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If you take a tax free lump sum from pension, do you have to pay 40% income tax on it?
Sorry, I cant find answer to this : I know you get the sum without tax deducted but then do inland revenue want their cut at the end of the tax year if that and other income has pushed you into the 40% band? I have looked everywhere and cant find the answer to this. I have trouble believing they wont want their cut. TIA
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New online way to claim Pension Tax relief via Government Gateway
Claim tax relief on your private pension payments - GOV.UK Looks like HMRC have finally added a simple online method to claim Tax relief for Pension contribution. Interestingly asking for Net contributions instead of Gross, guess they found people were getting confused when reporting it previously as they wanted the gross.…
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Taking AVC LGPS
Hi. I am looking into taking early retirement now I’ve turned 60. My pension would be around £24K pa with an automatic lump sum of £44K. I won’t commute any pension as I also have an AVC worth £30k which I would like to take as tax free cash. Are there any limits on how much tax free cash I can take? Thanks
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Work pension - allocation quandry
My work pension is currently invested 100% Equities albeit heavily weighted to US Equities, split between 4 funds in the below ballpark allocations, total value currently £73k and contributing monthly...another 15ish years to go to retirement based on 57/58. US Equities L&G passive (OCF 0.14) 31% Sharia (80% US…
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Returning to Teacher Pension
I am just about to take up a post that uses the Teacher Pension. I already have a Teacher Pension that has been dormant. Meanwhile for the past 14 years I have been paying into a different pension scheme. My question is whether I am better to combine both my pensions by transferring my current pension into the Teacher…
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Pensions & Tax
Hi I have a very small pension that is due next year when I turn 60. I have already taken 25% lump sum at 55. Due to the amount that has now accumulated its not worth me breaking it down into small amounts over months but more of a benefit to me if I take it as a lump sum. I had thought of taking it early due to needing a…
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Maximum allowable contribution to pension schemes in a tax year
I’ve asked similar questions here previously and also had (contradictory!) responses from a pension provider, so I want to make absolutely sure. My partner wants to maximise her pensions contributions and minimise the tax and NI costs. She is employed full time and has quite a large amount in savings so she wants to “max…
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How Much Can I Drawdown and For How Long?
Just trying to sense check figures from various online calculators. Current DC pot is £225k, plan is to pay £13.5k into this from salary for another 6 years. Contributions will stop at this point and the pension will have a further two years to 'grow' before I commence drawdown at 57. Aim is to drawdown £19k for 11 years…
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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…
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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…
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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…
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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…
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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)
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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…
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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)
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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…
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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…
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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…
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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…
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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.…
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