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Pensions, annuities & retirement planning

For help with everything to do with pensions and retirement.

Delayed ABS from MyCSP - what to do? % months from retiring
Lucky me I'm one of the 2% of members that haven't got a 2024 ABS - trouble is I'm 5 and a bit months off 60. Is it right I can only apply for a quote 4 months before retirement? In the meantime I'm pretty lost. When Premium came in I switched from classic and bought added years, which would have brought me up to 40 years…
Gifting vs deprivation of assets
I am in the process of gifting 50k to my children, well I am still relatively young, 59, so hopefully it will be free of iht. The idea being they use it for a house deposit. However what consideration, if any, should I give to deprivation of assets? I am not gifting money to intentionally avoid paying for care so I am…
S32 with GMP Annuity v transfer to flexible drawdown pension at 5% return
Hi, I have transferred all my occupational pensions into a single SIPP with II (I have been retired for 2 years and now 63). This has gone well (although has taken longer than expected) and I have been actively managing my pension pot with good success. The only pension that I cannot seem to transfer is an Aegon S32…
Gifting from excess income as a couple
My wife and I have a joint accounts and a joint credit card. As well as that we have our own ISA’s which produce some income and we also make small lump sum withdrawals from a SIPP (approx £10k per year but generally for one off spends over the last couple of years - e,g. Daughters wedding, special cruise) By far the…
Chasing best savings rates vs MMF
Since I started paying attention to making a return on any of my money that's held in cash, probably 2 or 3 years ago, my general impression is that you are probably just as well off by shoving the money into an short term money market fund in a GIA or ISA or SIPP. From what I can see, those funds like the Royal London MMF…
Taxing of State Pension
Not sure whether this is the right forum but I had to get this off my chest. I did my SA Tax Return online and reported the amount of State Pension I had received during the tax year (my pension started during 2023/24). I knew I would owe tax due to bank interest and when I submitted the return the figure owing agreed…
taking TFLS over old LTA - no brainer...?
I'm over the old LTA, retired, not yet drawn any pension, was wan't planning to for a few years until the recent budget changes... Is there any reason at all not to take the £268,275 TFLS now At the moment I have more than that in SIPP in MMF/Gilts as I have derisked. My thinking is any growth/income in the SIPP including…
Added pension in Premium and Alpha
I am currently buying added pension monthly in both the premium and alpha schemes. Is there likely to be any advantages to stopping the premium payments and increasing the alpha payments? I currently expect i will take both the premium and alpha pensions at 60, but may possibly delay the alpha pension depending on the…
Inheritance Tax Question - Post 2027
I've tried reading part of the Consultation document IHT and DC Pension pots post 2027 but I'm confused. Assuming the DC pension is fully crystallised and the deceased is post 75, the document seems to imply a double taxation of IHT on the pension (which the pension scheme administrator would calculate and pay) and then if…
Royal London Pension
What’s the easiest way to open a pension with Royal London?
Confused about workplace pension and zero-hours contract
A couple of years ago, I moved onto a zero hours contract with my employer. My hours and earnings fluctuated over this period, from working full time to having breaks and not working for a while. I am paid an hourly rate and a holiday supplement times number of hours worked, monthly. A while ago I sent an enquiry to…
Why you should take your pension at 55
This only applies to pensions which you are no longer paying into. For example: if you worked for a company for ten years and left when you were 35, or 45, or 50, and are now working somewhere else, and have a new pension with your new employer - you should start taking your pension from your previous employer AS SOON AS…
How to set up a traditional personal pension
Hi, I have funds in a SIPP which I would like to transfer into a traditional personal pension to avoid the high running costs of the SIPP platform. Can I do this by myself or will the personal pension providers only deal with IFAs acting on my behalf? Thank you for your advice.
How to Judge the Strength of Sterling
On an American TV show they just said that the dollar is at a 2 year high. Today £1=$1.25, but in early 2023 I remember £1 buying only $1.19 so the $ is not at its highest vs the £. The Euro currently seems pretty weak and €1 buys just 83p right now. So is the £ strong? I can’t see a great reason why it would be. What is…
Extra pension payments half way through the year to save paying 40% tax
Hi everyone, I am after a little bit of advice if anyone on here can help. I finally finished paying my mortgage off last week and am now looking to up my pension payments, currently I pay 5% and my employer pays 12%. I have done my income tax calculations this year and it looks like I will be paying £1774 in the 40% tax…
non UK citizens can't have pension funds
So got this line from an IFA who I'd gone to to deal with 2 DC pensions I have and was looking to put into some sort of investments in order to fund my retirement now. Basically he's said he can't help me as I'm not a UK citizen and therefore there's no pension funds that will allow my to transfer my 2 funds to them. I…
Is it worth me contributing to another pension for 20 years? NHS
Hi, I'm in my late 20s and for the past two years haven't contributed through my main employment due to the type of job that it is not being eligible. I've had some casual NHS work and contributed to the NHS Pension. It looks like my career is now going to move long term to the NHS. I want to maximise my pension for when…
Using previous years contribution tax relief
I have done the sums and it would appear that I have not fully utilised my tax relief in previous years. I therefore want to use my savings to top up my SIPP. So my question is do I need to inform the HMRC or do I just pay the money into my SIPP and HMRC will connect the dots?
Recommendation for SIPP drawdown providers..
I'll soon be setting up my HL sipp for drawdown. From reading their blurb it seems you have to make a request for every payment. Are there major platforms that can be set up to pay a regular amount every month, once set up, rather like a salary...?
Reclaiming St James Place costs
I’ve had a barrage of ads and calls about reclaiming charges on my St James pension and investments to the tune of £4200…….. is this like the PPI fiasco and is it legit?

