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Max TFLS with LGPS/AVC
Hi,I’ve now turned 55 and for various reasons was hoping to take early retirement, accepting the reduction factors which would apply to my LGPS. For a while now I’ve ploughed as much as I can into my Pru in-house AVC, and from the very helpful calculations provided on this forum I believe - as planned - I’m pretty near the…
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Final Salary Pension And Private Pension
Hi Guys any advice appreciated im 59 my final salary pension due this year about £8k a year i left that job 10 years ago and started a private pension with my current employer i have £30k in the pot i intend to keep working until at least 67 health willing ... should i be doing anything with this final salary pension when…
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NMW question in relation to DB pension whilst still working
Looking for some clarity to assist a colleague. I have just realised that my 63 year old colleague is eligible to take the part of their DB pension with a NRA of 60. He has no intention of retiring and hasn't even looked at his pension, with 30 odd years service. My view is (without giving him financial advice!) is that he…
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Tax relief on Pensions
I understand the government add 20% on top of your pension contributions every year, (up to a limit of £20,000 pension contribution). My question is whether this addition is linked to the amount of tax you pay.For example, if you paid a lump sum and the tax relief due on it exceeded the amount that you paid in income tax,…
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Royal London Governed Portfolio (Pension)
My wife has a pension with RL (former employer workplace scheme), a small valuation at just under £5k invested in the 'Enhanced Fund'. For now, not in a rush to move it (eventually will consolidate with her other pensions). As she has 18 years to NRA (assuming 57), I think it should be moved to at least the 'Dynamic' fund,…
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Barclays Bank - 1964 Final Salary Pension Scheme - Help!
Hi. I'm after some advice on behalf of my Mother who is getting nowhere with WTW. Background Worked 1980-1986 (5 years 11 months) Final Salary £10,000 Father was also in the same scheme. Divorce in 2005 and part of his scheme (and according to the paperwork, his scheme only) was transferred to my Mother who invested this…
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Would someone please sanity check this plan for avoiding IHT and income tax in retirement (EIS+UFPLS
With the proposed IHT changes in 2027, Ive been doing a bit of thinking. At retirement say I have an estate of £1m and a house worth £266k I am married, I die and I leave it all to my wife, so far so good all tax free. She dies and leaves the estate to the children. Their IHT liability is then 40% of the £266k or £106.4k…
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Small lump sum at 55 but on UC
Please could anyone advise? I have a small lump sum on Phoenix Life that I was going to cash in. I believe it’s about £480 tax free then remainder of approx £1800 is taxable. I receive £343 Universal Credit monthly. I’m 55 on 17 February so eligible to access it or transfer. Would anyone be able to advise my best option? I…
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Reasonable Time to Credit Payments into DC Scheme
Given that banking now operates near instantaneously and wages are paid on a certain day and can be drawn immediately what is the expectation for credits to show on DC pensions schemes. If immediate great. If 2-3 days OK. If over 3 days, this appears excessive and where has my money gone during this period? Why is there…
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Inherited Pension Advice
I am seeking some advice on behalf of my Mum. My Dad has recently died aged 65 and my Mum has inherited his Flexible Retirement Plan Income Drawdown with Prudential. My Dad had taken early retirement and had been taking drawdowns for a number of years. The total value of the plan is now £377,649. My Mum is aged 72 and has…
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Can’t be bothered with work any more
Age 45 Got 890k in my dc pension 40k in a Lisa 10k in a cash isa 40k in a s&s isa my missus (age 40) has 190k in a dc pension + Lisa , plus she work local government so is building a CARE pension That’s more than enough for our retirement, I’m pretty miserable in my job, while it’s well paid I almost don’t need the money…
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"Healthy Life expectancy"
Stand out data from Azul's recent video is what he terms "Healthy life-expectancy", the age at which your health declines significantly. I'd not seen this before and on digging deeper it is a metric measured by the world health organisation and is termed "HALE". In the US this number is 66.1 and the point he makes is that,…
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How to implement pension carry forward
Hi all An inheritance that I'm due is going through probate at the moment and I intend to put a big chunk into my pension using the carry forward rule. I'm aware that I need to max out the current year before going back to the year before. If the money comes through before 1st April, I could easily calculate how much to…
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Defined Benefit Pension
Hi if anyone can advise, my husband has a DBP with a national grid, we went through their preferred IFA and we were rejected, however we feel our answers were naïve as we had not really been prepped or understood that is was an analyse whether he would be accepted. So after further research we have found an advisor who…
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Pension Trustees & Wills
The reason many DC pensions were tax free on demise to beneficiaries, is they are held in trust by the pension fund trustees, hence an expression of wish helped direct them to leave the fund to specific beneficiaries. The Gov are removing that distinction. So DC Pension funds will no longer be held in trust. So its now…
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Civil service pension - EPA vs added pension
Hi all, Trying to wrap my head around the civil service pension. I've only been in the civil service for 3 years. I'm 41 and have a state pension age of 68. I'm in the alpha scheme so relatively straightforward (hah). Currently earn £35000 approx. I know there are a bagillion different posts around the same thing but I'm…
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Extra SIPP contribution this year after MPAA triggered?
My OH converted her SIPP to a fixed term annuity a few months ago. She had paid in £12500 (gross) earlier in the tax year. We understand the annuity limits contributions to £10k pa in future but what about this tax year? She has extra earnings that would allow another contribution before April. Am I right that this is…
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Withdrawing 25% of pension pot tax free - hidden charges ??
Trying to release 25% of my pension pot tax free, Wesleyan Group are refusing to release the money without me speaking to their financial advisor at a cost of £3000 (3% of pot). They have also informed me I cannot use any other independent financial advisor, only theirs. Is this legal ?
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National Insurance Contributions Missing and no being paid still
Hi All, My wife has checked her pension forecast and is currently set to get £160 per week at pension age. We have looked and she has several years missing full contributions. I have several questions so please bear with me. 1, we had our first child in 1997 and second in 2000. We claimed child benefit and was paid until…
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MSE Forums vs Pension Wise (and a word of thanks)
I've created an account here primarily to thank the contributors on this pensions board. I've been trying to work out how best to access a number of pensions I have, and have found the discussions here extremely useful in working out how various options might best suit my circumstances (e.g. FAD vs UFPLS; and, considering…
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Most recent: Conflicting State Pension Forecasts by molerat
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