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Will I need IFA for a Scot widows transfer?
Hi, I have two old SW pensions from 1988, a pension builder and a stakeholder. I will likely want to transfer both to a SIP once I reach 60 in 6 years time. Both will be over £30k and have some protected elements, they can be taken at 60 without and MVR and both have a guaranteed annual growth rate of 4%. This latter…
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DB Lump Sum or No Lump Sum
I am looking for people opinions on taking a DB lump sum or not. I have always been in the camp of not taking the lump sum from a DB pensions as the inflation linked benefits outweigh the benefit of taking tax free cash, until faced with making the decision myself. I neither need the cash lump sum for anything specific nor…
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Tax Code Changes
I have now been retired about 8 weeks. Just received my second drawdown payment. I receive two payments, £750 tax free and £2250 which is taxed. My tax code used to include some employment expenses (professional fees and a journal) but obviously I won’t be claiming those anymore. I note though that my current tax code is…
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Tax Refund following partial Pension Drawn Down
After my initial tax free amount I have continued to ‘draw down’ relatively small amounts, every now and then, with basic rate income tax deducted at source, from a modest Pension Fund. I keep receiving messages via social media telling me to reclaim the tax I have paid (by registering with the author of the message, of…
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Has anyone heard of this company
Hi, I've had the following company recommended for giving advice and wanted to know if anyone knows anything about them. Pension Help Ltd Manchester (pensionhelp.co.uk) Thanks
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Money Purchase Annual Allowance
Dear all, would be grateful for any help. Background: 65 yo. In receipt of final salary pension from working at a university in the Midlands for around 25 yrs up to when left in 2015; began receiving this pension May 24 - approx £860 p m net. Also self employed from 2015 to date, although cut this right back in March 24…
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Help on moving SIPP away from Scottish Widows to a new provider of my choice
Hi everyone, newbie here! I need a bit of your expert advice on switching SIPP providers. I have a SIPP with Scottish Widows, currently around £60k. It was built up over 18 years via a company scheme, but payments stopped when I was made redundant last November. I'm looking to move the SIPP to a new provider. The main…
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How to claim Trust House Forte pension
This discussion was created from comments split from: Pension Help Please.
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I have 4 pensions - can I take the equivalent of the 25% tax free overall amount from 2 or 3 of them
I have four pensions, one of which is a DB scheme which I’m unable to transfer. Therefore, I would like to know if I could take all of two or three of my pensions (one being the DB scheme) as the 25% tax free of the total amount in the four pensions rather than 25% of each of them?
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Annihilation or Abundance ?
What odds are you putting on each of these in your retirement models? You are wrong by a factor of 10 at least.
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Back in "employment" - pension options
I've been self employed for years so have been paying into a SIPP that was originally a few old workplace pension pots. Soon I'll be returning to employment but I'm just confused by my options with pensions. While self employed I was grossing £70k and contributing £1k a month (£1.25k after tax relief). This was also…
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Pension: Years Earned and TopUP
Pension being a benefit and not an entitlement, there are various rumours circulating, that State Pension could become a means tested benefit. Many people have topped up their contribution years by extra payments in order to get a full or increased pension. ( I think current prices are about £850 per extra year) My wife…
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SAUL flexible options?
I am approaching retirement and have a SAUL DB pension. It had never occurred to me to take any of it until I fully retired but I have read so many comments about the flexible options on NHS and USS pensions that I began to wonder whether I was missing something. I contacted a SAUL pension advisor who said that SAUL…
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Annual Allowance previous years
So I have question if you guys can help. In 2023/24 I went over my annual allowance by £28K due to a promotion but in 20/1 I had unusead allowance of 26K and in 2021/22 I had unused allowance of 29K so all well and good. In22/23 I had 3K unused allowance In 2024/2025 I reckon I'll be under but only by about 6K In 2025/2026…
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Pension Drawdown
I am trying to work out how Pension drawdown works. If I have a pension pot of 200K I believe I can as a one off,
take out 25% so 50K tax free. If I don’t take the lump sum but instead draw 10K a year on top
of my state pension do I get the 25% tax free off the 10K yearly, so I only pay
20% tax on £7500. Next question, say…
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Provide income after retirement and minimise tax
Good afternoon all. Sorry, long post! Myself and Mrs Beano have now been retired for 10+ years. I'm working out my strategy for the next phase of our retirement and would welcome your comments and thoughts on our plans. Our aim is to make our income requirements (approx 35k PA between us) and minimise, or pay zero tax to…
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Small Profits Threshold - will not need to pay Class 2 National Insurance Contributions?
Apologies if this has been asked before - my search didn't turn anything up. Does the following statement from the self assessment return mean I don't need to pay my class 2 to get my NI pension credit for the year? * Customers with taxable profits of £6,725 or more (the Small Profits Threshold) will not need to pay Class…
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Home Responsibilities Protection. Payment for my late Mother
Could I have some advice please? My late mother was entitled to HRP and received a letter to say she was entitled to it for 9 years. I have spoken to HMRC two or three times and have sent all details to them along with mine as I am her executor. HMRC tell me I need to claim in unusual circumstances of which there is no…
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Food for thought - healthy life expectancy
https://www.health.org.uk/evidence-hub/health-inequalities/map-of-healthy-life-expectancy-at-birth This makes very interesting reading for anyone that is planning retirement. A George Orwell quotation comes to mind, but I'm trying to avoid political debate.
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Civil Service Pension legacy lump sum to max out or not
I have service in classic plus and alpha. I'm a year or so away from 60 and leaning towards taking the lot and retiring at 60. What I'm struggling with is working out the pros and cons of taking a larger or smaller lump sum from the legacy scheme part of my pension. I've seen threads from a few years ago now about this but…
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: Delays for P55 tax refund from HMRC by leosayer
21 November at 11:44AM
