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Drip feeding out of investments and into cash or not?
I have my first 3 years of early retirement income already sat in STMM for 2027/28/29, I’ll need another £25k or so for the following 3 years but I’m wondering how to go about preparing for it. I’m not contributing to it currently, we are putting everything we can afford into my Wife’s Sipp ( all her wages) instead as she…
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Salary sacrifice limited to 20% of salary
Work limits employees to salary sacrificing pension to no more than 20% of salary. I want to do more, will still be a higher rate tax payer even after that so it is not a minimum wage issue. Do you know the likely reason for the limit?
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Civil Service Classic pension - When to take?
My wife worked for the Civil Service from 1976 to 1985 and has a Classic pension from that period. She is 67 and still in full-time employment, for a private company. We've been looking at the Civil Service Pension Portal and are unclear about a couple of things. 1. The Portal guidance states: "Normal Pension Age is the…
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Tax and State Pension 25/26
I've just got a letter from DWP telling me my State Pension from April. As I get slightly more than the headline rate, my SP will exceed £12570 for the first time making me liable for a small amount of tax I also have a SIPP from which I've been taking small amounts in recent years to give me exactly £12570…
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Not allowed to take 25% tax free – wrong kind of pensions!?
Both in our 70s. Have two small pensions (see below) which are not being contributed to anymore and are just sitting there. We recently enquired if we could take 25% tax free from either of these and were told that these are not the kind of pensions that you can do this with (?) and would have to transfer to a different…
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Commutation factors and planning
Hi. My wife is taking early retirement within the next few months, aged 59. I have been retired for for a few years, aged 65. I am taking ad hoc lump sums from a SIPP which is invested 70% global index 30% bonds currently valued at ~550k. At the moment I am taking up to the 40% tax limit and depositing 20k into an ISA with…
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Adviser: Possible Complaint
BACKGROUND I had a few IFA over the years and the last IFA until 2022 when he retired and he assure me that he would arrange on-going advice with a new adviser with no cost to me (He was a one-man band). Great! Met the new guy and all was good until end of January this year when it dawned on me that the adviser is…
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Transfer Defined Benefit lump sum into a SIPP ??
Hi. I have a local authority defined benefit pension which I intend to take next year when I retire at the age 56. I've been paying Additional Voluntary Contributions as a salary sacrifice through the council for a few years and will have a combined lump sum (based on 25%) of around £120k. I also have a small separate SIPP…
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Hopeless Capita!
Just start receiving my Royal Mail NRA65 pension. It consists of 8 years of which the first two years are now administered by Capita along with all my RM NRA60 pension. And the other 6 years are still with the original RM administration in Sheffield. They dealt with their side of the options paperwork smoothly and got my…
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Part of an inheritance
Hi all, i am due to receive a inheritance of around £50k soon. Now i plan to invest some in my stocks and share isa. Save some for spends, and i also want to stick about £10k in to my pension. I have a work place pension witch my employer matches my contributions. My question is should i just put the £10k in to my work…
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What to do with tax free lump sum
I'm thinking of putting my DC pension into draw down, and I'm wondering what to do the tax free lump sum. The amount is around 130K and I'm looking for ideas about what to do with it (and hopefully grow the amount without paying too much tax). Until recently I would have left the money in the pension fund - but I'm…
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Pension Annual Allowance After Accessing Drawdown
I'm 55 yrs old and still in part time employment I earn around £42k a year, and have just cashed in a small personal pension (£80000 pot) I have taken 25% tax free cash and atm the rest is in a drawdown that I haven't touched yet, currently valued at £61k. I understand tax brackets, I would pay 40% tax on any income over…
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Retire at 51?
I’ve been working up a retirement plan but I’d value a sense check to see if it stacks up. I’m 43 and single. I have 27 years NI contributions, needing 35 years to get full state pension of £11.5k pa. I’m employed. I’m mortgage free. Current DC pension pot is £275K and cash is at £160K. I live pretty modestly spending…
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How Am I Doing?
Hi i just wanted sone insight into how I am doing with my pension savings so far. Pension annual payout requirement (at 68) : £47135 Civil Service Pension Per Annum : £8240 (index linked) NHS Pension Per Annum £2067 (index linked) State Pension Per Annum £7834 (yearly increases) Any advice would be much appreciated. Thanks
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NHS pension calculator
When using the sppa remedy calculator, we are required to input dates of hours worked eg when changing from full time to part time. I took a full year of mat leave with approximately 6 months unpaid. The sppa website isn't the easiest to understand - are these 6 months meant to go in as no hours worked? Hope someone can…
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NHS Pension 2015
Hi My wife has recently joined the NHS as a mental health nurse. We are currently looking into her pension and she is part of thr 2015 scheme. What we don't understand is I believe it is an DB scheme, but money gets deducted from her payslip for a pension. It is £207 a month. Why is that?
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Salary sacrifice out of higher tax
Can anyone please advise if my thinking is correct? Current nurse in NHS however moving to private sector, age now 46. Big salary rise to £60k Employer pay 5% and I pay 3% into their pension scheme NOW pensions, no negotiation on this apparently. They offer salary sacrifice and say they will do this into my own SIPP. Would…
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The other side of a flippant and immature mindset. First steps. Could be long.
Apologies if this is the wrong forum, but this is mostly pension related so felt it the best fit... I'm feeling more and more stressed so need to get this off my chest at the very least. My teens twenties were an overall terrible time for me. I can honestly say that. Without a life story, I got sucked into the darker side…
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When does HRMC class pension tax relief as credited?
Hi All I make the most of my £60k annual pension which includes the associated tax relief. (Edited for clarity) I get paid on the 25th of each month and the associated tax relief on my contributions usually gets credited by the Nest pension several weeks later, usually around the 12 of the following month. I also pay into…
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Increasing Sipp and not triggering recycling
First time post so apologises if I miss out any details needed. Background In April 2024 I took my DB teachers pension and continued to work until September. I received a lumpsum of £98K I opted out of the teachers pension scheme at the same time I took my pension and started a SIPP. In the past few years my own…
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Most recent: Voluntary NI Contributions – What to Expect After Requesting a Callback by molerat
13 August at 7:57PM
