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taking money from private pension
HI Please can you help w re the above Am aged 60 and want start to take monies from my private pension but want to know how much and which will keep with my tax bracket As well as keeping money a side for my sons future from other pension provider Both on monthlly basis
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Irish/UK pension entitlements
Hi all - I am trying to understand what my pension entitlement will be. I am 64 and not due to retire until 2027. I suffer from chronic pain intermittently- last winter was really hard and I feel I may not be able to work another winter if my condition is as bad this winter. My pension situation feels complicated - my…
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Another Pension/Tax Question
I have looked online for this information
but can’t get my head around the answers so I hoped someone might help. I am early retired with a small LGPS
pension – I’m a few years off state pension age. I am currently just below/on the tax
threshold. I have a separate pension pot
which is worth in the region of £54K dating…
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Ill health retirement
Hi, I may have to consider ill health retirement due to some unfortunate health issues. I have cardiac issues and was fitted with a pacemaker 2 years ago since then I have developed heart failure and other heart issues that have impacted on my physical and mental health. I have spoken to my GP about the potential of me…
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Open a SIPP to transfer workplace pension into?
Hi. I'm doing a little research into this and was wondering what the consensus was. I have suggested to my partner that he opens a low cost sipp such as vanguard and then transfers in most of his work place pension. His current provider charges 0.7% annually. Vanguard would be 0.15% (and then he would transfer out most of…
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Pension drawdown tax
On retirement I transferred my works pension to HL. When I drawdown (infrequently) I pay 20% income tax (having saved that on paying in). My question is, when I have cleared the original deposit and all that is left to draw down is the interest accrued, will I still pay 20%?
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State Pension/Private Pension - Paying Tax!
Good morning all Next month I will start receiving the full state pension of £884.80 every 4 weeks.. I have already been receiving a small company pension of £296.08 per month for the last year. For the last 13 years I have been a full time carer for my Wife after she had a devastating stroke so I have not worked for that…
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Aged 51 - five pensions and not sure what to do.
Im looking for some advise on they way forward. Pension 1 - took out at 22 has about 6 months payments in it, stopped because at due to a change of employment I couldnt have a private pension. Pension 2 - currently paying me £12K a year, this will remain until 55 where it increases by CPI Pension 3 - provider unknown - six…
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Standard Life Annuity Targeting Pension Fund
This is a question from a newbie! I am close to retirement and have a modest fund with Standard Life. Because it is a legacy plan it has to be transferred to a new one before I can access any money. Then you have to choose where to invest your funds. If you're not confident in doing it yourself SL gives recommendations for…
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Redundancy payment into pension
Good afternoon all. I hope some good soul will help answer my questions. I am 59 years old and have been offered a voluntary redundancy package that includes: a) a statuary element of 1 week for each year worked (5 weeks); b) a company enhancement of 1.5 weeks for each year worked (7.5 weeks); c) 12 weeks notice period; d)…
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Pension annual allowance - total gross pay?
Hello all, I will soon be retiring from my employment due to ill-health. I am trying to work out what my pension annual allowance will be for this tax year as I will have earned less than the £60k limit. My employer has a salary sacrifice scheme and that is how I contribute to my workplace pension. So, on my payslips there…
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NHS Salary Sacrifice plus payrise and the impact on Annual Allowance
Hi all, I have undertaken a salary sacrifice scheme for the last 3 years for a car which ends in Sept and am conscious that my wage will not only increase by that sacrificed amount (£8k) but also by a recent payrise (also £8k), both of which will impact my PIA across both the 1995 and 2015 schemes when it comes to the end…
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Route to retirement
Thanks Everyone
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LGPS: Spouse Benefit
Sorry Newbie here…I’ve also posted this elsewhere…apologies. I retired after 30 years LG service in 2011. After retirement I got married (never been married previously). Upon my death, will my wife be eligible for the same/similar benefits as the spouse of a scheme member who married pre retirement? Thanks.
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LGPS: Marry After Retirement - Spouse Benefits
I retired after 30 years in LG in 2011 (joined in 1981). After retirement I got married (previously never been married). Upon my death will my wife be entitled to the same/similar rights to the spouse of any scheme member who marries while contributing to the scheme? Thanks in advance.
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Combining daughters pensions
My daughter (mid 20's) has three pensions from previous employers. I've ascertained the details of two Aviva - value £4k - ex BA pension) AEGON - SIPP- (Easyjet)value £1100 and am just waiting on the details of the third (worked for a Hotel chain). She's happy for me to do this but does it make sense to transfer the three…
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LGPS ill health retirement - help please
hi, I'm unfortunate enough to be in the position where I am considering ill health retirement. The Independent Medical report has been produced and is indicating that I qualify for tier 1 in this scheme; i.e. not likely to be in gainful employment (more than 30 hours per week) again before normal retirement age. Am I…
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Claiming back tax on pension contributions 40% tax bracket
Hello Intend to open a sipp and pay 16k into it. My understanding is HMRC will add 4k (is 6 to 11 weeks a normal wait for the HMRC contribution). How exactly do I then get the other bit. (I think it would not be a refund. But my 20% tax bracket would increase by 20k. Which is what I'm trying to acheive in part to be able…
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Transferring from USS to LGPS
I'm hoping those of you who know about pension transfers can help me. I contributed to my pension via USS for 22 years, until July this year when I joined a local authority and the LGPS. I am about 6 years from retirement and am wondering if it will be better for me to transfer my USS pension pot into LGPS or leave it…
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My State Pension suspended!
We (husband & I) have been living off his state pension and pension credit for a few years. Yes money is tight, as we don't smoke nor drink we manage to get by! In June of this year I became of pensionable age. I was sent the letter to claim my state pension. On doing the maths we found we will be a lot worse off than we…
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395 discussions
4.1K comments
Most recent: Which Class contributions do I pay - Class 2 or 3? by pinnks
14 January at 8:15PM
