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Thinking about defering State Pension
I'd appreciate any comments on my thinking here. I'm retired. Age 64. I have a DB index linked pension currently paying me £31K per annum. I have a DC pension which I have had the 25% lump sum from currently there is £133K in there. I decided to start taking as much as I could from the DC pension whilst keeping my income…
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Gross Salary or qualifying earnings
Hi, When the site discusses the % you should add into your pension depending on when you start, is it based on Gross salary amount or qualifying earnings? I have just moved from a company that gave me 6% of my Gross salary to a company that gives me 3% of qualifying earnings. Trying to work out how much % i should put in.…
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Lump Sum or Regular Payments
I'm hoping to take my works Pension soon. Should I take a lump sum and small monthly payments or just take a larger monthly payment as if I was getting paid every month? Is it as simple as that?
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Was I opted out while self employed?
Hi, I worked for a company for several years and was opted out but then I left and became self employed for many more years. Q. During my self employed years I think I paid NI so do these self employed years contribute to my state pension entitlement along with the years in employment but prior to my opting out?
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Isa vs pension, which is best?
Hi I am in need of some much needed advice here, as when it comes to pensions its a bit of a minefield to me, I am trying to learn as at the tender age of 55, I now live alone due to having to place a parent in a nursing home as they got dementia, so I have to know these things now, anyway I have a workplace pension that…
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To pay off mortgage before retirement, or not?
I currently work full time with take-home pay approx £2200 a month or £26400pa. For personal reasons I want to retire at the end of 2029 when I’ll be 60. I have DB pensions (3 deferred, one active) which on current values will give me an income after tax of between £15k and £26k pa depending on the size of lump sum I take.…
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Pension Review & Opinions
Evening, This morning I received a letter from the company pension provider, Aviva, saying they could not longer accept any further payments in to the pension scheme. Which I assume is to do with the company I work before beginning to winding down over the next 12 months or so. This prompted me to go in to the Aviva app to…
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Put £20k in additional nhs pension or SIPP?
I intend to work another 2 years till age 60. I'd like to boost my pension. If I buy £1250 additional nhs pension, it's a lump sum of £20k. I think I wouldn't be able to gain the full benefit of the extra £100 a month till age 65 - is this correct? I'm thinking of taking the 1995 portion at age 60 and leave the 2015…
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Tax on US Social Security Retirement Benefit
Hi, I'm a British citizen living in the UK. Back in the early 80's I worked in the USA for a few years. Now that I am retired I submitted an application to the US Social Security Administration to find out if I was entitled to any retirement benefit. To my surprise they have come back and said 'yes' I can receive a small…
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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.…
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Pension credit to state pension
moved to benefits
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5% or RPI increases - any crystal balls?
Last year I bought an annuity and chose 5% increases over RPI. I had buyer's remorse pretty quickly - second guessing myself. So this year I am buying another annuity and have the same choice 5% or RPI. I am tempted to pick RPI this time. The starting annuity is nearly 15% higher with RPI than with 5%. How would people…
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Question on siphoning from Pension into S&S ISA
Wasn't sure if this question should be on here or the Cutting Tax board but opted for this one. Apologies if this wasn't correct. I’m 58 years old, retired, currently in receipt of a DB
pension worth c.£32k p.a gross. No other
regular income at present. Also have workplace
DC pension and SIPP currently worth c.£220k as…
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Reclaim emergency tax on pension withdrawal
Husband took out a single payment from his pension at the start of the current tax year. He was not intending to draw down any more on the current tax year, so this is his sole income for the tax year. He tried to reclaim most of the tax as he understood the rules changed at the start of this tax year. However HMRC won't…
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What happens if you straddle pension age increase?
On 6th April 28 minimum pension age increases to 57. My DOB is Oct 71. If I start accessing a DC pension from Oct 26 (age 55) can I continue? Or on 6th April 28 (age 56) will there be limits on how I can access my pension? What are the guidelines? I'm thinking I would be able to access crystallised funds in a drawdown…
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Tax man
Good evening all. I recently cashed in a small pot, 10k and got payed out £8500 cash. I thought this was the tax taken care of, but a month later payed $400 more tax on pay day. Next month I went part time on half pay and also payed too much tax to complicate even further I took a second small pot 10k. All taken this tax…
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Old Royal London Pension transfer to SIPP?
Years ago (I'm 52) I remember something about opting out of SERPS. So now I have a letter from Royal London saying I have an Appropriate Personal Pension with a transfer value of £9K. Would it be worthwhile transfering this into a SIPP? I have recently set up a SIPP with Invest Engine but unfortunately they're only…
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Missing/Part years National Insurance contributions
So I have a part year of NI contributions for the tax year 1994/5. I was made redundant on 31/3/1994 but received maternity pay from my employer in the April, May and June on which I paid NI contributions of £111.11. My baby was born on July 20th and I have confirmed with HMRC that I do have Home responsibility applied…
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Combine workplace pensions
I’m currently employed and pay into an Aegon workplace pension, I also have a RL pension which is/was also with my current employer until they switched provider last year, no longer paying into the RL. I’ve taken the tax free cash from the RL which is now in a drawdown plan and I haven’t taken any other cash. I would like…
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Alpha pension scheme, retiring early and AVCs
Hi - I’ve scoured the forum but cannot seem to find an answer to this particular questions. I’m a 53 year old active member of Alpha with an NRA of 67 years old. If I start building AVCs, I understand that I can take them with my Alpha pension free of tax at 67 (I believe the tax free limit is annual pension * 20/3).…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
