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Does pension tax relief & employer contribution really benefit me?
Hi, pensions-wise I have contributed approx. £20k to mine, with an additional £5k being added for tax relief, and £6k by my employer. Pot worth approx 40K in value apparently. My question is, don't I just get penalised anyway by them taxing the tax back off my saved amount? In my workings out, if I can only take out 25% of…
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Pension providers, costs and funds - Opinions please
I'm currently 56 and looking at retiring in about 12 months time. No mortgage or dependent children (just 3 grown up ones). I'll be taking an old small DB pension of about £6,500p.a and my wife's (54) DB pension of £11,000p.a. We'll make up the rest of our annual planned budget with savings & shares, which should cover us…
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Take a lump sum offered for tax purposes
Hi, Just doing some broad pension planning... I have multiple annuity pensions that I have accumulated over my career which will, between my wife and I inlcuding state pension (at current estimates) generate about £5k net per month, after about £800 tax is paid. I have also been trying to build up a SIPP outside of that.…
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SIPP tax relief
I’m driving myself crazy and know I’m doing something wrong in trying to figure out how SIPP tax relief works. Say for simplicity I am a 20% tax payer. If I pay tax on £10k of earnings, I would have £8k net. (Ignoring NI for simplifying example). If I contribute £8k into a SIPP, I’d receive 20% top up of £1600. Why does…
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State Pension/Forecast site changes causing confusion.
I spotted the link below and it maybe helpful to some espically as the long buy-back window is closing end of March 2025. Looks amazing they would they would make a change and apparently not test it was okay in this time period of critical importance for many people. I guess they just not bothered, it looks like a 5 A Side…
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Contracted out of SERPS but still in line to get full state pension
I know this subject has been covered loads of times but despite looking through various other threads I'm still not entirely sure about the relationship between SERPs and the new state pension! I was contracted out of SERPS for around ten years in the 80s/90s but my pension forecast on the Government Gateway says I will be…
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25% tax free allowance on foreign pension income
Dear all, Does the 25% tax free allowance only apply to UK pension income or does it apply foreign pension income as well Thanks!
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Advice for small pension
So my dad is currently 65 working full time in a job earning about 35k per year he can get his state pension in October when he turns 66 he won’t be retiring yet as he wants to carry on working after October. He has a small pension of about 16k from a previous employer he is wanting to just pull it all out as a lump sum…
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Income tax on taking two private pensions
Hello, I'm 55 and planning to semi retire this year using my LGPS pension :) The annuity that I plan to take under this will be under the income tax threshold of £12750. I also have a small historical pension that I'm planning to cash-in as a one off lump sum, which will more than likely (when I'm able to get a true…
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Retire at 56 ?
Newbie here! At the turn of the year, I've just started thinking about pensions. I am slightly late to the party but hoping to rescue the situation and retire as early as feasible. I'm currently 51, hoping to retire / work part-time from 57 or earlier! The earliest I can take my pensions is 57. My partner is nearly 52 and…
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Pre-1988 GMP fiasco
I am 66 and requesting defined benefit scheme preserved pension quotations. Did the same last year (2022, age 65). I have two issues both to do with the pre-1988 GMP (Guaranteed Minimum Pension when contracted out of the state pension for those years pre-1988). 1) deferred retirement quote last year included a scheme…
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Opening a private pension in a country you are not a citizen of?
Is it possible to open a private pension in a different country to that I am a resident of? Also which country has the lowest private pension age?
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USS Pension advice - Additional contributions and implications
Hi, There seems to be a lot of knowledge on here about USS so just wondered if I could check in with you all before make some changes in my pension contribution in case I'm missing any unseen consequences... I'm 54 and in the USS. I would like to retire sooner rather than later but have another 6 years before I meet the…
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Workplace pension
So my dad has started a new job at 65 he is 66 in October but wants to stay on working for a couple of years. Is it best to opt out of the worksplace pension or just pay in for a couple of years? Thanks.
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Help re Pension, Tax etc
Hi I wonder can anyone help please? I am trying to assist my colleague re completion of NHS pension forms (Northern Ireland) and can't find an answer elsewhere. She is a current member of NHS scheme and her pension will be in the region of £10,000 per year plus earnings of around £20,000 from mid 2025. No other income or…
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Future Pensions Agency Saturday calls
I have been trying to get in touch with the FPA off and on all week with no success. Today, Saturday, I had a call supposedly from them (their phone number was showing). They said they were returning calls from people who had failed to connect in the week. I was uncomfortable with proceeding. Does anyone know if they are…
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Lifesight Pension - any good?
My DC pension pot is with WTW Lifesight. I've around £500K in there. I'm at the stage in life where I'm looking into moving into drawdown. I have protection for my tax free lump sum of 26.7% (from my previous employers scheme that was transferred in). I've seen very many bad reviews of Lifesight on the TrustAdvisor site -…
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Amundi Prime Global >>> to MWOZ in €
I had quite a large value of (PRIW?) Prime Global ETF in a SIPP with Freetrade. (It was a low fee world market ETF) It delisted then merged into another ETF that is not on the LSE. I had NO notification from Freetrade that the fund was going to delist or anything. The first I knew about it was that it was removed from my…
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My life expectancy has been reduced - is there any hope of retiring before I pass?
I have a bit of a depressing situation about my health and pension planning and I am looking for peoples’ thoughts on what might be realistic or preferable in my situation? The short version is that I had been working towards retiring on a comfortable pension at 68 but I have recently found out it’s likely I won't live…
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Struggling to understand my very small pension pot
Does anyone know if I can take 25% and 'leave the rest where it is'? I hope someone can help me, I've got a lot of info about my small private pension (defined contribution benefit). There is so much info I'm overwhelmed by it. I only worked for the company for about 3 or 4 years and the amount is about £14,000. I could…
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Most recent: HMRC call back wait times by molerat
29 August at 10:37AM
