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Pension and Refundancy
I am 62 years old and am being made redundant soon. I want to put a lump sum from my redundancy into my defined benefit pension and only withdraw the tax free allowance from my pension without having to take my monthly pension payments. I haven't been given this option Can I do this without penalties or without having to…
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Closing down my pension
Hi Guys Not sure if you'll be interested in answering this questions - it's a bit different to the others on here. I have about £45K in a SIPP. I also have several types of cancer so although quite well at the moment, I'munlikely to make it through Summer. I'd like to simplify my affairs and get as much as possible into a…
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Why am I no better off when there's an increase in state pension?
This discussion was created from comments split from: State Pension and Private Pension.
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Alpha added pension - how it affects your MyCSP portal and ABS
I understand that once the next scheme year starts on 1/4/25 with monthly payments by payroll, there is no difference to the results you get on the retirement modeller on the MyCSP portal. But there will be a separate section on your portal somewhere about any AP payments you’ve made and what they have accrued so far? So…
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I have 35+ years of NI contributions but they aren’t the right years!?
I thought I would look into my pension given all the publicity about NI contributions. It turns out I am not getting the full pension although I have more than 35 years of contributions. I am told the reason is that I didn’t make contributions in the 6 years before I reached retirement age. I have searched everywhere to…
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All all the money out of a pension pot
Hello, If a person aged 60 wants to take all money out of his private pension pot and pays tax on the 75% of the pension whatever the tier it is on, and he doesn't have any other income. Will the person still have to submit self-assessment in the tax year? Many thanks.
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National Insurance contributions and SERPs
I'm confused, not difficult I know. As per: tax.service.gov.uk/check-your-state-pension/account/nirecord I currently have 42 years of contributions that say "Full year" but some of these years are associated with SERPs, probably around 15 years or so in such a scheme. My State Pension summary as per:…
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Income tax on inherited pensions - MLMS error?
Martin's Money Show talked about how beneficiaries are currently subject to income tax on any pension funds inherited where someone dies after age 75. This led to a discussion about how from 2027 these payments could also be subject to IHT as well (ie double-taxation). Martin then asked whether the age 75 cut-off still…
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Bonus sacrifice and exceeding annual allowance
The company's bonus is coming in February, and I'm tempted to put the entire amount into my pension, even though I know it will exceed my annual allowance. Is it really worth it? My bonus will be in the tens of thousands, and any advice would be appreciated.
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Teacher pension changing to civil service pension
Hello, Little confused at the moment and hoping someone could help demystify. Currently a teacher paying into the teachers' pension. I will be changing to a civil service role in September with a civil service pension. If I change back to teaching in a few years time, are there any penalties to thhe teachers' pension? Will…
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Guaranteed Annuity question.
Sorry if this is very basic or I am using the wrong terms..... If I take a lifetime annuity but with a guaranteed minimum payment period of, say, ten years do I have to nominate a specific person to benefit if I die during that ten year period? Or can the remaining amount just form part of my estate to be distributed in…
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Withdrawal from Standard Life
My mum has £22k in a Standard Life pension. She doesn’t know what sort of pension it is but I guess she was paying into it in the late 1990s to 2000 as she left that job then. She has an income of about £24k. She is 75. Standard Life have been sending her valuations each year and then just after her 75 birthday they have…
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Withdrawal from a SIPP
I am 63 years old. I have a small SIPP that I manage myself and that I am planning to withdraw funds from. I also have a financial advisor who manages a much larger pension for me from which no funds have been withdrawn. If I start withdrawing money from my self-managed SIPP am I legally bound to tell my financial advisor…
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Personal pension on universal credit
I am looking to invest a small amount of money regularly in a personal pension. I have a little bit of money left over every month from my universal credit/LCWRC and PIP. I was more than likely be on disability benefits till I reach retirement age in 17 years time I am looking for clarification that the money I invest…
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ill health retirement & potential tax bill
I’m being ill health retired from the LGPS aged 49 on 48k a year. It looks like I will potentially have a sizeable tax bill due to the big uplift in pension amount. I’m not clear on how to work out this tax amount & wondered if anyone is able to roughly work out the amount. The pension I had built up to this year was 22.5k…
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How do I open multiple SIPPs with Hargreaves Lansdowne
I am past state retirement age still working part time & as I am a higher rate tax payer I am paying into a SIPP to wash away tax & just holding cash in anticipation of drawing down in a couple of years. I have £20K in cash as I only started paying into a SIPP last tax year & when I enquired a few months ago about taking…
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HMRC Debt
I do not understand, I am 74 and have not had to think about tax on my pensions for years figuring that HMRC and the Pension Service were handling it. However I have now been asked for £670 for each of the last two tax years ie £1,340. In an attempt to keep this brief and after several conversations with HMRC the only…
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HELP! Very small pot and limited means to increase. Any advice please?
Hi everyone I've been lurking here for a while and found there to be some very knowledgeable people here, I'm hoping that maybe someone can point me in the right direction now. I already feel so stupid that I should have been doing this for the 20 years I've worked at my firm!! I'm only now realising my mistake that I'm…
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State pension
Every year I get a letter from the Department for Work & Pensions telling me the weekly amount I will be getting. If this is multiplied by 52 you get the amount I should receive in the full tax year and this is also the amount that the Department for Work & Pensions are telling HM Revenue & Customs that I have been paid.…
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Partner’s pension - better to Sal Sac & open another private pension?
My partner is in the process of moving some of her savings (from a recent inheritance) into her pensions. She wants to max out the amount that she contributes into her pensions and maximise the tax efficiencies The current situation is: Work pension 1 - DB scheme. No options other than a straight in or out. So she is in.…
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Most recent: NI Top Up Contributions: Computer Says "NO" (not needed), but mysterious reason why! by 1957DfurdPensionist
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