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Whether to put DC into LGPS
I have two DC pots of £51,000 and £74,000 respectively. I am in the LGPS and have requested in transfer values which have come back at £3,363 and £4,859 respectively. I am 55 and this is my only change to transfer into the CARE scheme and my only pension funds so I need to get it right. I have grown the DC pots well by…
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Making the most of my Salary
Hello Everyone, I earn a pretty decent amount as a contractor but need advice on how to reduce my tax liability and get the most of a pension in place as I'm starting late with around 10 years left before retirement age... As I'm earning over £125k I have no Tax Code other than 0, and paying around £50k a year tax. If I…
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LBG Pension Redress Payments
I went to complete my Self Assessment last night. HMRC pre load the form with employer details. I have two part time jobs and both are listed but there is also a third entry for LBG Pension Redress Payments (along with an employer's Tax reference number I do not recognise). According to HMRC I received just over £250 and…
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Pension options for a newbie and late starter
Hi all, I am in my mid-50s and unfortunately, for one reason or another, I have ended up with rather scant pension provision at such a late stage of my working life. On the brighter side, I was able to make a contribution for £60,000 into a (reputable) SIPP last year through a limited company, and may have similar funds…
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Is it worth me paying 7 years worth of missing years?
I’ve read through the bumf about this over and over and still don’t know if it’s worth my while doing so, or not? I’m 50, no longer work and hopefully don’t intend to again and live overseas. To get the full £221.20 it says (the most I can get, it also says) I have to pay 7 years missing NI. As it stands I will receive…
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Maximum SIPP withdrawal without 40% tax
Hello all, This may be a very simple question for some of you, but it could be costly if I get it wrong. How much can I withdraw from my SIPP per year, including my 25% tax free amount, without incurring more than 20% income tax? Is it... a) £50,270 - Because that's the income tax band. or b) £66,859. - Because I get 25%…
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Query Re Pensions and Retirement
Morning All I'm not sure whether I should be on this thread or another one, but here goes. I work as a Practice Manager in a GP surgery, on a consultancy basis. I have my own Ltd company. I recently took my NHS lump sum, and have a couple of small pension payments each month. Last month, I also became eligible to get my…
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Mid-life musings
I've started this thread for me to try to gain a bit of clarity on what I am aiming for pension wise and whether we're heading in the right direction. I'm not sure my thread fully fits here as I / we really are working towards being mortgage free, financially independent, being prepared for retirement and hopefully pulling…
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NHS 1995 Pension doesn't grow after 60
This doesn't apply to me but after a recent conversation with a colleague who is 63 and was asking me about pensions (I've become the the resident pension bore) I've realised recently that many NHS Staff are giving up free money without realising. I don't think there is clear information out there, I'm wondering if this is…
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In Australia since 1980 - 4 Years UK NI contributions pre 1980 - Buy class 2 NI credits from 2006?
I have spoken to HMRC. This is what I understood about 4 years UK NI contributions pre 1980 and buying Class 2 NI contributions form 2006 to 2024/25 Having worked 40+ years in Australia they should both get full Australia pension. Minor Question This is my understanding from talking to HMRC 4 years NI Contributions from…
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Pension or isa
I have 90k in a drawdown pension, which I no longer contribute too, having already taken the 25% tax free allowance, I also have s/s isa and cash isa, my question is, with the new budget rules, is it best to, if I needed significant money, would the best case be to take it from my pension, I know it entails paying tax, but…
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UFPLS & October budget advice please
Hi All, I just need advice on one question please. I have an old small pension pot (£11000) and I'm thinking of taking it all out before the potential removal of the 25% Tax free allowance in October. I am 3 weeks away from State pension and I have TP of c£8000. I am also doing some PT work at present. Going forward, I…
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Pension Protection Fund (PPF) Rules
Hi All, I need help. I have a ppf account as a result of my company transferring a failing final salary scheme to ppf. The actual value of this account is relatively small compared to my other pension accounts (through different work places). I started the process the other week of obtaining the 25% lump sum from this…
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Self employed basic to higher rate income tax
Morning all. It’s looking like I’ll breach the higher rate income tax threshold this tax year. I’m a self employed sole trader. I remain under the VAT limit as my business is mostly labour only. I intend to put my earnings over the higher rate threshold into my pension and was wondering all the things I would need to…
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State pension in payment & working Self Employed - Continue paying into a Personal Pension?
I have State Pension now and have been doing a bit in a self employed capacity (along side a few small PAYE gigs).This year 23/24 earned income / Pensions crept up on me and I have income about £3k over the basic rate for tax. Going Forward is it sensible to contribute into a Personal Pension? I'll probably be working as I…
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DC Pension Transfer & Drawdown
Hello
everyone, This is a
brain dump from me on my financial situation and I would appreciate your feedback.
Especially those sections highlighted in bold below. I retired
3 years’ ago with a final salary pension. I took the traditional pension from
the scheme and not the drawdown option. This pension is the backbone of…
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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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Pension query - missing employer contribution
Hi everyone. Almost two years ago I started a new job. 3 months later I was auto-enrolled on to their pension. My first contribution (and theirs) was taken that month and paid in, fine. Next month the employer changed provider and everyone was moved across to the new provider, myself included. From there on I continued to…
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Financial Protection of Personal Pensions vs SIPPS in event of company failure.
Hello I have an underperforming pension I would like to transfer but am unclear as to which direction to take -Personal Pension or SIPP. The value is around £200k so above the FCS limit of £85k. What is the safest route for me to take or am I worrying unnecessarily? Is the position different if I use a broker intermediary…
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Vanguard SIPP - time for tax relief to be applied
Hi, I set up a Vanguard SIPP back in early September. Their T&Cs quoted an average of 8-10 weeks for tax relief to be paid to the client account. I went ahead, but was surprised as HL is usually about 4 weeks. I'm now 11 weeks in and still no tax relief received. My fund has increased by 8% in that period and I've missed…
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