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Tax on inherited pension pot?
Hello I have a pot of pension savings (it is part of an employer pension scheme at the moment), which I plan to use as 'drawdown' after I retire in about a year. I'm just trying to work out what would happen if I died. The whole of my estate would transfer to my wife and I know that will not be taxed. So what is left of…
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Can (or should) I transfer into a drawdown account?
Duplicate post - please delete.
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Qualifying years national insurance
I’m lucky enough to be retiring age 56 so no more NI contributions. However I have paid 38 years in. A friend told me unless I’ve worked 35 back from state pension age so from 67 back 35 years I won’t qualify ??? I thought as long as I’ve paid 35 years no matter when I’ll get full pension thanks
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Teachers' Pension Scheme - take it now at 57 or as a deferred member at 60?
Hello all My wife is a teacher with 24 years service who is leaving teaching at the end of this term. Initially we were planning to hold off on drawing her pension until her NPA of 60 (she will be 57 this August), but we're now wondering if it would actually be better to take it now rather than as a deferred pension in…
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Raising 60k on mortgage to start a SIPP
Hi all, We have 38k on our mortgage and our property is worth 325k. I have been thinking about opening a SIPP for when I’m 60, currently 39. I’m thinking about taking out 60k additional borrowing on our mortgage to start a SIPP. Does anyone have any advice on this? Any help would be greatly appreciated. Regards
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Use TFLS to pay off Mortgage now or in 5 years - how does the maths work?
My thinking is that withdrawals from my DC pension are effectively taxed at 15% (assuming I don't go over 256k of TFLS) so I would need the funds in the pension to grow 15% faster than the interest rate on the mortgage (lets call it 4% fixed) for it to be better to keep the mortgage. So if I can get a nominal return of…
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25% tax free?
I am 55, have 1 pension pot with Standard Life which currently has £200k in it. I have no intensions of retiring early at the moment, if I take out 25% (£50k) and pay off my outstanding mortgage which is around £50k, I will continue to put in £2k a month to it & say my pension pot grows to £400k or £500k will I pay tax on…
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DB Pension Terminology Query
As mentioned in another post I’m considering taking a deferred DB pension early which means a reduction of 17% with my selected start date. I have requested a quotation to start the process but there’s a few terms I don’t understand in the documents and hoping someone could fill in the gaps so I’m better informed before I…
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My pension investment strategy S&P500. Wise or foolish ?
Hi all At 53 with wanting to retire at 58 I have been in saving a large part of my salary each month into my Pensions and ISA for the past 8 years. This has resulted in me becoming frugal and not buying exotic cars and holidays as I did in my 30’s. I took the decision to take matters into my own hands and transferred all…
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Estimated income for tax code
Good morning i contribute to my pension via my salary which comes out gross. i need to update my estimated income in HMRC and wondered what do you put in? do I put my income gross before any pension deductions or do I put my income after my pension deductions?
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Gov launching pension age review
https://news.sky.com/story/government-to-conduct-early-review-into-state-pension-age-13399571 Here we go… as long as they don’t touch the upcoming in 2028 change to age 57 for SIPP access rule I don’t care what they do with the state pension age… but appreciate others might. “Government revives landmark Pensions…
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Pension plan has a financial advisor company listed
One of my pensions is an old Allied Dunbar now Zurich plan and its not been active with any new money for 20 years. I recently logged on and changed my planned retirement age and the email acknowledgement says a copy of the request has been sent to '<name> Independent Financial Services Limited' My annual statements and…
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HMRC & UFPLS
Hi Everyone A while since I last posted (although still watching/learning) I have now been retired 1 year - woohoo 65 years old been living off DB Pension and Voluntary redundancy (last financial year) DB is £8036 gross I will, within the next couple of months be with drawing my 1st UFPLS payment from Aviva of £6044 Aimed…
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Missing N.I contributions
Hi, bit of a novice question. I have gaps in my N.I contributions, whereas my wife has paid the full 35 years and is still paying 6 years on. Did I read somewhere I can transfer her overpayment to my account? Thanks in advance Stuart
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Help understanding NHS pension for someone who has always been (sort of) self employed
Hello I've popped up again to leverage the experience on here to compensate for our ignorance in pension matters. Some background (and I will get to the NHS bit eventually): 1 - Myself and my missus have always been self employed, or directors of our own businesses. 2 - As a result of being daft really we got to our mid…
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Overpaid tax on a private pension lump sum payment
Hi all, can anyone help. My hubby had a lump sum out of his private pension (already used his tax free amount) instead of the usual 20% tax we expect to pay he has been taxed on an emergency tax basis. So has been taxed quite heavily. Filled in a P55 form to claim back over 3 months ago, numerous calls to the tax office…
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Do I need a SIPP?
I am about to turn 48 and having paid a small amount into a pension every month for the last 27 years, I'm now actually starting to properly think about retirement. As it stands I have c£10k in a workplace pension and c45k in my own one. I have around £140k in saving, over half of that is spread in various cash ISAs. My…
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State Pension Entitlement
Hi, I have just received my state pension letter , and it's below the forecast , which was the full state pension . I have 43 years of full NI contributions. I did retire 4 years ago after taking earlier retirement. My understanding is you need 35 full years of full qualifying contributions , however i am being told its…
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Issues with repayment of pension contributiona
Hi, not sure if this is the correct forum category, so please advise if I should be somewhere else. I left my job in March, planning to live for a year on the pension my employers enrolled me in when it became compulsory! I arranged it so I drew the whole amount down after 6 April this year, and the pension company…
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MPAA
My wife retired from the NHS a couple of years ago and currently draws a pension.She also has a with profits pension with Royal London, after a brief spell away from the NHS, which hasn't been touched yet and no contributions have been made since 1990. It's currently worth £33000. She'd like to withdraw that money, half…
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Most recent: Gaps in National insurance contributions by molerat
12 March at 10:53PM
