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25% Tax Free Lump Sum Withdrawal: Any Advice?
I’m at that age and reached out to my pension provider about withdrawing my tax free 25% lump sum - they said they’d arrange for an adviser to speak to me. Are they mandated by regulation to do this or is this them trying to dissuade me or upsell other products?! I don’t want anything other than my tax free lump sum - is…
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Consolidation ahoy, but some questions occur about Interactive Investor and Vanguard
Hello all. New to the forum. :smile: Ahead of starting to use my pension to fund my proposed lavish retirement lifestyle of visiting tea shops when there's a pensioner's special deal on, I'm looking to find the 'best' SIPP to eventually consolidate 4 DC pots into (totalling around £600k). Using flexi-access drawdown with…
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Pension withdrawal
My wife is looking to withdraw some money from her pension fund to bring her up to the income tax threshold for 24/25 of £12570. She has earned £3675.07 this tax year. Am I right in saying that she can withdraw £8894.93 without having an income tax liability? I am a little confused as I know 25% of pension withdrawals is…
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Pension Relief Tax at Source
Hi can some please confirm from these weekly figures that the higher rate pension relief 40% is already applied (on 20% pension contributions). I think its correct in effect paying less tax on the gross amount: Payments Basic pay = £1381.65 Deductions Tax paid = £207.80 Employee's NI = £66.29 Pension = £276.33 I am…
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Lump sum payment for an expense - SIPP vs Cash ISA
Hello folks I want to access c. £25k to pay for an expense in the next few weeks. My intention is to take this as a first tax free withdrawal from my SIPP. I am aware of the need to avoid triggering the MPAA because I’m expecting to want to contribute above 10k to SIPP for another couple of years, at least. So I’ll take…
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Interaction of voluntary NICs and deferring
I have a complicated State Pension situation and none of the helplines (MoneyHelper, DWP, HMRC, Future Pension Service) seem able to answer my questions, each fobbing me off to one another. So, I'm turning to the wealth of knowledge I've witnessed here over the years for advice. I'd appreciate any help you can give. I'm…
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Annuity tax treatment
My wife is a low earner with a state pension and an annuity income. This will exceed £12,570. Can the annuity income be treated as savings income rather than general income to take advantage of the better tax treatment.
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Nest transfer of funds to the 2015 nhs pensions
I retired from the 1995 nhs scheme in 2020 and returned a month later to support the Covid NHS crises and is currently working 22.5 hours as a community nurse. I enrolled on the NEST scheme and have now been transfered to the 2015 scheme after about 18 months of relentless chasing between nest and the nhs pension scheme.…
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National Insurance online Top-up Anomaly...if you topped up in 2024, check it achieved as expected!
Can any regular forumites recall if as well as the State Pension forecast site being a bit glitchy last year, there were any concerns about incorrect figures being shown? Have just noticed that when I took screenshots last year (cJune 2024), details showing were: Estimate based on your National Insurance record upto 5…
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Full state pension and NI contributions
I have 46 full years national insurance and due to claim my state pension in three years. I’m 63 and unable to work due to ill health (not my choice). I’ve just gone on to gov.uk and my forecast is full pension but on looking at my NI history it says I have a shortfall in the last tax year of £540. I will not be paying NI…
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OAP and carer's credit .
My wife has worked all her life but was contracted out for a number of years and so on reaching 66 in april her new state pension is £176 weekly and not the full £185.15 .She stopped working at 63 . She has been awarded 2 years carer's credit for looking after her dad with dementia who sadly passed away two weeks ago . How…
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Paying into SIPP in 24/25, tax relief arrives in 25/26
I think I saw this mentioned a while ago but can’t find the answer? I may drop some cash into my SIPP this year, the tax relief will arrives in the next tax year. Will the HMRC consider that to count toward next years 25/26 allowance or will they treat it as part of the 24/25 payment? It will be what it will be but just…
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Unclaimed Private Pension
Good Afternoon All I have been contacted by a pension fund that my late father was a member of but did not receive any payments from. Following a tracing exercise they conducted, they wanted to know if either his wife or children were eligible to receive a pension from the fund. They were not, although apparently a small…
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Pension credit and NI. I don't understand 😭
I don't understand. I was born in 1961. What's the need to top up NI credits, when pension credit automatically tops you up to the full pension amount anyway? If I top up, won't I lose out? because it is pointless to buy the credits? If I don't top up, I will get the same amount of pension because the pension credit will…
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Pension & income from 50/50 ownership of dwelling.
No response from HMRC to a letter & tax advisors don't seem interested in small fry, so here goes: We are UK retirees tax resident in Portugal. Our tax affairs are basic, comprising pensions, rent & savings. However, we have 50/50 ownership of our dwelling & the rental is essential to our monthly income. I pay UK tax on…
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Timing the market?
My pension is down about 8%. Is it the time to purchase more? :#
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State Pension Full Years requirement and anomaly on history
Hi All I am extremely naive on the subject of pensions in any way shape or form and the recent discussions around topping up non full years to qualify for full state pension got me to check. I cannot top anything up as last non full year is prior to 2006. However, I have a query regarding my history showing on the…
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Self-Assessment Tax Simulator
Hello, Is there a simulator (paid or free) that you would recommend for testing your self assessment tax liability. I have income from Private Pension, Bank Interest and Dividend payment and want to see how the tax is calculated, i.e. in old school math tests "show your working". Thanks Allen
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Clerical Medical Annuity payment decreased
My mother receives a monthly annuity payment from Clerical Medical on the 5th of the month. She has done for years and it is around £250 to £260. In July she was sent an annual forecast saying the first payment would be £250. Clerical Medical made 2 payments in August and September but in October and November payment was…
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Grandparent Child Credit
I posted this on the Grandparent Child Credit forum a couple of weeks ago, but has not been answered so I thought I would try here :smiley: My wife currently works full time and has brought forward her planned retirement by one year as we have found out we're going to be grandparents (woo-hoo/aaaarggg!), so that she can…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
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Most recent: Voluntary NI Contributions – What to Expect After Requesting a Callback by molerat
13 August at 7:57PM
