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Using part of DB lump sum (SAUL pension) to buy an annuity. Any good reason to do this?
I am already aware that the commutation factor for the DB lump sum tends to be poor. I don't need a large lump sum as I have other savings and no debts to clear. My instinct is to slightly reduce the default lump sum amount and get more as my monthly income. A financial advisor recently surprised me when he suggested that…
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DB lump sum protection option - no brainer?
I intend to start my DB pension next year when I turn 57, 3 years before the scheme's normal retirement date).The latest early retirement quote I received gives me the following commencement options:* Option 1 - £27.5k per year with no lump sum * Option 2 - £22.2k per year + £148k per year lump sum * Option 3 - £27.5k per…
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People’s pension Lump Sum Retirement Benefit
Hi there all my husband is almost 65 and The people’s pension has written to him advising him that he is able to take this tax free benefit on his 65th birthday onwards. This was a fund he paid into in the 80s that The people’s pension took over. He also has an ongoing pension pot with them with his current employer that…
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Dwp
Hi, I have a private pension and also started getting State Pension a few months ago. DWP gave HMRC the wrong info regarding my pension amount. As a result I apparently owe HMRC money so they have put me on a K19 tax code for 25/26 tax year. Is it worth contacting DWP to complain.. assuming I can get hold of anyone...…
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Incompetent handling of estate by previous executor means 45% tax now due on private pension!
Ive come over from the probate forum who have been very helpful indeed but I think I need some additional advice from the experts here! Long story short the previous executor was incompetent and although registered the death with the employer, they did nothing else afterwards, 3 years pass (dont ask!) & after us taking…
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Nervous about starting salary sacrafice.
I wonder if anyone could help with some advice on salary sacrifice pensions. I would like to put roughly twelve thousand a year into a pension using salary sacrifice. Now having heard of many instances where small companies went bankrupt and later their employees discovered they hadn't been making the pension contributions…
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Move pension/ take 25% ?
Hello all A friend, who is not yet at State Pension age, still works part time and also has a small NHS pension needs a bit of advice. He's already taken a lump sum from his NHS pension (about four years ago) and had forgotten, but has suddenly discovered, that he paid into a Standard life AVC for his NHS pension back in…
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Drawing pension while working
Changed jobs last year and took a drop in income so drew my pension to top up my wage, took a lump sum to put away to pay off my mortgage next year. This amount took me over the 50000 tax band. Will I be hit by extra tax and do I have to let the tax man know or will they send me a bill. I'm earning 27000 a year and my lump…
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Scary numbers on 10-year survival chances
Somewhere on an internet discussion, I saw a stat about "how old do you have to be on a birthday before you have less than 50/50 chance of reaching your next birthday"; the answer very surprisingly was about 107. However, thinking 50/50 and 1 year is not good, I decided to dig out the numbers for a 90% chance of getting to…
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Tax on 25% of pension pot.
I'm confused. If I take £10,000 out of a SIPP pension of £75,000, do I get the £10,000 tax free or just the first 25% of it tax free? Ie. £10,000 - 25% - £2,500 tax free and pay tax on the remaining £7,500?
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Civil Service Premium Pension - take at 60 or wait till end of scheme year?
Hoping someone can help with what should be a fairly easy question, yet I can’t seem to settle on an answer. I reach 60 in September, so can take my Premium pension. I will get a pay rise in April, so I’m not sure whether to stay until 31 March 2025 when final salary will be highest, or go in September. I’m toying with…
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inheriting ex's pension pots???
Hi, My ex ,with whom I share children, died recently. I was named in his will as the benefactor of his estate. He was in a care home and didn't make any contributions to us financially except the bare min via child maintenance service. He didn't name anyone or make any expression of wish on his pension platforms. He was…
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P53Z form help please
Hi, I'm attempting to claim back overpaid tax paid on a lump sum pension pot,using P53Z form on HMRC website, however, I've fallen at the first hurdle! How much income did you receive from this pension before tax was taken off? On the confirmation of payment paperwork it says A ] Your fund value was £25716.03 B] Your…
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Who to pursue? IFA or Company
I was unfortunate to have invested in some Stirling Mortimer Property Funds back in 2008-2009 amounting to around 50k which had collapsed a few years back. These were advised to me by my IFA who I am still with to this day. A friend had checked for me on these funds and said I could should get compensation as they should…
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Whether to retire this year
63 later this year, have 2 x DB pensions that I could take early with actuarial deduction, and about £100k in a SIPP. Unless I take by DB pensions soon, I will be caught by the 40% tax threshold (as it stands) once the state pension kicks in. I had been planning to take one of the DB schemes now and deter the other, and…
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Final wage, additional pension payment advice please
I’m looking for some sage advice please on the scenario below. I retire at the end of July this year. I want to put a lump sum into my pension in my last wage out of an additional payment I receive. By this time to the end of July and for the purpose of this scenario, I will have earned £25,000 (gross pay for tax) and I…
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Dad and his new younger partner - pension, savings and retirement issues
Hello all! Seeking advice not for me, but for my dad. Dad is in his early 60s, with around three-four years left until state pension age. Due to a lifetime of patchy NI contributions and self-employed or casual work, he doesn’t qualify for even a minimum state pension. He has no savings, no property, and he gave up his…
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Does transferring a UK pension abroad, transfer the amount I've contributed and my employers?
Hi, a silly basic question where I am getting mixed answers from my research and I am now more confused. I am not a British citizen, originally from Australia however have been here 9 years. I am thinking of moving back. If I transfer my NHS pension to an Australian one, going through the process, will the amount of money…
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Take Tax free amount out of Pension to pay off mortgage
I am 56 and currently have a 1.34% fixed rate mortgage until May then the fixed term stops and I go back to real world rates. I am currently overpaying the Mortgage and current payments are £900 a month. By the time I get to the renewal next year there will be around 50K left. I am debating if it is wise to take the 50K as…
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Torygraph suggesting salary sacrifice to go
Suggestion seems to be any contributions over the legal minimum (5%+3%) will be subject to at a minimum employee and employer NI and possibly also income tax. No doubt the 30% odd notional employer contributions to public sector pensions will not be seen in the same light. We voted for this government.
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
721 discussions
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Most recent: Delays for P55 tax refund from HMRC by leosayer
21 November at 11:44AM
