-
NHS pension increase - why so low?
My retired partner's NHS pension letter arrived today saying that this year's increase is 1.70%. That seems very low considering inflation and wage growth. Does anyone know how they arrive at that figure?
-
Financial Advisor Planning to Move to New SIPP Platform?
My wife had her annual SIPP review meeting with her financial advisor. The company are considering moving her SIPP from AJ Bell to Soderberg. They claim that Soderberg has outperformed AJ Bell, but he also disclosed that Soderberg have made a small investment in their company. We have not heard of Soderberg, is moving…
-
Retired with pensions and deciding to go back to work
I am 61 and have been retired for 2 years claiming 2 small final salary schemes. (£4.5K approximate). One in the NHS and one is private. I have no other income other than savings and investments, and do not pay any income tax. Currently my tax code is split between the 2 pensions and my wife has the marriage allowance…
-
Help me understand why my drawdown had been taxed
I requested a drawdown of £4400 in this tax year ( no previous drawdowns in this tax year) from HL SIPP drawdown account the HL payment notification states that tax code is 500T gross payment £4400 PAYE tax deducted £964.46 Why have I been taxed at all, I thought the tax code meant I could drawdown up to £5000 before being…
-
Aviva to Nest?
Hello. I'm a total ignoramus here, so am very much hoping for a steer! I have three private pension pots currently (that I know about). I have a pot at Mercer (around £25K) from an old employment scheme, into which I no longer pay; I have a relatively new Nest pension with my current employer (2 days a week - I also pay in…
-
Spanish pension
Hi. Just wondering if anyone has had experience of aggregating years of UK contributions to reach Spanish minimum periods for claiming a Spanish state pension? I am particularly interested in knowing if the so called "freebie years" or juvenile credits given until 2010 are taken into account by Spain. I have about 35 and a…
-
Was this 1988 pension projection hopelessly unrealistic and can I blame anyone?
At age 28 my employer set up a pension scheme (DC group money purchase I think?). I'm now 65. I still have the 1988 introductory paperwork from the broker. The illustration states that I "earn £9,188 pa, my salary will increase by 5% pa, and the retirement fund will grow by 13% pa. This will create a pension fund of…
-
AVCs - pay gross or net?
Hi. I'm looking at paying Additional Voluntary Contributions either into the NHS AVC scheme paying gross (taxed less) or paying into a separate scheme net (taxed more) but then getting tax relief. They seem to work out the same either way for take home pay and amount in the scheme per month. Have I got the tax…
-
LGPS AVC - Money Matters
A couple of months ago I began contributing to LGPS AVC, using Money Matters. I'm with WYPF. I've checked the Money Matters website and am struggling to find where I can track the pension pot. I wont be checking regularly but have an amount in mind for retirement so would like to see if i need to increase my payments as I…
-
Tax rebate…is this a record
So…..After retiring last October i took my first ufpls a couple of months later. I paid too much tax but did not submit a claim as I knew I would be completing my self assesment this April. Did self assesment on Tuesday 22nd April expecting tax return of about £3k probably in the autumn….WOW….just checked bank account and…
-
New Tax Code as a new state pensioner
I've been receiving my employer pension since 2021 when I retired early. Since February this year I began receiving my state pension. My employer pension tax code has just changed to 6L and I'm trying to find out what it means! Any help gratefully received! Thanks
-
Pension contributions.
Hi All, I have a question about pension contributions, my wife's employer is taking her pension contribution after tax is deducted, This because if they took it from her pre taxed salary she would be below the minimum wage. is this allowed ??
-
Warning: 'WASPI' women affected by State Pension age rise should watch out for 'steep rise' in scams
If you're a woman born in the 1950s affected by changes to your State Pension age, be on high alert for scams offering compensation for this. Campaign group Women Against State Pension Inequality (WASPI) and charity Independent Age have warned so-called 'WASPI' women to be extremely careful, as there's been a reported…
-
Financial Advice for Cashing in a DB Pension
We are planning ahead to retire and ideally would like to cash in two small defined benefit pension pots. One currently has a cash in value of £35k and the other £55k. We are fortunate to have two remaining defined benefit pension pots elsewhere that will be our future security, so would like to use these smaller pots so…
-
Junior SIPP
Good afternoon I have a query regarding backdating contributions for my child's Junior SIPP, which was opened on February 1st, 2024, with no contributions made Can I backdate contributions for the following tax years: 2023/2024 (£2880), 2024/2025 (£2880), and 2025/2026 (£2880). My understanding is that scheme membership is…
-
Pension pot withdrawal
I have taken early retirement, monthly pension of £1000,plus part-time job,earning 600 per month. I have Isas /investments totalling approximately £57,000. Will not receive State pension till late 2026. My issue is I have a small pension pot of £23,000,which will mature in December 2025,giving me either a lump sum of £5500…
-
Personal pension contribution limit
Hi. I have a question about pension contributions to which I don't seem to be able to find the answer. Probably easiest to explain in an example. A self-employed person starts a (SIPP) pension in 25/26 and contributes £10,000 into the pension in that year (£8,000 plus £2,000 tax relief). When it comes to working out their…
-
Reduced pension
Hi my occupational pension is being reduced a year before I receive my state pension what can I do about this, I was in a non contribution pension scheme with marks and spencer, I will be getting my pension reduced by half is there any way around this, I will get the full state pension
-
Civil Service Pension - Transfer problems
I recently left the Civil Service. I was there less than 6 months, so I did not qualify for the pension. A couple of months ago they sent me a letter telling me I could either have the money back that I had put in, OR a much bigger sum transferred to another pension. I opted to transfer the bigger sum. My personal pension…
-
AVCs - can you do some via salary sacrifice and some not?
My employer has recently changed the way it deals with AVCs and they are now being done via salary sacrifice. I’ve been making large AVC contributions for a while but this change means my latest contribution is only a fraction of what it used to be. I’ve done the sums and can see that they’ve taken the maximum AVC possible…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
724 discussions
6.3K comments
Most recent: Voluntary NI Contributions – What to Expect After Requesting a Callback by molerat
4 December at 1:45PM
