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Higher tax band - Claiming back
For about 18 months I was in a higher tax bracket of 40% I was also in paying into a private pension. (coming out of my bank account) I didn't realise at the time, but I was loosing out. They were adding an additional 20%, but I was entitled to more. I understand one way to get this money back is to do a tax return. Is…
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Acronyms ahoy! NHS PIA, AP, AA queries
I’ve learned so much from lurking on this forum for a while
now, but I have some questions that I can’t seem to find answers to and I would
really appreciate your thoughts. I’ve pasted my details here: * My standard NHS pension contributions for this
year will be around £3162. * I purchased some AP in the NHS scheme via…
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Annuities - why all the hate?
So I am getting ducks in a row with a view to retiring somewhere in 10-15 years time (was planning 15 but now thinking my job might only last more like 10, which would put me in my very late 50s). I have a reasonably sizeable DC fund and obviously 10 more years to pay in too. My current thinking is to use some of it (not…
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Unprotected Part of Personal Pension paid to Official Receiver but not enough tax deducted at source
Hello, I am hoping someone can shed some light on this please as I can't find much information online as the laws have changed now so everything that comes up refers to the new laws. My husband was made bankrupt in 1997 (less than £10,000 debts). A charge was put on his personal Prudential pension at that time (the law…
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Thoughts on PCLS or bigger payments??
I have no mortgage, I own my home outright, and I'm sitting on about 50k in cash in Cash ISAs (yeah I know, I plan to move this to SnS ISA). I am 58 not married (I'm a widower), although will be getting re-married in about two years. I am retiring at the end of this year (Dec 2025). I like nice things but do not have…
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Transferring Sipp into deposit account
Hi, are there any pitfalls to look out for when transferring with the same company to a safer fund. I’m Looking at a deposit fund with a level of risk of 1. I basically wish to protect my assets until I decide how to use my pension. Is this something you need a financial advisor for,as it seems straightforward, thanks.
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Pension reduced because of GMP recalculation.
My wife is 73. She has
just received the below letter from one of her pension providers. It
relates to a pension that she started taking in July 2014 at age 62. If I have understood
and calculated this correctly, her before tax pension will reduce by
£18.18 per month or £218.16 per year. As she pays 20% tax this…
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Employment History of deceased person
My brother passed away recently at 49 and I am looking after his estate. I can't find a record of his employment to find any pension contributions he made. There is an HMRC form for obtaining employment history of a deceased person but they will only provide the information in cases if claims/accidents - I have been back…
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Inheriting a pension: what happens and is there tax to pay?
This is the discussion thread for the Inheriting a pension guide. The guide discusses topics such as: - Inheriting a defined contribution pension - Inheriting a defined benefit pension - Inheriting part of your spouse's state pension - Tax on an inherited pension - Transferring wealth through a pension - Inheriting a…
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Move fund to safety?
I've currently got approx £360K in Vanguard 60/40 Sipp with II and am looking to buy an annuity in the next tax year. Getting jittery about the market as I don't want to hit a downturn with no time to ride it out. Any advice about what to do?
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Teachers' Pensions
I seem to have hit a brick wall and wondered if anybody has any advice to give. I realise that many retired teachers are in a similar position. I retired from teaching in September 2023. My pension is affected by the transitional/ remedial arrangements that all public service pensions are. The lump sum that had been…
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NHS Pension
Hi, I’ve worked for the NHS for over 9 years and always opt out of the pension as I can’t afford the monthly amount. So I assume that I will get no pension when I retire. However today I was told by another employee that the NHS still pay into a pension, is anyone able to clarify this please?
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Pensions and divorce
Not sure if this is the right place to post... My husband and I have just started divorce proceedings and are amicable. We were naively looking to split the value of our home (no mortgage) between us and equally share our combined debts and modest savings. Having reached a figure I would then remortgage for that amount to…
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Reclaiming Tax on Pension Withdrawal
Hello I have already made some withdrawals from my small private pension and used up all the 25% tax free amount. When I make another small withdrawal only £300 will Standard LIfe my provider take tax at source so that I only receive 80% of the amount requested? I should not be paying any tax and therefore which HMRC form…
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The inevitable pre-budget speculation on pensions
In the
run-up to last year’s budget there was forum chat about whether the expected
rise in CGT would happen overnight. The majority thought it would probably kick in the following tax year. Anyone who sold assets just before the budget on
the basis they could B&B them back if the rise was delayed, is free to have
a little…
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NHS Pension - finding out what it will pay - nightmare
My wife will be 60 in February next year. She worked for NHS part time from 2001 to April 2025 with a one-year break. During much of this time she made AVCs (extra years). I've been trying to establish what she is entitled to from next Feb and what the best option from a McCloud point of view is. We submitted a request at…
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TFLS withdrawal before Autumn budget
I've decided to withdraw all of mine, and do a bit of recycling, well below the allowable limit, to take full advantage of the £268K allowance in case it's reduced, which I fear it will be. Doesn't take too long to use the money sensibly, pay off mortgage, ISAs, a bit of pension recycling, investment in growth shares (sell…
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Carry forward pension contributions
Hi all. I just wanted to check my understanding on how carry forward works. We are in a fortunate position this year that my wife will be able to contribute more than the annual allowance to her pension this tax year. Her earnings will be enough to cover what she wants to put in via salary sacrifice and will need to use…
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Do you want to pay Class 2 NICs voluntarily? Self assessment question
Filling out my self assessment form for the first time ever due to ebay sales and amd being asked "Do you want to pay Class 2 NICs voluntarily?" and its says it will be £91. What would this do for me? I am 60 and retired, taking 2 works pensions and am 1 year short of the max pension at £226 out of £230 max
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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…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
715 discussions
6.3K comments
Most recent: Delays for P55 tax refund from HMRC by Fishingtime55
22 October at 9:39PM
