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Combining multiple pensions?
I have job hopped throughout my career and accumulated approximately seven different private company pension pots. I hit 62 years in June and am now working part time and looking to, potentally, start drawing down my pensions. Is it worth combining these pots and buying a single Annuity (don't really need a tax free lump…
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What order are incomes used for tax code allocation?
I'm thinking of taking a DB pension but also working part time, which still would be eligible for DB pension contributions. The contributions are by salary sacrifice. My thinking is that to maximise the salsac contributions I can make, I'd want my pension income to be taxed first, so it has the "normal" tax code, so I get…
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Withdrawal from SIPP or ISA?
I have a small SIPP of around £18,000 which I have already taken cash from. I also have a fixed rate cash ISA that is about to mature. I am wanting to free up some money and am trying to decide where to take it from. I am retired and receiving my state pension. Any advice gratefully received.
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Pension payments
In a world where we pay by monthly standing order or direct debit the traditional 4 weekly pension payment is difficult to budget with. As all payments are now made by computers surely it would be possible to pay 12 equal payments on a set date each month helping to make budgeting easier and helping those without the means…
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Gmp equalisation top up payment
I’ve received a letter telling me I’m to receive an additional payment from my previous pension scheme ( I’m retired now) as a one off lump sum. How do I know they have calculated this correctly as they say there are no “come backs” after accepting the sum
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Advice needed
I’m 55 in less than 2 years. I had a small fright, a health scare two years ago which changed my outlook on retiral. A scare was all it was, I had tests after which, fortunately, showed me to be in good health. Since then, I’m possibly fitter than any time in the 20 years before. I drink a lot less, maybe once every two…
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Additional pension contributions and Tax bands
Hi I have a bonus payment this year due to working twice the hours I did last year, which puts my gross salary at £190k. I am thinking of putting £90k into a SIPP. I would like to know if this would reduce my taxable earnings to £100k, so that I can avoid the Additional rate tax band, as well as reclaim my tax-free…
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Adding one off sum to SIPP same tax year as taking TFC ???
Hi I am a 40% tax payer and I am retiring in December. I will have earned about £50k in income in the 8 months of the tax year prior to retiring. I will have made about £10k of pension contributions in that time and so have plenty of remaining allowance and have sufficient earnings. I have no plans of returning to work and…
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Should I save or put money into my workplace pension?
Ok im 50 (will be 51 in Nov) so I figure I have 18 years before I can retire pretty much. I have bills covered and I am in full time employment with a company pension plan but that is recent, last 2 years. Before that I was caring for my father before he passed so my savings and pension were nil. I work full time and I…
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Paying tax on SIPP
I have a 1257L tax code and no income other than my SIPP. so far this tax year I have withdrawn £1000, which was not taxed, and £4000 the following month that was taxed. Please can someone clarify how this works? I have only used £5000 of a £12570 tax free allowance for the year
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Large pension contribution immediately before retirement. Tax relief implications?
Is it possible to make a £60k pension contribution in April, start drawing down pension in May with a plan to take £60k plus during the year and get full tax relief on the pension contribution?
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State pension forecast
Interestingly my state pension forecast statement doesn't seem to equate? Does anybody know why this is the case? I was expecting 230.25*52=£11,973
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New State Pension
I retire this year and have received the letter from DWP saying how much I'll get. It's about £20 a week more than the 2025-26 figure of £230.25. Does anyone have an obvious answer why? I haven't deferred and I understand than any extra from SERPS is lost because the new pension is much higher than the old. Thanks and…
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SIPP investment in Property
Hi, I have come across a SIPP investment opportunity that almost sounds to good to be true. This is the reason I am very reluctant to invest any of my underperforming pensions. The company is called Dolphin Capital and the investment returns 12% per annum. The investment will be in Germany in listed buldings. The company…
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What happens if I overpay into my pensions?
I may end up overpaying into my pensions for the 25/26 tax year. Finishing work on July 31st and won’t work again this tax year. Paid about £1,500 more than my taxable earnings into my personal pension so far this year. And I don’t earn anywhere near the £60k required to access previous years’ carry forward. Do I have to…
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Maximum tax free lump sum with Certificate for Fixed Protection
I have a Certificate for Fixed Protection issued in 2012 entitling me to a lifetime allowance of £1.8m. I'm not sure whether that affects my Lump Sum Allowance? Any advice would be really appreciated. My details are as follows: * I have unit linked personal pension plans with a combined transfer value of £1,195,000. No…
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Pension transfer refused due to incentive
I have a small defined contribution pension from a prior job. It's sitting with a pension provider that offers a limited set of high fee funds. Hargreaves Lansdown are currently offering attractive cashback rates for transfers so I thought I'd consolidate this old pension into an existing HL SIPP. - less bureaucracy…
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Work 4 months - earn a “full year” of NI for state pension?
If I work for the first 4 months of the tax year, and then don’t work for the remaining 8 months, will I get a full year of NI towards my state pension? Providing I have had taxable earnings of over £6,500 up to 31st July 2025? is that right? is the “lel” the figure I need to reach? is this £6,500? or does it have to be a…
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CETV - DB Transfer
Yes yet another thread on this topic ! My scenario is that due to the rerating of markets I requested the latest CETV for a modest DB pension I have. It wouldn't even cover my monthly CT bill in today's values. Quite unbelievably, it has come through as £30,036.50 ! Obviously, it is right on the bubble, and £36.51 is…
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Going back to work as an external consultant for my employer after retirement
I wonder if anyone can help with this please? I am due to retire from my post in higher education at the end of August, and had been asked to come in and do some work post-retirement as an external contractor. I'd assumed this would be straight-forward (my colleague did the same thing without problems last year), but I've…
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