-
Civil service alpha transfer
I was wondering if anyone has any experience or advice regarding the Alpha higher tier ill health reassessment. I was medically retired in 2018 under the Classic scheme. My pension has been subject to the Remedy ( mccloud) and as a result I have been given the option to transfer to the Alpha scheme. I am still three years…
-
Moved from NHS to Civil Service 2018 - CS Pension eligible for McCloud Remedy?
I'd be very grateful for advice, for example from some CS Pension forum experts such as hyubh or hugheskevi. I've searched the CS FAQs, and this forum, and cannot see a direct answer to this question... I worked in the NHS from 2009 to 2018, and was
a member of the NHS 2008 Pension scheme (from 2009 to 2015), and then the…
-
Transfer a small DB Pension or not?
Hi, some advice needed. I have an old deferred DB pension from a part-time job I had years ago. The CTV is just £20,400 with an attached money purchase plan currently worth just over £10,000. The expected pension at age 65 (in 6 years) is forecast at approximately £1200 a year with an approximate £8k lump sum. Would it be…
-
Am i okay to "deflate"? Please sanity check my model / thinking!
So kinda related to this thread https://forums.moneysavingexpert.com/post/discussion/pensions-annuities-retirement-planning id love some critique of my numbers and the basic cash flow model i did one late night this week FYI * I am 53.5 (paye, fulltime) and other half 50 (no employment) * I have a DC pot of £1.0m * £600k…
-
PUTTING AN ISA INTO A SIPP
I would appreciate guidance as to whether or not it is feasible for me to use this years forthcoming ISA allowance to purchase an ISA through my SIPP cash fund, what the pros and cons are and how best to locate suitable ISA providers. Many thanks (Removed by Forum Team)
-
New Starter - Civil Service Pension
Hi, I am hoping someone can alleviate the migraine I am getting trying to understand things I am a new starter in the Civil service on £24,202 I have initially joined Alpha as I believed it to just be the one everyone goes with and mistakenly thought it operated like a DC pension in that I would pay 4.60% contribution and…
-
Flexible retirement
Can you apply for flexible retirement if you only work 3 days a week . Dropping to two days a week? (female aged 63 worked for 25 yrs in the local government)
-
Deferred Pension and compensation
I am about to retire, my official date was Sept 2014 and I've not picked up my state pension . I am trying to make sure I don't have income of more than £12570 in the tax year 2024 to 2025. I have done this by putting some money into ISAs. Also some of my savings are instant access which I intend to put into fixed rate…
-
NI Contributions and Pensions
Ive been paying NI contributions for the last 33 years, As I understand I need to make 2 more full years contributions for a full government pension. If I emigrate after the 2 years with no intention of returning and not paying anymore NI, having paid a full 35 years contributions, will I still be eligible for the pension…
-
Defined benefit TFLS
Hi I have always been led to believe that for a DB pension it is adviseable to take any TFLS and a reduced pension than a full pension and no TFLS. So I have done some fag packet calculations. If I take my pension at 65 I can either have a pension of £19600 with no TFLS or £13577 with a TFLS of £90500. My initial…
-
Valuntary NI Payments for 1998 - 2003
Good morning, I have a few gaps in my NI contributions specificalyl betwwen 1998 - 2003. Essentially
during this period: • I was a student in Uni. • I joined an employment agency for a period. And worked some shifts to earn
funds to pay for Uni supplies. Their payroll sorted out Tax, NI etc. and my
salary went directly…
-
Will I benefit from reducing my hours .....
I currently work 37.5 hours a week over 4 days earning an annual salary of £49,680 or £4,140 a month. In addition to this I receive an annual work pension of £11,515.40 pa or £959.62 a month. I currently pay £563.20 tax on salary and £192.00 tax on my pension per month. I have a Pensions Salary Sacrifice of £177 per month.…
-
Some advice please
My situation is as follows: Married, 69, retired, wife 74, retired. Both drawing state pension and one other pension each. I've a SIPP worth circa £160.000 that's yet to be moved to drawdown. £90,000 in drawdown already. We own 2 houses, both with mortgages due to be repayed this year. Total £340.000 Plan was to sell one…
-
Unplanned early retirement and haven't de-risked SIPP
I'm 54 and was planning to retire around 58/59 but after resigning from work last summer after a stressful situation and taking a break to spend more time with my 10 year old, I've decided to retire early (or at least step back from work until she's settled at secondary school by which time I won't be able to - or want to…
-
Is retiring at 55 doable with this plan?
Hi all, Quick background - 48 years old NHS worker, married with 1 child (aged 3). Salary currently £53755 which will be going up to £60504 in October. Wife works part-time and earns around £8k. Before we got married both my wife and myself owned a property each, once we got married we decided to keep both properties and…
-
Trivial Commutation with SIPP
Im retirement age and frustrated! I have been offered a Trivial Commutation lump sum from the only company I ever worked for who had a pension scheme. But as I was worried about a lack of pension I opened a SIPP. I’ve reached retirement age and the value of the SIPP is more than £30k so I think that means I can’t get the…
-
Transfer moderate pot into Civil Service Pension
I’m 50 and recently joined the Civil Service in a £15k part time role. I’ve been enrolled into the Alpha Pension Scheme. Should I keep my SIPP separate (current value £220k) or transfer it into the CS scheme? My new pension contributions will be relatively low (see wage). thanks
-
Civil Service Pension - Leaving Early
Hi, wonder if anyone know the answer to this, the CSP site is a bit vague. I know that if I leave the scheme with less than two years service I can get a refund or transfer out, and that if I leave with more than two years the sute says "As you have qualified for a pension, you cannot have a refund of your contributions.…
-
Tax repayment on state pension top up
I paid £2400 in voluntary national insurance contributions in 2022 to boost my state pension amount. State pension is taken from national insurance contributions which are deducted from salary before tax. The £2400 paid would have been from income on which I was taxed; therefore should I be entitled to claim back the tax…
-
Civil service pension trivial communation
Hi im very new to this but need advice. I was employed by civil service for a number of years in 80's till early 90's. In October 2023 I enquired about what my pension would be when I turned 55 in January 2024. I got a reply in January 2024 with figures. Having looked at the figures the pension I would receive was minimal,…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
699 discussions
6.1K comments
Most recent: Guide discussion: Voluntary national insurance contributions by molerat
4 August at 11:28AM
