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Voluntary national insurance contributions - Abroad. Class 3 or 2
I am in the process of submitting the form CF83 online. Concerning Class 2 or 3 I have read here and elsewhere that you have to have been employed or self-employed immediately before leaving the UK. I graduated in the summer of 1986. I spent the next months looking for work in the UK (difficult times) - and used the local…
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Pay off mortgage using tax free pension
I’ve been looking on line for information relating to using my tax free lump sum to pay off an outstanding mortgage balance. For example, I turn 55 in a few years and have over £1.2M in my person pot but I’ll also have a £100,000 mortgage. My fixed mortgage period also comes to an end in a few years. So, what I’m trying to…
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deferred DB pension Revaluation. Are the 5%, 2.5% limits compounded? Also partial years.
As part of my considering a Transfer out of my private company DB pension (which is unlikely to happen). I have for the first time looked in detail at my deferred pension. My service ended June 2010. My NRD is 1/6/2033 (age 65). Compounded Cap? Given the current rate of inflation my attention was drawn to the 5% and 2.5%…
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Home Responsibilities Protection
Hi my mum has been awarded hrp for 15 qualifying years however dwp have stated that she is not entitled to any additional payments or backdated money as she has never paid any qualifying NI contributions. My mum is 87 and has always been a stay at home mum.
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Drawdown Planner Spreadsheet
Hi All, Does anyone know where i can get (or share) a drawdown planner, I've looked at many online but they seem fairly basic and cannot be customised for individual circumstances, plus quite a few don't not allow for inflationary effects, other income or income variation. I'm happy to pay for something that works. The…
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My pension calculations
Looking for some general advice with regards to my pension. I am 57 and have worked for the same company all my working Assume I retire at 67 My Current salary = £48000 State Pension - as per the Government website it states I should get £11,541 per annum Company Final Salary - scheme has closed 10 years ago (they switched…
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Tax free pension lump sum
I’m a 20% tax payer but within 15000 of paying 40%. I’m about to take my 25% tax free allowance from my iwdc pension scheme which would essentially push me into the 40% bracket, despite this being a tax free allowance it will be paid to me through my wages I presume. Does this mean that I’ll be taxed at 40% for next year…
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lgps pension
Hi I currently have an active pension and one that has been recently been deferred as my role has changed due to a restructure and I have received a new contract for that role and I declined the aggregation and chose to separate my 2 pensions. They are both with the local council and I am wanting to claim my deferred…
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Query re contributions to non-UK state pension scheme
Hi My wife and I have both been employed in a civilian capacity by the Ministry of Defence in Cyprus since 2004. My wife has been subject to UK taxation and NICs for the whole of her posting. My situation is somewhat different, in that my employment status in the MOD is that of a ‘dependant’, and as such, my income is…
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Unqualified right to pension
My 55th birthday is February 2028, a couple of months before the pension age changes from 55 to 57. I was under the impression I would be able to get my pension as my birthday was just before the cut off. But further reading today that doesn’t seem to be the case. I’ve read that all schemes are different, to be able to get…
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Def Benefit transfer
Hello All I have had a CETV from my deferred Def Benefit pension fund and on balance I think it a good option to transfer the money out into a SIPP. Has anyone ever managed to do this? I have to get an FCA approved financial advisor to sign off that I have had advice but no advisor locally will touch a transfer of this…
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Claim against financial adviser
I invested in a private pension which included yearly face to face review. I've never had face to face meeting just letter. I withdrew money and it went over tax resulting in £4,500 tax bill I wasn't aware of the £125,000 limit. Have I a claim against my adviser for A. Not having reviews B. Not telling me of higher limit…
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Will I breach HMRC pension recycling rules
Back in August of last year, my divorce was finalised and as part of that divorce, my ex-wife received 22% of my pension as part of a pension sharing order. I decided to increase my contribution into my company pension scheme (salary sacrifice) from 5% to 50% to try and put back some of the money that I lost in the…
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Fixed term Annuity v Gilt Ladder
I am looking at ways to use money in my SIPP to bridge a five year gap before my DB pension kicks in. I need 42k a year income to give me 3k a month income. I have 330k in my SIPP. I have read people suggesting gilt ladders are way to go. Legal and General fixed term annuity ladder gives me 42k a year for 5 years and on…
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Resignation date - any advantage in doing it at the start of a tax year?
I’m going to draft a resignation letter today, I think I’m going to do it! I was going July but there is suddenly a heap of work and I’ll just do it badly or not at all! I don’t need the stress, either psychologically or practically for additional £££. I’m thinking to go for April 5th, the tax year, it’s two months and…
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Interactive Investor Fees Query
Just wondered if anyone is in drawdown on the II 'pension builder' plan and confirm if I'm reading the website correctly. I currently have the full £21.99 a month package and have both a SIPP (in drawdown) and an ISA with >£75k. I only do two or three trades a year. It looks as though I would be better off moving my ISA…
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Retirement Planning Model
After 40+
years of working within British Manufacturing I started to transition towards
retirement a couple of years ago, now working 2-3 days a week, whilst starting to
draw on my pension pot. Like many,
I found myself on a steep learning curve as I crunched the numbers to see what
was, and wasn’t, possible with my…
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Confused about GMP and reduction in pension increase this year
Hi everyone. I am receiving payment of a pension from my previous employer, a company which has recently passed the admin of its pension scheme to the dreaded Mercer. My increase this year seemed short, and the different elements of the pension, and increases applied to it, were presented differently. So I queried all of…
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One year before drawdown - crazy to move SIPP (from LifeSight)?
I've had some really useful comments on a post I made on Monday asking for advice around unplanned early retirement. I'm still modelling / researching exactly how and how much I am going to move from global equity index trackers in my SIPP to bonds but I took a look at my LifeSight SIPP yesterday and it's sadly lacking to…
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Lump sum when on benefits
Looking for some advice please. I am on income related benefits and have been for some time. I have 2 x private pension of not much amounts - Old Aviva Staff Pension Scheme £8,650 Scottish Widows Retirement Account £33,795 When i turn 55 i would like to withdraw £6,000 as this is the limit of savings i can have with…
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Most recent: Conflicting State Pension Forecasts by Taylor2000
9 August at 1:31PM
