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Aviva workplace pension part transfer to Interactive investor
I am considering switching my workplace fund to my SIPP to save on cost. I am just unsure if I am missing anything. Aviva have been hopeless when asking anything and simply in end sent me a form. With me already paying £12.99pm for the fund in ii (which is identical to my aviva workplace supermarket fund) it seems a no…
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Pension Lump Sum + Further Pension Contributions
Hi I am 65 and have two pensions, a workplace salary sacrifice pension (£80k) and enjoy tax relief (I am a 40% tax payer) together with a SIPP (£320k). If I take a lump sum of say £70k from my SIPP and increase my workplace pension contributions (not greater than £60k / year), what tax relief can I receive via my workplace…
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New Higher Rate taxpayer as a result of State Pension
I have just started receiving my state pension, pushing me into higher rate tax band and now reducing my PSA to £500. (I was a HR taxpayer as live in Scotland, but PSA was £1000). Is there any benefit in contributing £2880 to a SIPP each year, and if so how does the tax relief work. Is it automatic or do I need to claim to…
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State pension age review
This article has come up in my Google feed. https://flyeptportugal.com/state-pension-age-update-2025/ It's saying that the state pension age isn't going to be increased to 67 as planned after 2026. Seems too good to be true. Does anyone know anything about this please ?
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Top up Sipp from ISA and then utilise tax free cash for House renovation.
Hi, I am struggling to work out which option makes sense. Currently 56 years old and drawing a DB pension and working (Higher rate taxpayer) My DB pension is sufficient to cover my living expenses and I have another DB pension growing with my current job. I pay into a SIPP current value approx 200k and currently contribute…
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Hmrc
Hi :) New to the forum - don't know if this is the right board, but hope someone can help :( I was trying to complete my wife's self assessment tax return today but couldn't get past section 3 - tailor your return - as a result of hmrc categorizing an old pension payment this year as an employment. We found old pensions…
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Trying to understand pension changes and feeling out of my depth
Hello all. I've just been notified by my company pension provider, L&G, that they are going to change the fund my pension is in.It's currently in L&G PMC Multi-Asset 3, and they have notified me that they plan to change it to the L&G PMC 2030 - 2035 Target Date 3. They have not explained why, other than a very generic 'we…
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Transfer Advice Complaint - Do I have a leg to stand on here?
Hello All I recently transferred my DC pension that had some guarantees which meant I needed to take advice to do so (technically it was classed as a DB for transfer purposes but in reality it was a pension consisting of several normal funds that I could buy and sell at will). I paid for the advice and the transfer went…
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'Inefficiencies with the TeachersPension Scheme' - T-13 days!
I have recently finished teaching after (give or take) thirty years in the classroom. I have been planning this for a while, but especially after having a heart attack in 2018 and a triple heart bypass the following year. I applied for early retirement and my pension on November 2nd 2023 (giving the full maximum six…
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AVC/SIPP
I’m looking for a bit of advice. I want to set up an AVC on my part-time job with the local authority. I’d originally planned to pay in £120 per month, but my employer has said I can only contribute £57 because of the way it’s linked to that post. Would it make sense to set up a SIPP alongside this so I can put the…
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Pension calculators - why are they all the wrong way round?
I know, I know, it's not the "wrong way round". I'm probably just thinking about this weirdly or doing something wrong. I have been ill for over a decade and unable to work. Recently I had an operation that was successful and I'm back at work. My husband and I are now desperately trying to get across our awful pensions…
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Income, Expenditure and Gifting from Excess Income
I am trying to get my head round income, capital and gifting from excess income. The figures are for discussion purposes and are not real or well thought through. Suppose I have a pension income of £40k (from DB schemes and the state) My yearly expenses on food/energy/holidays/housing are £30k leaving an excess of income…
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Teachers Pension + Lump Sum Delayed by 6 months with no communication or escalation path forward
Hi, my wife took early retirement and was suppose to get lumpsum and pension from April. The pay slips are getting generated but the money is not getting credited to the account. We have raised 15 secure messages through my pension online with no response, made 13 calls with fake promise that it will be resolved in the…
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LGPS AVC’s
My partner is looking to retire from the LGPS in under 2 years age 60. She is planning to now start paying into AVC’s up until retirement. As it’s under the 2 years is there any implications of doing this and taking them out on retirement? She is a higher rate tax payer (Scotland). I have also heard that you can buy AVC’s…
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Midland Bank Pension
Hi, This is quite a long shot but I worked for Midland bank for two years in my late teens, 17-19 years old, and wondered if I ever paid into any sort of pension scheme way back then and if I may be entitled to anything.
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1973 baby dumb question
Morning all, Pension’s, definitely time to start trying to learn. Let’s start with the most basic lack of knowledge question So have about 5 different pension pots, 1 from early 20s, 3 since Covid through workplace. My main pension started in 2010. So my question, Not sure if the change from 55 to 57 means I have to wait…
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NHS and State Pension after Retirement. Spouse Dies What Happens to Pension
Hi My wife and I want to know as we are planning on modifying our wills and Tenants in Common. We have both been retired from the NHS for a few years and get our NHS pension each month. My wife also gets her monthly state pension. When we were discussing the changes we are considering. The question came up regarding our…
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Is it better to invest in pension at start of the financial year, or towards the end
HiAny estimate available what is the typical growth of a pension fund over a year.I have funds available for investment and to gain maximum tax benefit I deem investment into a private pension fund is the best option. There is a 20% relief at source, and if I am in the 40% tax bracket I get a further rebate of 20% when I…
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Small Phoenix Life DC Pension
Have a tiny Phoenix Life (ex Scot Prov) pension approaching intended Retirement Date in Nov 25 (age 60) - with an Estimated Value of circa only £7k. Apparently there is a (small) Guaranteed Annual and Final Bonus applicable on it. Not in any desperate need of the funds atm or in the near future. Still currently working.…
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Crystallised AVC monies
I am a member of a DB pension scheme and was saving into an AVC. When I took the pension I was able to use most of the AVC to enhance the lump sum. This left me with £1500 of crystallised funds. I originally put this into a HL Sipp, but this was clawed back by the pension scheme as it was outside the rules. A subsequent…
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