Pensions, annuities & retirement planning

I had two PCLS in 2022 for £30k and £40k from DB schemes. I have the BCE paperwork from both to enable a TTFAC application if I wish to. I need to study the numbers carefully. I'll be taking another PCLS later this year from a SIPP. It seems I have the option of applying to the SIPP provider, or either of the '2022' DB…

Situation: Transferred an old obsolete £27k DC Pension Fund into a SIPP. It’s currently siting as cash ready to be invested. I’ll add a further £16k over the next 12 months to gain the £4k Tax relief. Total Fund £47k. Intend to retire in 12 months and more or less deplete this DC Pension by the time of State Pension in 10…

Longtime reader first time post I think. I have 10 years to go till retirement and I have been looking to restructure my investments. I currently have an odd mixture in SIPP that have evolved through me dabbling, they is a reason and research behind each one. At the end of 2025 I realised a more serious approach was needed…

I'm a 60 yr old, retiring in April.I have £12,000 a year coming in from a DB pension, £180,000 in fixed term bonds and ISAs, and 30k in an instant access account.I have expected outgoings of £24,000 this year. Goes up by less than 5% (checked several yrs bank accounts, although can't guarantee I guess).No debts, no…

I requested a one time drawdown from II of £1100 so that I could get a tax code applied. I have not received any money yet but the gross amount had been deducted from my cash. I noticed that they have now updated a tax code "1257L" and tax basis "Month 1". It says on their website this code "was received from HMRC". This…

Hi, I'm hoping someone can help me with this. I withdrew max tax free lump sums from 2 pensions a few months ago - a defined benefit and a defined contribution (SIPP). I was planning to retire or at least semi retire. The amount was more than £7500 for both withdrawals. I decided to go for one last working opportunity:…

I am about to start receiving benefits from my SIPP via UFPLS. I have no immediate need for the funds so am going to gift the money to my wife. Should my wife then decide to put some or all of the gifted monies into her SIPP and receive tax relief, would HMRC regard this as pension recycling?

Hi everyone i am about to be tuped in the next three months. The situation is that my new employer will be introducing a new pension scheme which therefore leaves my existing one with no further contributions (I have a DC pension with Standard Life). My question is having three years left of employment what are my options…

I instructed Aviva to cash in my pension, filled in the appropriate forms and got confirmation in writing that payout should be within 15 business days of the 1st December, I booked a builder to do some work beginning the 6th January expecting the funds to be in my account by 22 Dec, nothing arrived! I called Aviva and was…

Hello I wanted advice as my partner of 25 years recently passes away. He had an American private Pension which he was receiving and filled in the expression of wish form which had me down to receive the pension as I was his power of attorney and next of kin and his common law wife and sole beneficiary on his will. The…

Some basic facts and figures. Age – 59 Recently early retired DB Pensions (just started receiving) - £26,500 / yr fully indexed linked SIPP - £500k approx. SSISA - £350K My number – I need about £35k / yr Cash – c.£70k for emergencies and such like. Mortgage free and no debt. SP – full amount expected. My objective is to…

Asking for a friend - no really. He has one pension which brings in over the personal tax allowance but not over base 20% rate. one very small one as well. combine would be well below the 40% threshold he has received notice that his allowance has been reduced from £12570 to £9991 "Allowances allocated to other earnings…

I have received a small inheritance & I hoped that I could use it to top up my SIPP using the unused pension allowances from my last 3 years of PAYE & SIPP pension contributions. I earn £20K/a and I know can only top up to that amount this year, but I have more to invest so checked the HMRC website: You will not be taxed…

Newbie here so please be gentle! I am a member of the LGPS and considering taking early retirement at 58 with annual (reduced) pension of around £12k pa. I also have £50k in AVCs and am unsure whether to use these to buy an LGPS annuity or a SIPP or to add to my ISAs. Partner has retired and has sufficient DB pension of…

This discussion was created from comments split from: Topping up my SIPP using unused allowances from previous 3 years pension contributions.

Hi Everyone I am debating taking my full TFLS from my Aviva Pension pot.Aviva Pensions My Future Focus Consolidation (Pre-2024) S6 But I wish to leave the remainder in the same fund. My thought process is that I am convinced that we are about to have a serious crash. (not based on the A.I.. press nonsense, but more to do…

This Bluesky post by Paul Lewis links to an FT article that describes Active fund management as a sham, paywalled but the post it includes a couple of relevant screenshots. ”Plenty of managers beat the index, sure. But was it skill or luck? If the former, you would expect persistent outperformance. The good ones would keep…

https://www.gov.uk/government/consultations/consultation-on-the-uk-treasury-bill-market See below a key extract from the consultation document identifying the Government's rationale behind seeking greater retail investor partipation in T Bills, to reduce reliance on more expensive medium/long term gilt financing - " 2.18…

I have a pension pot that is still fully invested. If I withdraw it as a lump sum I receive 25% free of income tax and the balance is taxed at my normal rate of income tax. My request is for any clarification as to the tax situation applied to the fund if I die before withdrawing the capital. The money would go to my wife…

Hello all, My workplace pension isn’t great 5pc employee 3pc employee but to benefit from tax relief I’d like to increase my contributions into my Aviva pension. my employer for the last four months has said I can’t increase my contributions due to some software update seemingly this is never ending. If I make my own…