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Missing/Part years National Insurance contributions
So I have a part year of NI contributions for the tax year 1994/5. I was made redundant on 31/3/1994 but received maternity pay from my employer in the April, May and June on which I paid NI contributions of £111.11. My baby was born on July 20th and I have confirmed with HMRC that I do have Home responsibility applied…
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Combine workplace pensions
I’m currently employed and pay into an Aegon workplace pension, I also have a RL pension which is/was also with my current employer until they switched provider last year, no longer paying into the RL. I’ve taken the tax free cash from the RL which is now in a drawdown plan and I haven’t taken any other cash. I would like…
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Alpha pension scheme, retiring early and AVCs
Hi - I’ve scoured the forum but cannot seem to find an answer to this particular questions. I’m a 53 year old active member of Alpha with an NRA of 67 years old. If I start building AVCs, I understand that I can take them with my Alpha pension free of tax at 67 (I believe the tax free limit is annual pension * 20/3).…
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Future Help with Cognitive Decline
I'm approaching retirement and one thing that is playing on my mind is care for when im hopefully much older, but less capable. I'm not married, have no children, siblings or close relatives. I'm well aware of how my mom struggles with basic things, especially banking, accessing benefits via DWP, understanding medication,…
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Dividend reinvestments.....DRIP
I have shares held with a few different platforms and where possible have opted for dividend reinvestment plan on my holdings. I have noticed that all of them receive and process the DRIP within at least 24 hours of a dividend payment except Aviva - sometimes they can take a week or more to do this. Does anyone else have…
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Generational wealth planning
I was talking to an IFA (about something unrelated) and he said that the largest portion of their work now is generational wealth planning, as so many people are now caught by IHT. I wondered what this usually involves, especially for 1m to 3m wealth, rather than the super wealthy.
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Sanity check on LGPS Prudential salary sacrifice AVC and tax free limit
I'm hoping to retire in the next year and my AVC/lump sum will be over the tax-free limit so I'd be grateful for a sanity check. Very roughly speaking, if my normal pension will be £21k I understand that the tax free limit will be roughly £21k x 20 / 3 = £140k, and if my lump sum is £30k and AVC is £120k I'll be due to pay…
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Inherited pension and LTA
If my child inherits my pension, after all inheritance tax has been paid , if money is left in that pension and not drawn, does it count towards my childs LTA for their own pension savings ?
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Future Pension Contributions
Couldn't figure out how to phrase this query in the search so thought I would just ask. I am still working and putting 3.5K into my pension every month. I thought I would take some TFLS from my pension next year (August) to help with a project. It turns out that with L&G, if I take any TFLS then my whole pension gets moved…
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Pension payout by mistake?
Not sure if this is a scam or true. I assisted a person who had lost her husband with a pension pay-out that she was unaware of and she successfully received it last year. She got a lump sum and receives a monthly income for life. They had contacted her about it as she wasn't aware of it until then, this was march 2024 and…
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Tax on inherited pension pot?
Hello I have a pot of pension savings (it is part of an employer pension scheme at the moment), which I plan to use as 'drawdown' after I retire in about a year. I'm just trying to work out what would happen if I died. The whole of my estate would transfer to my wife and I know that will not be taxed. So what is left of…
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Can (or should) I transfer into a drawdown account?
Duplicate post - please delete.
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Qualifying years national insurance
I’m lucky enough to be retiring age 56 so no more NI contributions. However I have paid 38 years in. A friend told me unless I’ve worked 35 back from state pension age so from 67 back 35 years I won’t qualify ??? I thought as long as I’ve paid 35 years no matter when I’ll get full pension thanks
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Teachers' Pension Scheme - take it now at 57 or as a deferred member at 60?
Hello all My wife is a teacher with 24 years service who is leaving teaching at the end of this term. Initially we were planning to hold off on drawing her pension until her NPA of 60 (she will be 57 this August), but we're now wondering if it would actually be better to take it now rather than as a deferred pension in…
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early retirement reduction factors CS pension scheme - different for active/deferred members?
I have a mix of Alpha and Nuvos pension - thinking of leaving the CS next year after 17 years. Checking my account and MyCSP doesn't have the retirement modeller on it any more? From memory it would be more advantageous for me to take Nuvos/Option A but I am still working things through. Are there any differences in the…
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Raising 60k on mortgage to start a SIPP
Hi all, We have 38k on our mortgage and our property is worth 325k. I have been thinking about opening a SIPP for when I’m 60, currently 39. I’m thinking about taking out 60k additional borrowing on our mortgage to start a SIPP. Does anyone have any advice on this? Any help would be greatly appreciated. Regards
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Use TFLS to pay off Mortgage now or in 5 years - how does the maths work?
My thinking is that withdrawals from my DC pension are effectively taxed at 15% (assuming I don't go over 256k of TFLS) so I would need the funds in the pension to grow 15% faster than the interest rate on the mortgage (lets call it 4% fixed) for it to be better to keep the mortgage. So if I can get a nominal return of…
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25% tax free?
I am 55, have 1 pension pot with Standard Life which currently has £200k in it. I have no intensions of retiring early at the moment, if I take out 25% (£50k) and pay off my outstanding mortgage which is around £50k, I will continue to put in £2k a month to it & say my pension pot grows to £400k or £500k will I pay tax on…
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DB Pension Terminology Query
As mentioned in another post I’m considering taking a deferred DB pension early which means a reduction of 17% with my selected start date. I have requested a quotation to start the process but there’s a few terms I don’t understand in the documents and hoping someone could fill in the gaps so I’m better informed before I…
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My pension investment strategy S&P500. Wise or foolish ?
Hi all At 53 with wanting to retire at 58 I have been in saving a large part of my salary each month into my Pensions and ISA for the past 8 years. This has resulted in me becoming frugal and not buying exotic cars and holidays as I did in my 30’s. I took the decision to take matters into my own hands and transferred all…
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Most recent: Conflicting State Pension Forecasts by Taylor2000
6 August at 8:58PM
