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Options for preserving PCLS
I want to help my daughter buy a flat, using my 25% PCLS. I'm 58. This is a DC pension. This money is needed in the next 1-2 years. My pension total has just achieved the target value for the required PCLS. I'm worried about an imminent market crash that could set me back a long time. So the options I'm considering to…
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DB pension transferred, now they want some money back
I've seen similar posts but nothing exact, so apologies up front if I've missed anything. I transferred my DB pension to DC 3 years ago, no problems with that. A few weeks ago my employer wrote to me and said there had been a mistake and they were after 20% of the money back. I know there is a statute of limitations of 6…
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Question regarding pension consolidation/transfer...
When I left my last employer 12 years ago, I had a defined benefit final salary pension, and I had also contributed to a separate Additional Voluntary Contribution (AVC) scheme. Both of these were deferred when I left the company. My current employer has a defined contributions pension scheme which I have been contributing…
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NEST Pensions
I have 3 pensions 1 with Aegon with £10k (ex employer pension) in 1 with Prudential with £10k in (personal pension) , Another with Nest £33k and adding around £950 to this each month via my salary (total employers an employees contribution). Im 53 and am starting to think about what I should do about a lump sum before Im…
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Why Am I Forced To Use An IFA to Convert My Personal Pension Into A Flexible Drawdown ?
I have a personal pension plan that I want to convert into a flexible drawdown. I have tried to do this myself on-line but every provider insists that I do it through an IFA. I am being quoted around £5000 for an IFA to do this for me which is ridiculous given that I know exactly what I'm trying to acheive and need very…
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Transfer cash out of workplace pension to SJP?
I have been discussing with an adviser from Clearwater Wealth Management about setting up a private pension with St James Place. The adviser has proposed that I move half of my segments out of my Aviva workplace pension into a private pension with SJP. The main selling point seems to be the ongoing advice, because it seems…
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Aviva New Generation Pension - reduced capabilities?
I recently discovered I am no longer able to directly chose funds for my main DC pot with Aviva. Maybe a minor thing - I can contact the team and ask them to move things, with a delay of a day (& the small risk they make an error through mis-hearing me!). I've always had that ability, have used it a number of times over…
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Retired, SIPP or ISA?
I am retired, have a SIPP in drawdown.and taken all the 25% tax free money. I also have a stocks and shares ISA. My State Pension is just over the £12570 allowance so any income I draw from the SIPP will be taxed at 20% I am wondering if I should take out £20k (net) from my SIPP and put it into the ISA? My reasoning is…
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Rather pay tax outright than have code adjusted
Hi, all I have yet to lodge my tax return, but I am ready to. One thing I noticed in my online calculation is "amount of underpaid tax included in your tax code for 2024-25 = £ 2042.00" I agree with the amount, but I just want to pay it, I don't want my tax code adjusted. How do I change this?? EDIT - I can see how to…
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Which fund to lock in annuity value
My wife has a DC pot of about £200k that we eventually want to use to buy a ten year inflation linked fixed term annuity at 58 as a bridge to SP at 68 and she is currently 48. If we wanted to effectively lock in the current annuity value of that £200k I'm interested to now what kind of bond fund should she be investing in?…
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Confused about pension contribution tax year (paid 31 Mar, credited 10 Apr)
Hi all, quick question about HMRC’s pension Salary sacrifise rules. I’m a PAYE employee paying into a SIPP via my employer salary sacrifice. My March 2025 salary was paid on 31 March, and the pension contribution for that month was deducted then. The employer says they sent the payment to the pension provider on 31 March,…
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Find old pension
Hi, I can't find a pension from an old employer. I was told that the company Transtec Group (former MP Jeffrey Robinson founded), was listed with a useful contact email address for tracing, on The Martin Lewis Money Show, pensions episode, January this year I think. I can't even get the episode on itvx or YouTube!
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Paying into wife's SIPP
Afternoon Looking for some advice, Planning to start taking some DB pensions next year and will be able to get around £50K as a tax free lump sum. Also have a DC pot, with around £280K. Mrs Fish has a couple of small DB Pensions that will pay out around £5k pa, currently not working or started taking her pensions. Initial…
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Has UC removed my NI credits a year into my pension?
My partner and I had a UC account from early days, a dozen years ago. This made sense as I was self-employed throughout that period. As I approached 66 years old at the start of 2024, I diligently checked and topped up my NI years until I had 35 full years. Only around £2k altogether, covering about 8 shortfall years. I…
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DB Pension Contracted Out - Work pension reduction after receiving state pension
I am after some thoughts here please. I was in a Final salary pension scheme - contracted out for most of the 40 years. Not going to get state pension for another 12 months but trying to work out my finances to plan ahead. I was subject to a pension debit - roughly 25% after divorce - so pension amount received is a…
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Claiming tax relief
Hi all I am 57 and currently in receipt of my LGPS pension. I work for the NHS and have been paying in to my NHS pension for about 5.5 years. I have worked out that from April 2026 my combined income from wages plus pension will take me in to the Higher rate tax band which is 42% in Scotland. To avoid this I am considering…
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Teacher's Pension tax free lump sums
Good evening, I have spent days reading through pension websites, government and
other websites and talking to my pension agencies to try and fully understand
the implications of when to take my pensions. I have sent several secure messages to TPS but
no response over the last 4 weeks. I would be very grateful if someone…
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TAX ON FULL STATE PENSION APRIL 2027
I notice that ML has not mentioned that IF those only getting state pension with no other taxable income then there will a tax bill at the end of the financial year because it cannot be under the PAYE system for some reason
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Employer pension contributions delay
I get paid on 28th of each month. 10% gets deducted for my pension contribution However - this does not get added to my pension until 17th of the following month So it looks like for years someone, either my employer, or the pension provider has been holding on to my pension money for an extra 3 weeks - during which time…
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National Insurance query
I started my last job in December 2010 and retired in June 2024 aged 60. i have a full NI record but on further examination, 2014/15 and 2013/14 whilst full seem to have had NI credits added. I did not take any sick leave or any other unpaid leave during this time. The year 2013/14 has 52 weeks credit! It doesn’t matter of…
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Most recent: Guide discussion: Voluntary national insurance contributions by JimTheseus
14 November at 10:10AM
