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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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Lump Sum and Death Benefit Allowance (LSDBA)
Hi I am hoping someone can help with my understanding of this allowance. I have tried reading around but all that I can find is pension related and I am interested in life assurance. This year both mine and OH's employers have drawn our attention to the impact of this allowance with respect to our life assurance benefits…
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Can I just use Vanguard Lifestrategy funds for my retirement
Hello I appreciate that no one can give me financial advice- just really looking for a steer on whether this sounds sensible. I want to create a cashflow ladder with money for the next few years in cash, then the few years after that in low-medium risk investments, then a chunk in medium risk and the remainder higher risk.…
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Severance pay and tax
I am wondering if anyone might be able to help or point me in the right direction to get some information. I have been toying with retiring from my current job for the past 12 months. I was 60 in November and always said I would probably go then if could. I have unexpectedly just been offered severance pay of 38,000 of…
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Paying into Pension still once retired
Hi can anyone help with this query , please my wife hopes to retire end March next year (age 58.5). I hope to retire in 2 year time (3 max - I Will be age 57 if I can get out in 2 year . hopefully our pensions will be follows - my wife pot is about £330k ,some of this unfortunately is cash , rest is DC and S&S ISA. my…
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Deferred GMP and excess pension
I have a deferred DB pension from an employer I left in April 1999. I'm about to turn 60 NRA and I've received the pension illustration and it doesn't match previous statements and my own estimate, £14.4k vs £17.3k. Here's some old statements. I queried it and the difference appears to be that the excess pension will now…
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A Paupers Pension Tale (Not many nuts to dig up)
Will try and make this as short as possible and is mainly
aimed for people like me who are thinking of or have retired early with only a
small pension pot. I have read through many posts on here and there is not much
out there for people like myself so I thought I would start this thread and
update it as I go along then…
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Tax on private pension - PAYE or Self Assessment
My wife and I have a SSAS, which is now an orphan (no Principal Employer) fund and a micro (two members only) scheme. 25% of the fund was taken tax free some years ago. We have now decided to withdraw cash from the fund, which due to investments is continuing to grow year on year. We are currently basic rate tax payers and…
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can you explain what has happened with this tax deduction from pension?
I have finally arranged to take a small work pension (DC) in drawdown over 2 tax years. (that's one of the options from the scheme rather than transferring it out) It's not a lot of money but obviously I want my money in my bank account and think I've been overcharged for income tax. Now I've phoned the admins and they…
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Expat in Portugal with a SIPP
My wife is Portuguese and she still has a flat there. I read that Portugal has a flat rate of 10% tax on pension income for expats. That seems quite attractive, especially if I could empty my SIPP in one go. I can't believe this would be possible but would be interested to know if someone has some insight into the…
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Flat vs Indexed Annuity; front loading income?
Hi, I've been looking into annuities as am attracted to the certainty. I automatically gravitated to the 3% indexed rates and didn't really consider the flat rates. I'm probably very much inclined to go for the index rate but playing devil's advocate, is there a benefit for going for a flat rate? To my mind a flat rate is…
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LGPS
Hi I am currently in the WM LGPS. I would like to retire this year (age 64) but I am totally confused by the information I am being given regarding the LGPS regarding what my annual pension would be. I understand that I will have a penalty for early leaving but the figures given seem to change whenever I contact them. I am…
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Buying an annuity for cash
Can anyone tell me if there is a company from whom I can buy an annuity for cash as I don't have a 'pension pot' that I can convert (I'm over retirement age). I would be looking to spend £100K from cash savings. An annuity would fit me perfectly. I don't need a financial adviser because I have done and understood all the…
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To combine or not LGPS
Hello - if anyone can advise I would be most grateful. I have a deferred amount in a LGPS (accrued from 2002 - 2017) as I was made redundant. So the Pension was frozen. In my current role I am also in the same LGPS but it counts as a separate record or amount. They have contacted me to see if I want to keep the benefits…
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Annuity vs Bond ladder
I’ve been investigating a guaranteed income to bridge the gap from soon to be 60 until 65 when a DB pension kicks in. I did research on annuities then compared this with a gilt ladder managed myself through my SIPP and the 5 year cost to get the income I want is very similar. The best quoted annuity is L&G at around £196k…
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What to do with all your time?
I thought it might be interesting to get some perspectives from the hive mind here running: might help others. We all know that those who have bitten the bullet almost all wonder how they had time to work, but perhaps this thread could give others ideas? Not wanting to focus on the financial aspects - most threads here do…
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Public Sector Adjustment Calculation - Scheme Pays
Hi everyone, Today I received my Remedy PSS and so went through the HMRC Public Sector Adjustment Calculator using those figures and whatever else it needed. The calculation shows there is an increase in the annual allowance tax charge for one particular year of circa £18k. When I go through to the next stage, Submission,…
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Sipp contribution for low earner
If someone earned £2910 in the current year, is £2910 x .08 = £2328 the most they can put in a SIPP that year, or does the £2880/£3600 unearned limit applied....? tx
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Standard Life Stakeholder - DB transfer
Hi I’ve just been on the phone with standard life attempting to open a stakeholder pension in preparation for maybe transferring a db pension over (I’m sure I won’t get a recommendation to do so from an IFA). I’m still gathering info to make a decision on whether or not to do it but I thought for the sake of £20 I’d get…
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Topping up NI after living abroad
I am a UK born citizen, 57 yrs old, in full time employment in UK since 2012. Prior I lived for 22 years in US only contributing to US social security. I resided / worked only 1 year in UK prior to moving to US when 18-19 years old as I lived in France from age 7 to 18. From looking at form CF83 I don't believe I can pay…
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Most recent: Voluntary NI Contributions – What to Expect After Requesting a Callback by molerat
13 August at 7:57PM
