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NHS pension Tax free lump sum and the LSA
I’m aware the maximum tax free lump sum one can take from pensions is around £268,000. I’m a deferred member of the 1995 NHS scheme and will take a pension and a lump sum at 60,(though plan to continue working). If the lump sum I take is, for example £200,000, does this mean I have approx £68,000 still available to take…
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DB LGPS and DB NHS Pension Options.
Querying an old LGPS with Cheshire (no longer contributing) and existing DB NHS pension which is current. On behalf of my wife who used to work in a Cheshire health facility but left 12 years ago for the NHS. She is over the 55 year mark just. She now wants to cease work with NHS as she has some private work which she…
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25% tax free withdrawal at 55, do I still get taxed on remaining amount at retirement age
Hi all, 55 years old and I currently have two pension pots. First pot is my original company stakeholder pension which hasn’t had contributions for a few years. Second pot is current pension scheme from same company as above with monthly contributions. I want to leave my bigger pot untouched but would like to take 25% from…
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Rejigging my plan using an annuity
With all this talk of annuities I am considering revamping my plan and using an annuity as part of my plan, the caveat being I won't be buying an annuity for another 7 years so rates in my plan are based on a similar ball park as they are now, obviously that is not guaranteed. Me Current situation (aged 60) SIPP 1 -…
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USS tax free lump sum age 68
my husband is still working full time and not intending to retire till 70 ish, has 40+ years in USS. Can he draw down his tax free lump sum any time or does he have to start flex retirement? If he flexes 20% down does he have to take the same proportion pension as TFLS or could he take 80% TFLS? planning to do house…
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Government Bonds V Annuity
Hi, I have been looking at Annuities a little more as I get closer to pulling the pin and retiring. Probably as I am relatively young (will be 58 by the time I retire) the annuity quotes I have been getting are ok but not great. So I thought I would look at an alternative angle. The Coupon on the longer term government…
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Civil Service 'Classic' and early retirement (pre 55)
Hello everyone I am looking for any experience / advice on leaving pre 55 based on a current (scheme year 24-25 and scheme years 25-26) period of higher earnings due to a temporary promotion. My classic length of service (post McCloud judgement) will be 28 years 171 days and I am a Classic member. So my pensionable…
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Cash flow modelling
As a Prestwood Truth user and fan for a number of years, I have been out of the loop for a number of years. I am keen to know what people think of what is now on offer.
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LGPS redundancy buying extra pension
Hi, Can you buy extra pension for the LGPS with redundancy pay, pre 08 automatic lump sum or AVC pot? If so, how do you go about it? Are there limits? Is it worth it? My age will be 58 if I get VR in March’26 Thanks
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Placing an inherited lump sum into and annuity
I am 73 years old and currently have a small workplace pension plus my state pension. I have just inherited some money and as part of a mixture of investments i want to buy an annuity. As I currently pay very little tax, will HMRC add 20% to my annuity purchase or do I have to put the money into a pension fund first and…
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2027 pension reforms - revising strategies for DC drawdown planning
I think we are due a conversation on DC pension planning in the new world of DC pensions inside estates from 2027. Dust not fully settled. Not the politics of it. Focus on strategies for the retiree adapting and optimise to the new rules - and what if anything at all - is new Retirement planning prior art that still…
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no/low risk product within SIPP for short term pension bridge (6 years)?
from retirement to wife’s state pension we need to bridge with some DC funds. We plan to use my wife’s SIPP for this. Get it to about 90k in the next 5 years, then draw it down tax free (within personal allowance) over the following 6 years - combined with my DB at 60 it should cover most essential spending, then my wife’s…
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State Pension Estimate & Forecast... (the missing 1p!)
My NI record shows 35 Full Years (I reached the 35 year mark a few years back)... - yet my State Pension "Estimate based on your National Insurance record up to 5 April 2024" shows a figure of "230.24 a week"; - while my "Forecast if you contribute another year before 5 April nnnn" shows a figure of "230.25 a week" - and…
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Defined Benefit Pension advice
Hello. Looking for some advice please on accessing my Defined Benefit Pension, I am 56 yo. Having previously worked for the local council, I was enrolled into their pension (NESPF) for many years. Due to the start date, my pension provides an Automatic tax free Lump Sum of £40k plus an annual pension for life. My current…
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Tax Paid on Drawdown, query
I have just started to draw down an amount from my retirement account, the amount is £1500 (Monthly), my current Tax Code is 1130L and I have received today £1409.80, which is more than I expected. Could anyone please help with the calculation ?
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Company pension options
You pay into a company pension and the contributions are taken after tax and insurance from your monthly salary. The company then offers employees to opt into the new 'salary sacrifice' version where contributions are taken pre tax and insurance. Employer pays 3% and yourself 5% (looking to increase the employee %) Either…
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Partial Retirement Tax
Can someone please help me understand my tax codes and if these are correct. I took partial retirement and reduced my working hours by 20% in July. Reduced annual salary is: £63,598.40 and pension is £19,741.56 per annum. Pre-PR tax code was 1263L and first month’s pension (tax code 1257L) was £1276.69. Second month…
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Retirement calculator that includes other savings and investments
Does anyone know of a good retirement calculator that also lets you input additional savings? The ones I've seen just focus on pension pots but ignore ISAs or taxable investments you might be saving for alongside that.
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Capita Data Breach/Barings Law
As a victim of the Capita Data Breach, I joined the Barings Law ‘no win no fee’ claim, as did many of my colleagues. They keep me regularly informed, however they have asked me to sign a ‘claimant assignment’ form. Does anyone know if this is standard practice?Thank you.
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PURCHASED LIFE ANNUITIES - *WHY* MUST I PAY FAT FEES IN 'ADVICE' TO BE PERMITTED TO BUY SUCH ?
I'm of pension age now and have spent the last year reading up on all the Pension terrain, familiarising with all the Annuity types and so on and getting to grips with how it all works. All fine EXCEPT FOR ONE REAL ODDITY: Annuities come in a range of types, when purchased from a Pension pot (a pot of funds still in the…
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