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Private Pension Contributions
Hello, firstly hope you're all well & apologies in advance if this question has already been asked. I have around £36k in savings from when my mum passed away a few years ago, I always told her my dream was to give up work as soon as I can, so I'm retiring early at the age of 61 in late September. I've got a Santander Edge…
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Workplace pension reduced after the event
I have read threads here whereby people made decisions to retire (e.g. early) based upon their workplace pension provider's quotations, only to have some of the lump sum and ongoing pension snatched away when errors had been spotted months after their retirement. It seems that back then there was no redress. I took early…
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Sipp beneficiary
I'm the beneficiary of a sipp and understand that money taken out as a lump sum is taxed at my rate which is 20%. the SIPP provider says it will pay out using a emergency tax code at 40% and I'll get just over 60k. The SIPP is worth 107k and I earn just under 30k. Ive read that sipps will be taxed at the beneficiarys rate…
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Pension paid as part of severance
Hi, I am not clued up on all this but I am getting tingles that this doesn't feel right and I wondered if anyone could help. My partner was medically signed off from his job and has accepted to go down the severance route as it works best for us. However, he told me yesterday that around half of his package is his pension…
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Choosing annuity over draw down?
I will shortly have access to about £200k from my deceased husbands private pension plan. I can take a £50k benefit and raw down a certain amount on a monthly basis but the total funds do not increase for me. should I take the whole lot and put it into an annuity? Also, should I split the amount up to put into a variety of…
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Reinvesting in a pension product
I have inherited 220k SSAS pension from my spouse, who died under the age of 75, so the pension is tax free. I have concerns with the current investment and administration and would like to transfer the entire pension to another pension product where I can invest for now and draw down from 2029. My concern is to find a…
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Time to pay NI top ups after decision
Hi Folks, in 2023 I made a first application to top up my NI contributions back to 2006 as I have been overseas for a lot of the time. I know applications for that had to be in by 01 April this year. My third submission of the same form (I have reached the front of the queue twice now and their response was to send me the…
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Pension Drawdown Tax Refund
Hi, last year I used all 100% of a small pension to pay off my mortgage. Obviously, I was taxed on the 75% drawdown amount. Since then, I have been unemployed and have not made much money and have not reached my tax allowance for the year. Will I be able to get the 3k plus back as paid taxes?
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Teachers’ Pensions Website difficulties
Good evening all, just wondering if anyone else is experiencing difficulties with the Capita run TP website, really hard to contact them, emails not answered and on hold on the phone for 50 mins plus. i have had and filled in my Rollback choices statement which tells me I am owed money. It was posted “special delivery”…
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Claiming my 25% tax free pension allowance without the balance going into drawdown
I have contacted my 3 separate private pension providers all of which have told me that if I am paid my 25% tax free amount into my bank account now that the remaining pot will go into a new account that will then be in draw down and taxed which I do not want. I was told that what I require is possible however it may…
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SIPP drawdown
I am over 55 years of age and would like to take a 25% tax free lump sum from my SIPP. My SIPP consists of 3 different US shares and a small amount of cash (£150) that I leave in there to cover fees. Am I able to decide which shares are sold to raise the 25%, can I sell some of each? Can I specify to leave the current cash…
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Pensions Advice - Insight4universities etc.
Hello I'm looking to reduce my hours by at least one day a week this year, but having spent all my working life until now trying to avoid thinking about my pension (USS), now find I need some advice to get my head around the pros and cons of my options for doing this. I'm reasonably sure I can afford it, either with or…
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Identifying whether a fund offered by UK organizations is US/UK Tax Treaty recognized
Hello, good day US/UK citizenship, UK resident, no US assets, holdings or business/employment dealings Seeking to understand how one might identify whether a fund is recognized by the US/UK tax treaty and what in fact "recognized" means in this case e.g. is that the same as saying it's HMRC domiciled or something else? The…
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Civil Service Pension - EPA
Hi, I've been reading several threads about the changes to EPA and early retirement and still at a loss as to what to do next. I have been in the CS Alpha scheme for 4 years, contributing to -3 EPA for the last 3 years. I understand the EPA is no longer as beneficial since the changes made in the last year. I'm 34 and have…
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Total Pension Pot calculation…
Hi, looking at an old private pension forecast from 3 years ago. If my lump pension was 143k with a reduced pension of 21,475.68 annually. I will request an updated forecast, but for the moment though can you assist me with some queries based on numbers above; How much pls is my total pension pot ? Is it 143k x 4?…
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TPS Scheme, How to claim with minimal actuarial reduction.
Career Average with 3 Year Buyout. Want to claim age 60, so only 5 years actuarial reduction. APB - I buy £250 every year, current pot is around £2k, anticipate it to be around 5-7.5k at age 60 as I will buy the maximum I can. I cannot have 3 year buy out on this, so if I was to claim at 60, would be reduced by 8 years…
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£60K annual allowance pension contributions
I'm looking to maximise my contributions to AVC over next 2 years before finally retiring - I know I am limited to my pay or £60K (whichever is less), and can use some unused allowance from previous years - I''ve been doing some calcs but hard to be exact when I am in defined benefits main scheme and defined conts AVC. So…
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Civil Service Classic Pension queries
Looking for some advice please. I was in the Civil Service Classic pension scheme from 1984 until 1994 when I left and became a deferred member. As my pension is due to start paying at age 60 at the end of this year I thought I would request a statement / current valuation last September as I had not received one for…
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TAX ALLOWANCE ABOVE STATE PENSION AND BENEFITS
My current state pension is above my personal tax allowance because I have transferred 1260 to my spouse and is my only taxable income The problem is that for benefits puposes the full state pension is being listed as income instead of the NETT with the tax deducted I am probably one of the first to have this issue which…
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Pension income
Looking for some advice please. I took a lumpsum of £15k out of a pension pot in the last financial year. I received £10k and I paid £5k tax on this at BR according to my HMRC records. I am not of pensionable age and still employed. this amount of tax seems unusually high in comparison to the tax I have paid on other…
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