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Tax free cash into ISA
I am thinking of drawing down my tax free cash from my SIPP at £20k a year and moving into my ISA (investing in the same mix of funds that the SIPP had been invested in) My reason for wanting to do this is to give me easy access to the money when I want it and also to avoid any issues with possible future changes to tax…
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Wealth Management fees causing drag on my SIPP and ISA?
Hi all, Let me preface by saving I’m a novice when it comes to investing. However, I have spent quite a few hours reading this forum, reddit investment groups and the Monevator website, so I have at least grasped the basics of pensions and ISAs. I’m 40, self-employed, and have an SIPP worth roughly £90k and a S&S ISA worth…
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Taking a defined benefit pension when due at 60
I have searched for the answer to this but not finding it - honest! My wife has two small pensions: * Teachers - Annual £2168 and lump sum £6559 * NHS - Annual £3252 and lump sum £9757 She has a very part time job earning about £1000 pa. Both of these pensions are due at 60 and she is 60. So, I have a couple of questions,…
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Advice please
Have recently retired at 56 and looking to sort my pension out and legal side of it all. Have a wife and a 12 year old daughter . Have a decent pension over a million and a few ISAs equating to approx 40k . Mortgage free house value approx 320k In terms of importance Im wanting to sort out a will and POA make sure all my…
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Clerical Medical pension to use personal allowance
My partner has a Clerical Medical Individual Pension Plan worth £22k, invested in the "Balanced Pen" fund. Next tax year she can get her state pension which, combined with her current DB pension, will take her income above the personal allowance. This tax year she has £6k of unused personal allowance. We are considering…
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M&G Wealth / Openworks Pension Advisor charges
Hi there, I've had a personal pension for a long time with what was Openworks (now M&G Wealth Platform) made up from lots of consolidated pots and realised a year or so ago that the advisor charges were what I thought was high. The platform and service charges together were over 1% and the advisor charges also 1%. So…
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Question about LPA with a solicitor
I don't have any relatives that I would burden with the problem of a LPA if it ever comes to it ( I have rental properties to complicate matters) but I really do need to set one up now I'm older and living alone and I think my only recourse is to use my solicitor Please does anyone have actual experience of this (maybe…
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Inheritance Tax
Hello, Just seeking clarification Please. I am an only child. My Mum sadly passed 2 weeks ago.She made a will leaving her house and the rest of her estate soley to My Wife and myself. Her entire estate would be under 500k including her home when sold. I have seen the 2 figures £325k and £500k quoted. What liability if any…
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State pension increase
So I've just received a letter from DWP regarding state pension increases from7th April. I have a full pension plus a top up, which I believe was called SERPS at the time (now appears to be called protected payment). So why does the state pension increase by 4.1%, but the PP only goes up by 1.7%?
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State pension forecast query
I'm wondering if anyone can help. I logged on to the Gov's pension forecast and noticed the layout/format has changed which has puzzled me a bit. I've attached what I could see last April and what I'm seeing now, after numerous attempts to upload an image I gave up and just just took a pic of my screen so apologies for the…
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Help with bridging the gap or alternative investment options??
OK I am new on here but have been reading it for around 18 months now, Therefore, I would glad of any input or
advice on the following situation from the more experienced people on here. Appreciate it is already a healthy position but just trying to understand options. I am 50 years old my wife if 44.
Our current thought…
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Transfer a Transfer Value of £20k from DB and GMP Scheme to DC Scheme
I'm currently facing a life-limiting illness and wanted to take advantage of my old DB pension by transferring its value into my current work scheme managed by Fidelity. Fidelity have asked me to get "approval" from an FCA Advisor, before they will proceed. In my circumstances the quoted minimum Pension of £301.81…
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Making a pig's ear of pension transfer! LifeSight to Interactive Investor - can anyone help please?
I decided to transfer my LifeSight DC pension to Interactive Investor and am failing completely to execute this! Firstly, I followed the "transfer in" instructions on II and opened a SIPP. It would not let me move forward without making me provide direct debit instructions for fees so I now think I am going to start paying…
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Retirement Plans
Afternoon Currently starting to look at my retirement options and I 'think' it might be possible in the next 12-18 months, however would appreciate if someone could validate my assumptions. I am 58, Mrs Fish is 55, have checked and we are both entitled to full state pension. I am a deferred member of a couple of DB…
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Statement...True or False
"Pension carry forward only applies to anyone earning over £60k this year."..... This..... https://www.tax.service.gov.uk/pension-annual-allowance-calculator Implies that lower than £60k earners can also pay in more than their salary for the current year. I have assumed that I could only pay into my pension, up to my…
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Drawdown and unused pension allowance
Just a question with regard to can you used an unused allowance from 3 years ago if you have now entered pension income drawdown. So I retired in Nov 2022 and have lived of growth/interest from investments and pension income since that date, I have 3 pension pots, I have taken the 25% tax free from all three pots and one…
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Pension estimate
I am in the LGPS, since 1983, and hoping to retire in next few months. I had an estimate for December 2024 for when I turned 60. McCloud does not appear to have been addressed as the career average bit of the estimate goes from 2014 onwards. If the 2015-22 position is moved back into 1/60ths part (final salary) how are the…
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USS Flexible retirement confusion
Hi all, I’m hoping
for a bit of a critical eye over some of my pension calculations to see if I’m
missing something vital that may come back and bite me on the bum later on. I’ve been
working at Universities (and a member of USS) since 1995. In that time it’s
mostly been full time but there have been a few gaps and a…
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USS ill health experience
Hi Can anyone help with the following questions on USS scheme ; total incapacity: this will be paid if you cannot find employment that pays a small fraction of the salary you were paid. What is a small fraction? partial incapacity: can you work in another role somewhere else that pays less. Any advice gratefully received
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Cashing in pension.
Hello; I have a very small pension pot of 50k which I would like to cash in. My pension provider doesn't allow me to take the first 25% and then drawdown further; I would need to transfer to another provider; who offers a drawdown. So if I cash the whole pension in with my current provider; after taking the initial tax…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
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Most recent: HMRC call back wait times by molerat
29 August at 10:37AM
