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Early DB pension & Spousal reduction considerations
for those that have or are considering taking a DB pension early, what consideration did you take for any spousal pension? I’ve done some basic cashflow modelling that looks like taking it early around 60 should work ok - either with taking some part time work to avoid/reduce drawing on the private pension for a while or…
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Extra pension payments to get tax back
Hello I am fortunate that my earnings in this tax year are going to be around £58k I have an employee pension with Nest and the the minimum payments are made into it monthly by my employers, and Nest claim the tax back at the lower rate of 20% I am 65 years old and plan to work a few more years, and within a year I will be…
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Putting income from DB Pension into a SIPP
Hello, I retired in March this year with a DB pension of around £23k, I also have savings, some of which are in S&S Isas and cash isas. I still have a reasonably substantial amount of cash that I am currently paying tax on the interest. I haven't thought about it before as I thought that you couldn't pay above £2880 into a…
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Which provider/platform for phased drawdown
I am planning to retire in the next year or two and have a healthy DC fund. SP is still quite a few years away. Also have some cash savings and a S&S ISA. My approach to the DC pension is DIY and I have decided on the phased drawdown method. I am now shopping around for the provider and platform because: * I am not sure my…
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Inherited pension
If a person inherits a pension, does the inherited pension (all taxes paid) absolutely become an inseparable part of the beneficiary's pension, with all of the benefits and incumbrances that that would bring about?
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LGPS AVC vs SIPP
I currently contribute to an LGPS AVC pension, direct from salary to Prudential. Fees are quite high compared to my other 2 frozen SIPPs from previous employment. I’m considering whether it’s in my interest to transfer out of Prudential to one of my legacy SIPPs to take advantage of lower fees. I can then just reset a new…
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Topping Up Workplace Pension
After years of fairly diligent but low risk saving, I have found myself with the nice problem of having "too much" cash compared to my pension savings and other investments. In fact the only non-pension savings I have are in cash ISAs and regular cash savings accounts. While I am still very much not a risk taker, I…
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Protected pension?
Hello. I have been thinking about government changes in the future and if the private pension age was too rise again from 57 upwards. I currently don't have a protected pension age in my standard life pension but this change would derail my future plans. Does anyone know if there are still pensions on the go that you can…
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Adding cash to SIPP for pension soon to be claimed
Hi All, My wife will be 55 in October 2025 and is planning on retiring from the NHS. I am already retired and have enough income to support my wife who will only have an annual pension of around £4k. In addition to her small NHS pension my wife has a small SIPP which we intend to take immediately on retirement to take…
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ERRBO in HSCNI/ NHS pension
I work for the NHS in Northern Ireland and have paid into the pension since I started at 24 (I am now 39) I’ll be a higher rate tax payer this year so was looking at options as I’ll only receive ~40% of any raises (40%tax,10%pension 8%NI) I was looking at early retirement reduction buy out (ERRBO) where you pay in an…
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NHS Partial Retirement Queries
Hi - I am in the early stages of looking into this & hope some knowledgeable person can help please. I joined scheme in 1994 and having worked part time for some years, I have almost 28 years service in 1995 scheme. No special class applies. 1. When using the calculator, it mentions a 'safe' % to take (around 70/75%) in…
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Confused about trivial commutation
I've come out of my teachers pension as it will be worth so little when I retire. I'm 56 and I have been given a quote that I can take out just over £10k (thus is all of it). I gather a small pot is something under £10k so I'm a few hundred pounds too much for that. I don't understand the trivial commutation rules / £30k…
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Taking pension benefits from Aviva Stakeholder after age 75
Mum age 70 retired this year. State + NHS pension now meet her essential spending needs. She'd like to start taking benefits from Aviva Stakeholder within the next year via UFPLS. Withdraw £X lump sum annually with 25% tax free & 75% taxed as income, leaving the rest invested. We've asked Aviva some Qs but their answers…
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Teachers Pension Fund and ill health retirement
A friend of mine used to be a teacher and has a fair-sized pension fund with the Teachers' fund in respect of both her own time as a teacher and as a result of getting divorced from someone who had a pension fund with them too, some of which she ended up with as a result of their divorce settlement. She's now aged about 52…
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Recycling rule
If you take a sizeable tax free lump sum from your SIPP then when is it safe to start putting in the £2880 again every year without breaking a recycling rule. Am I right in thinking that if you wait 12 months you are clear to start contributing again? I thought I had read that somewhere but not sure. Thanks
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SIPP Commercial Property Rental Investment & External Pension Dealing Accounts
For those of you who own property in your SIPP, please advise what method you use to invest the rental income from a commercial property held in your SIPP. As with several commercial property SIPP providers, our provider does not have the facility for an investment platform and so I am investigating best platforms for a…
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Saving too much into pension for retirement?
We are both higher rate tax payers and have been salary sacrificing income over higher rate of income tax. However, I'm wondering if we are saving too much into our pensions. We both have defined benefit pensions that are projected to give us comfortable retirement with state pension at 68 (according to PLSA). Obviously we…
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General financial advice & Query
Wife and I are both 70 retired house our own worth about (£150,000 today), no mortgage or debt and seem to be in good health at the moment. We both have our gov pension and wife gets a small monthly works pension. I have DC works pension of approx £600,000 haven't touched it so I am entitled to my 25% tax free ( £125,000).…
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Pension Transfer Issue
Hi, I'm in the process of transferring my pension pot from LV to Hargreaves Lansdown, to make use of the cashback deal. As I was just above the £100K I thought it best to move the money into cash within my pension so as not to risk losing anything on me investment. However it looks like they've withdrawn my whole pension…
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New Standard Life Personal Pension - Warning
Just to let everyone know, the new Phoenix "Standard Life" d2c pension is advertised as having a default fund cost of 0.55% including 0.4% platform fee and 0.15% ocf. I set up one, and it's reporting a charge of 1.639%, and you have to call them to make any changes to your investments - they don't put that in their key…
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