-
Increase to Minimum Pension age from 55 to 57 on 6th April 2028
Latest position:24th February 2022: The Finance Act which contains the legislation making the change receives Royal Assent. Discussion of this starts from page 22 at this link. Most pension schemes have not yet made clear whether they are protected or not.…
-
SIPP or S&S ISA more effective?
What would be the most effective way to invest for 20 years to have the largest pot to retire at 57, so that I can bridge 10 years to other pensions accessible at normal pension age?
-
To defer State Pension or not ?
Would there be any point in deferring my State Pension by a year ? Approaching pension age with a private pension already paying £15k pa and a part time job paying £12.5k pa i cant see any tax benefit in deferring my pension or am i missing something.?
-
Claiming state pension, need proof of divorce?
I’m asking this question for a friend. He has just turned 66 and trying to claim his state pension, he divorced his wife 20 years ago and is telling me that he needs to provide proof that he was divorced, which he doesn’t have. I’m not sure if that is true or not but he thinks that to apply for the documents would cost him…
-
Is the State Pension a benefit?
There was an article in the i over the weekend saying the following. The state pension is a benefit – here’s why it’s important we say so The notion that people collecting their state pension are simply taking back what they previously paid in is wrong I did catch my eye and it does appear controversial but does it matter?…
-
PENSION FRAUD!!
I mentioned this a while back but it's just happened to a friend & it reminded me. PENSION FRAUD! I was approaching the age of 55 and I had savings in a fund that started 30 years previously. It was a decent figure but less than £100,000 which I could access on or after my birthday. In the months or weeks leading up this I…
-
Pension Pot access
I have several Private Pension funds consolidated into 2 providers, these are straight fwd money purchase pots.(total value around £900k) I have not taken any of the 25% tax free allowances. Although I have been issued with a state pension for 2 years, I currently have no need to access these pensions pots I have 2 smaller…
-
How to draw the most tax efficient income in retirement
We have a mixture of ISA's (£500k b/w us), DB pension (£60k/year for husband who is fully retired), £800k SIPP, and a fairly healthy investment account invested in a mixture of asset classes and managed by a wealth manager. I work part-time and earn around £25k/year which I invest into my pension atm. I am due to give up…
-
Employer Contributions - DC Pension
I was browsing my employer's employee info hub today and came across a document requiring my acceptance which seems to be updated terms and conditions. I couldnt see any changes until I got to the page detailing pension contributions and it now includes company matched contributions to a maximum of 5%. My employment…
-
Sense Check Please!
Me and the missus are retiring in two years time aged 57. She will have an index linked DB pension paying £20k gross. I hope to have my DC pension up to approx. £300k and we will have "cash" (ISA etc.) savings of approx £150k. We also have a rental house in my name and a house in her name (its actually 2 houses each which…
-
Teacher's widow's pension stops if I remarry?
My late husband and I were both teachers, starting teaching in 1986. My husband passed away in 2014, while still in service, and I got his pension. I've subsequently retired myself, and I'm thinking of remarrying...will I lose his pension? The teachers' pension website seems to suggest no, but on speaking to one of the…
-
No Tax Refund on Pension Tax Code C1131N
Have started taking income from pension (no other income) the initial tax code on first payment was 1257L which has now changed to C1131N due to previously transferring some of personal tax allowance to my wife some time ago. My wife retired 3 years ago & is a non tax payer so would not benefit from this. HMRC have advised…
-
Good Book on Retirement
I've just finished a good book on retirement, Younger Next Year, which I'd like to recommend. It won't be everyone's cup of tea (it's a bit American and very bloke-ish) but gives some great advice on retirement and ageing. I wondered if anyone has any recommendations for books on retirement that they've found useful or…
-
Is Your SIPP Pension Making Any Money?
Dear all I'm coming up for 61 years old, have a SIPP pension with funds invested via a firm of financial advisers. I switched my pension to them in early February 2023 as I wanted to combine my pensions into one pot and my existing provider didn't want to help. I have a 'low/medium' risk profile and from Feb 23 up to…
-
LGPS into NHS pension scheme:
Hello, I have looked up a few past threads and am aware that I need to contact the NHS pension scheme and ask them how much my current LGPS value would "buy" me of NHS pension. I am currently employed in the LG and in the LGPS I have 7 years of service. I am on a salary just over about £70k, and have been offered a job in…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
382 discussions
4K comments
Most recent: Speaking to someone at HMRC by fredjsyman
3 December at 9:07AM