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Anything like Guiide for Couples?
Trying to model different scenarios but as a couple with differing Sipp and DB incomes followed in 7/8 years by 2 State pensions. I know I can do them individually but jointly is preferable.
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Is my DB Pension effectively locked in against my wishes?
Greetings All. I have an old Defined Benefits (DB) Company Pension. I have been self employed now for 15 years, and my SIPP has always earnt more interest in good years, and depreciated less in bad years. I understand the fact that my DB Pension is a guaranteed income, and that my SIPP investments' past performance is no…
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S&S LISA for retirement or pension?
Hello all, Brief bit of background, I am 40, 41 next month. I have my work place pension in place with Aviva, pre covid my employer paid quite generous contributions. I took voluntary redundancy during covid due to the fact the industry I work in was on its knees. This pension is now frozen. I now work in the same industry…
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How to calculate Pension Input Amount(PIA) Premium Pension
Hi ML Forum I recently received a Remedy PSS which provides a table of PIA amounts from 2010 to 22/23. I want to check these values as I need to check my Carry Forward. So I created a spreadsheet with the Opening and Closing amounts, the Annual Adjustment and have then used the guidance to calculate the PIA. PIA = Closing…
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To buy one more SP NIC year or not
I'm 61, already retired on a DB Pension paying £12k per year. I have 1 year NIC short of a full State Pension due in 2029 (due to Contracting out). I have no plans to work again. I could pay £800.80 for the full State but I am due to receive £216.74 so will only get an extra £4.46 per week to reach the max SP. Call it…
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Claiming underpaid pension for deceased mother/widow
Over 3 years ago I filled in an online form to see if my mother who was deceased had been paid the correct amount of pension when she became a widow - as the government where investigating these underpayments. I have never heard any thing back from them about my request, the form was filled in on the government website. I…
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Taxable Income -- Personal Pension & Savings Income for 2024-2025
If Person A has no paid employment, no state pension and doesn't claim any benefits, and this tax year — 2024-2025 — they take a 'income payment' of £2,500, plus a one-off sum of £11,000 via UFPLS (which *includes* a tax-free amount of £2,750)... 1) How much more can Person A withdraw from the private pension for this tax…
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Stock sell for monthly income
Hi, I have been told by HL that I have to ho online and sell enough stock to cover my monthly drawdown amount. I thought I could just request a regular payment and they would just sell on my behalf.
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Should I salary sacrifice?
£95k salary with 10% Bonus. Which would take me over the £100k trap. 1 child but already in high school so no childcare required. My employer basically offers the minimal in terms of pension benefits as far as I can see. 3% default contributionand also pass on zero contributions from NI if I choose to salary sacrifice. At…
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Civil Service McCloud RSS for those receiving their pension
Has anyone reverse-engineered the Option 2 summary on their Civil Service RSS? As expected, mine suggests I am better off staying with my Premium benefits, however, out of interest
I am trying to reconcile the amounts shown in Option 2. Option 1 is my current Premium position and fine (of course) and Option 2 would be…
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Am I too young to start an Annuity?
I am thinking of using a portion of my SIPP (20%) to give me a base income. I am age 62 and i would be in profit if I live later than age 76. I have spoken to an IFA who mentioned that I am a bit young for an Annuity! I have also seen something like this mentioned before on the net. Without going deep into figures....is…
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Civil Service Pension - Refusal to pay pension in line with their own quotation
I retired in January this year (2024). On their 3rd attempt, I accepted the Civil Service Pension (CSP) pension quotation; £2,095/annum higher than their original quotation! I dread to think how many people have accepted a low quotation. Ten months on, and CSP are paying pension that falls short of the quotation (I'm down…
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LGPS Standard Life AVC - fund(s) choice?
I am 43, working in a school, earning £22K, and my LGPS (LPP) DB pension has a current value of around £2.5K. No idea when I'm going to retire, but I assume SPA of 67 for now. I have decided to increase my pension contribuitions via AVCs, and the provider for my county's fund is Standard Life. I now have to fill in a form…
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Found a very old, very small pension - what to do with it?
I discovered a pension I had from the 80's recently. Its worth approx £8334. I'm 58 with a decent personal pension pot from a divorce and an NHS pension. I plan to go part time at 62 and access my private pension to supplement my salary then fully retire at 65 when I will take my NHS pensions - then state pension at 67. So…
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question about carry forward rule/unused allowance
Hello, i'd like some clarification please on what counts as 'salary' in the Carry Forward Rule. I understand that you can make additional contributions to top up pensions in the last 3 tax years. But the maximum you can reach is either £60k or 100% of your salary? I salary sacrifice a large % of my salary each month, so…
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Taking a Pension Lump sum at 55 while on Universal Credit & PIP
Since it's virtually impossible to get through to my local CAB to make an appointment, I'd like to see if anyone has any knowledge here. I'm 55 in a few weeks and will become eligible to take lump sums from two pensions that I have. One of them is around £12k after the various taxes and the other is £5.4k before taxes, so…
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Pension tax relief
Having been stung last year with slipping into the 40% bracket my teacher wife is about 10k into it this year. We've made an application to buy "additional pension" in the TPS, payable via a lump sum - it's about 11k for 3 lots of £250. As we have to pay this in full I presume there's a mechanism for claiming tax relief?…
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AON Pensions
I reached pension age 19 days ago. When my pension didn't
arrive, I contacted AON, who informed me that they needed 14 working days to
calculate it. After the 14 days passed, I still hadn't received my
pension. AON now claims they need information regarding benefits from my
previous employer, which must be reimbursed by…
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Tax situation for interest paid on 'compensation' of additional pension bought in teachers pension
Dear All, Apologies if this has already been covered: I have decided to take a lump sum additional payment back out of my teachers pension (following the judicial review changes to the transitional period) in the form of compensation. Tax has been deducted by the Teachers Pensions Scheme, but there is an element of…
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Aegon gone. Website problems, again.
Has anyone else spent the last few months trying to log into Aegon's online platform for SIPPs, only to either fail to get in, or to see what looks a bit like a hacked website, or a site falling apart? Today I can't get in at all, and given that my retirement stands or falls on what Aegon is managing for me, it's all a bit…
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703 discussions
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Most recent: HMRC call back wait times by molerat
29 August at 10:37AM
