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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…
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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,…
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Possibly urgent tax year end and pension question
Hi, I have paid in extra to my pension, using up my allowance of carry forward from previous years, using carry forward dating back to 2020/2021 tax year. Some of this carry forward was paid in during the current tax year (May 2024) and some during the previous tax year (March 2024). I had planned to call up HMRC to get…
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Profile Pensions annual fee?
Morning, everyone 🙂 I'd like to ask kindly anyone of Profile Pensions users, as I consider starting my private pension with them and still trying to find answers for whatever puzzles me.. Their annual fee is 0,82-0,86% with all the aspects included (ongoing investment advice as well) - but WHEN during a year do they…
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Clueless pension newb - Is Unbiased the only way to find an IFA?
Hi experts I have a question about finding an IFA. I have some smallish pension pots from when I was self employed and am now thinking of consolidating them, possibly into my current workplace pension. I haven't the confidence / appetite to go it alone so definitely need an IFA. The IFA I just spoke to was put into contact…
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Income tax on pension.
Hello all. Playing with some numbers, i WAS considering taking some taxable money from my pension on top of the maximum tax free lump sum, I DO understand the implications of this, but i would rather not have any mortgage as im buying a property. On a pension tax calculator on Fidelity, this works out as : Cashing in…
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Tax free pension
Hi, My wife as worked at Tesco for nearly 31 years, 3 nights per week. She is now 61 and starting to struggle with this. Her income gross has always been around the personal allowance figure of 12570... any overtime that she does gets taxed. She has 2 pensions from Tesco over the years due to change of providers. My…
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Looking to retire early….not a huge pot?
Hi all, hoping all you knowledgeable people can advise if I’m not being too naive? currently 62, working full time in an office earning just under £40k. Definitely need to improve the life balance, some (manageable) health issues and really want to retire soon. i have as below A workplace (db?] pension from previous…
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55 on March 5th 2025
Good morning I have had no taxable income during 24/25. I have a P45 from my previous employer dated 14.07.2024 with tax code C1278L I have a SIPP with Hargreaves Lansdown. I would like to take out £17040 (I think that is the right amount) to put in an ISA which I think including the 25% tax free will keep me from paying…
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Cash pension in?
So i have a very small pension pot of around £20,000 from a private pension which matures this April, i can extend it if wanted. i am 55, years ago I had aspirations of retiring early 😜 i also will have a smallish nhs pension (will have been in nhs for 25yrs so not too long) and we have a large 5 bedroom house we will sell…
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Why buy annuity
Hey, I’m trying to understand the benefits of buying an annuity and for what kinds of people / scenarios that is suitable for. is this an effective way to maximise your investments income if your plan is to live a long healthy life and die with nothing? Do the numbers add up? Does it beat a drawdown plan ? Or is it more of…
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Sipp inherited by Spouse
Assuming Pre age 75 and under the LTA. Is it inherited free of any kind of tax regardless of whether the Sipp is uncrystallised, part or fully crystallised? How do Sipp companies treat it, does it get a special nil rate tax code etc. Does the spouse have to start drawing from it before they hit 75 to remain tax free? I’m…
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Tech stock share price falls
Large drops in tech stocks yesterday due to the release of a free Chinese AI app and the they claim it runs (no need for advanced chips and huge data storage). Wonder how many people will moan about drops to pension funds?
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Making the most of a small pension pot
I am fast approaching 55 years of age and only have a small pension pot of £45k with Aegon One Retirement. I plan to take the 1st 25% tax free on my 55th birthday in June and feel its not worth reinvesting the the balance into an Annuity paying pennies. So the idea is to just withdraw it all , all be it subject to 20% tax…
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CSP - alpha Vs partnership.... And getting a SIPP
Sorry, lots going on here. I'm 47 and rejoining CSP (left in 2006 with 5 years service) 1) alpha Vs partnership - I think alpha seems preferable. I want defined benefits to draw down alongside my other DBs (local government and USS) to have a half decent income. 2) But I want to add in to my pension too, which makes me…
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Tax relief on private pension contributions
Hi At the beginning of the year HMRC informed me that due to some of my income being subject to 40% tax I owed approx £2.5k payable in the last 3 months of this financial year. I was delighted to read on Unbiased.co.uk that I can reclaim the extra 20% tax relief up to the amount I paid higher rate tax on as I had…
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SIPP drawdown health concerns
I’ve been thinking over the weekend about my sipp and how I manage drawdown. I’m 63 and in relatively good health so I’m quite happy making decisions about my investments. However going forward I’m sure there might come a time when through illness or just old age maintaining a sipp might become problematic . I’m thinking…
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Anyone disputed a pension transfer fee?
Hi all One of my pension pots is 19k held with Lifesight. It was from employment 20 years ago. Looking at their charges sheet they charge a whopping £1500 to transfer out of their pension. I understand that from 2017 new pensions need to have nil transfer fee and a 1% cap for people over 55 transferring out an older pot.…
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Lifetime Allowance in 2020 for DC pension
I'm hoping there is an easy answer to this one to save me waiting for my pension provider to get back to me. I know the rules have now changed, but as part of my application for a DB pension that is due to come into payment, I need to give details of how much of my Lifetime Allowance I have used in various timeframes in…
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DB quandary
I have just turned 60 and have been in LGPS since 1983. I have worked part time since 1999 due to having children, youngest is disabled (age 22), so was never able to return to full time hours. I have R85 protection on 1/80ths part with an automatic lump sum of £44.5K, 1/60th retirement age of 65 and CARE is 67. I really…
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: NI Top Up Contributions: Computer Says "NO" (not needed), but mysterious reason why! by 1957DfurdPensionist
7 August at 9:46AM