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MSE News

NatWest to complete takeover of Sainsbury's Bank this week – here's what it means for savers and borrowers
Sainsbury's Bank's savings, credit cards and loans will be taken over by NatWest from 1 May. For most, this means little change for now as the Sainsbury’s brand will remain, though it's expected to be phased out towards the end of this year. However, if you've over £85,000 saved across both banks, you'll need to move any excess elsewhere to ensure your cash remains protected.
NatWest to complete takeover of Sainsbury's Bank this week – here's what it means for savers and borrowers
From Thursday 1 May, Sainsbury's Bank credit cards, loans and savings accounts will be run by NatWest as part of a deal between the two banks. You'll be moved to NatWest in the future, likely towards the end of this year, but for now the Sainsbury's Bank brand will remain and you can continue to use its products and services as before.
Martin Lewis: Is the £20,000 cash ISA limit about to be killed off? What you need to know
Plans to cut the £20,000 cash ISA limit later this year are being considered by the Government. In his latest video, MoneySavingExpert.com founder Martin Lewis explains what's likely to happen, what the changes would mean for savers and what you should be doing now.
Warning: 'WASPI' women affected by State Pension age rise should watch out for 'steep rise' in scams
If you're a woman born in the 1950s affected by changes to your State Pension age, be on high alert for scams offering compensation for this. Campaign group Women Against State Pension Inequality (WASPI) and charity Independent Age have warned so-called 'WASPI' women to be extremely careful, as there's been a reported "steep rise" in the number of scams targeting this group.
Martin Lewis: 'WASPI' women affected by State Pension age rise should beware 'steep rise' in scams
If you're a woman born in the 1950s, be on high alert for scams offering compensation for those affected by changes to their State Pension age. MoneySavingExpert.com (MSE) founder Martin Lewis has warned so-called 'WASPI' women to be extremely careful, as there's been a reported "steep rise" in the number of scams targeting this group – with some even using Martin's name.
Small pension pots to be automatically combined in future under Government plans – here's what it could mean for you
If you have a number of small pension pots you've built up over years of changing jobs, they may be automatically combined in future under new Government plans. This could make it easier to stay on top of your pension savings and reduce costs – but it's still very early days, and we don't yet know exactly how the scheme will work in practice.
Martin Lewis: Aged 20 to 25? Trick to get a FREE four-year railcard worth £100 from Santander
If you're aged 20 to 25, there's a trick right now that can get you a free four-year railcard worth £100 via the bank Santander. MoneySavingExpert.com founder Martin Lewis takes you through it.
Went to an employment tribunal between 2013 and 2017? Can you reclaim £100s?
Tens of thousands who overpaid employment tribunal fees are now due a share of £13 million, which could be worth £100s. But refunds aren't automatic, so you need to act to get your money back. Here's what you need to know.
Applied for South West Trains 'boundary fares' compensation? Act now to claim it
If you applied for compensation from South West Trains before the deadline in January 2025, you now need to provide your bank details to the claim administrator so it can be paid to you. Here's what you need to know.

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