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Civil Service pension - retiring before or after a birthday
I know the pension will be reduced if you retire early but does it make much difference whether your retire before or after a birthday? The modeller asks you to input the age you plan to retire and the figures differ accordingly. But I presume in reality retiring the day before (for example) your 58th birthday versus…
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Contribution to DC Pension
Hi all. I have a company DC pension scheme with a flexible individual contribution amount. I’m currently putting 16% in and my employer puts in 12%. I have a pay increase of 4% in April so I’m increasing my contribution to 20%. I have been reading about AVCs and my question is, am I effectively already putting AVCs in my…
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Aviva: Thoughts about moving some DC pension into cash fund ???
I have another thread running along similar lines regarding Aviva. My DC pot is about 650k (I also have DB pensions but leaving them aside for this discussion). I know I will want/need a 100k cash TFLS when I retire in 2026. Is it worth moving 100k into a cash fund to protect that value? Part of me says, yes do it. Another…
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Paying a lump sum into my pension
Hi folks, I'm planning to top up my workplace pension by £50K. I'm wondering what tax relief I would get on this. Few things - I live in Scotland - the higher rate of income tax is earnings above £43K (42% above this). My salary is £42K per year. I also have other income from savings which provides about 20K in additional…
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Most tax efficient way to withdraw money from all pensions pots
When i turn 55 in 18 months i want to start to withdraw money from my private pensions and ideally want to liquidate the lot in 10 years without paying any tax (In year 11 i will start to take my state pension). Ive got 9 pensions (1 is DB, the others are all BC). DB = £108,000 DC = £26,000 DC = £2,000 DC = £82,000 DC =…
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14% salary contributions?
Hi, I work on a temporary contract each summer earning around £4k to £5k. I also have my main job where I earn more than £10k p.a. Recently, I have decided to learn more about pensions and have just found out that I paid 14% of my gross salary from my summer contract (only) to pensions in 2024 . My payslips from this…
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Can anyone with knowledge of the NHS Pension Scheme help re: imminent Ill Health Retirement?
It's regarding someone who has served in The NHS continuously for over 30 years, full time and a member of The Superannuation Scheme. Now being retired early on health grounds. as no longer able to work in any area within or outwith The NHS. Is it likely (I am out of date with information as I retired a long time ago) that…
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Adding to Pensions for non tax payers
I wonder if anyone can help me. I am a non tax payer, I have a stakeholder pension to which I pay the maximum £2880 a year to get full tax relief. I do work but only part time and I don't reach the thresholds required for the company pension fund. What I want to do is pay more into a pension but fully appreciate that I…
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Paying lump sum into pension from savings
Hi folks, I'm planning on contributing extra (10,500) into my pension from savings. My salary is 42,612 per year. My pension contributions for 24/25 will be 7812, with my employers contribution being 2130. My pension contribution allowance is 42,612 (100%) and I have contributed 7812 meaning I still have 34,800 allowance…
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18 days early!
Hi , Thanks in advance for any help you give. LGPS pension, work in a school.. I plan to retire at the end of this school year 31st Aug. Age 62. This is the day before the beginning of the next year. I will not be 63 until the middle of Sept. Do you know if this will make a financial impact me leaving 18 days before my…
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USS - Effect of Becoming a Deferred Member for a Month
I am currently a member of USS and will be 60 on January 30, 2025 when I hope to retire. My employer is offering a voluntary severance scheme whose final date of employment would be December 31, 2024. According to the benefits calculator on the USS website, if I remain in the scheme and take my benefits at age 60, the…
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Annuity rate. Is this reasonable?
Hi. I plan to combine my personal pension pots and probably take an annuity for my retirement at age 65 soon. I've had one of several offers and I want to know if forum members, more knowledgeable than me, think it's ok. It will give me a return of 5.3% of the pot in the first year, then increase every year by the RPI…
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50 and no pension - where do I start?!
Hi All, As the subject, I'm 50 and I have no pension (well, I do have a very small one from my early 20's with about 4.5k in it IIRC). I want/need to start saving for my old age. I'll be looking at putting about £800 a month away for this. I'm a contractor with my own Ltd company, so I'm on minimum wage and take most of my…
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Civil Service Alpha additional contributions timing
My OH has worked for CS since 2020 and is currently aged 62.5. He's planning on stopping work at 65 but not drawing on his CS pension at that time. He is a 40% taxpayer. He is considering making additional contributions to his CS pension, but has missed the cutoff date to put a lump sum into this current tax year. He could…
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Cannot get pension pot without IFA, cannot pay IFA without pension pot…help please?
Slightly stuck as almost penniless. I have about 40K in an uncomplicated Pru pension pot and need to take it all. Pru won’t release it until I have the form signed by an IFA and sent to them as it is over 30K. I don’t have any funds to pay for an IFA so am in a tough Catch 22 situation here. I am not resident in UK and…
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Teachers pension - early retirement v phased retirement v part time
I am looking at options from September 2026 when I will be 57. I have three options as stated in the title 1. Early retirement 2. Phased retirement 3. Working part time ( reducing my hours) I am a Headteacher in a primary school. Ideally I would retire on 31 08 26 but that would result in a significant reduction in my…
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Pension Performance with a default Aviva fund
First off, this is not a criticism of Aviva, I have found them great in every way. This is more regarding the default fund with Aviva that my company subscribes its employees into - via SalSac in my case. I do not think my fund - risk rating 4/7 - is performing well enough. It's a rebadged Black Rock mix of global equities…
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Maximising my salary sacrifice pension pot and higher rate tax
My situation is my wife will retire about about three years before I do and get a considerable tax free lump sum as part of her pension payout. I am a higher rate player and can sacrifice £40,000 per year at 40% tax +2% national insurance savings. If I sacrifice £40k, I am still (just) a 40% tax payer. So my workings means…
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Pension Discussion
I am just wondering what other people's takes are on university pensions? I worked in a university from 2018-2023 an paid in to their pension scheme for 4 years of this. I contributed 6.5% and my employer contributed 16.9% approx (great!... or so I thought!). After doing some lengthy research, I think I may have finally…
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Carry forward pension allowances.
Hi All A couple of queries with regards the carry forward pension allowances, if anyone can help it would be appreciated. I was working overseas for many years and came back to the UK in late 2020 due to redundancy during the COVID pandemic. I was out of work from my return in 2020 until April 2022. I used all the…
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Most recent: Voluntary NI Contributions – What to Expect After Requesting a Callback by molerat
13 August at 7:57PM
