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Pension Drawdown Tax Refund
Hi, last year I used all 100% of a small pension to pay off my mortgage. Obviously, I was taxed on the 75% drawdown amount. Since then, I have been unemployed and have not made much money and have not reached my tax allowance for the year. Will I be able to get the 3k plus back as paid taxes?
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Teachers’ Pensions Website difficulties
Good evening all, just wondering if anyone else is experiencing difficulties with the Capita run TP website, really hard to contact them, emails not answered and on hold on the phone for 50 mins plus. i have had and filled in my Rollback choices statement which tells me I am owed money. It was posted “special delivery”…
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Claiming my 25% tax free pension allowance without the balance going into drawdown
I have contacted my 3 separate private pension providers all of which have told me that if I am paid my 25% tax free amount into my bank account now that the remaining pot will go into a new account that will then be in draw down and taxed which I do not want. I was told that what I require is possible however it may…
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SIPP drawdown
I am over 55 years of age and would like to take a 25% tax free lump sum from my SIPP. My SIPP consists of 3 different US shares and a small amount of cash (£150) that I leave in there to cover fees. Am I able to decide which shares are sold to raise the 25%, can I sell some of each? Can I specify to leave the current cash…
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Pensions Advice - Insight4universities etc.
Hello I'm looking to reduce my hours by at least one day a week this year, but having spent all my working life until now trying to avoid thinking about my pension (USS), now find I need some advice to get my head around the pros and cons of my options for doing this. I'm reasonably sure I can afford it, either with or…
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Identifying whether a fund offered by UK organizations is US/UK Tax Treaty recognized
Hello, good day US/UK citizenship, UK resident, no US assets, holdings or business/employment dealings Seeking to understand how one might identify whether a fund is recognized by the US/UK tax treaty and what in fact "recognized" means in this case e.g. is that the same as saying it's HMRC domiciled or something else? The…
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Civil Service Pension - EPA
Hi, I've been reading several threads about the changes to EPA and early retirement and still at a loss as to what to do next. I have been in the CS Alpha scheme for 4 years, contributing to -3 EPA for the last 3 years. I understand the EPA is no longer as beneficial since the changes made in the last year. I'm 34 and have…
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Total Pension Pot calculation…
Hi, looking at an old private pension forecast from 3 years ago. If my lump pension was 143k with a reduced pension of 21,475.68 annually. I will request an updated forecast, but for the moment though can you assist me with some queries based on numbers above; How much pls is my total pension pot ? Is it 143k x 4?…
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TPS Scheme, How to claim with minimal actuarial reduction.
Career Average with 3 Year Buyout. Want to claim age 60, so only 5 years actuarial reduction. APB - I buy £250 every year, current pot is around £2k, anticipate it to be around 5-7.5k at age 60 as I will buy the maximum I can. I cannot have 3 year buy out on this, so if I was to claim at 60, would be reduced by 8 years…
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£60K annual allowance pension contributions
I'm looking to maximise my contributions to AVC over next 2 years before finally retiring - I know I am limited to my pay or £60K (whichever is less), and can use some unused allowance from previous years - I''ve been doing some calcs but hard to be exact when I am in defined benefits main scheme and defined conts AVC. So…
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Civil Service Classic Pension queries
Looking for some advice please. I was in the Civil Service Classic pension scheme from 1984 until 1994 when I left and became a deferred member. As my pension is due to start paying at age 60 at the end of this year I thought I would request a statement / current valuation last September as I had not received one for…
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TAX ALLOWANCE ABOVE STATE PENSION AND BENEFITS
My current state pension is above my personal tax allowance because I have transferred 1260 to my spouse and is my only taxable income The problem is that for benefits puposes the full state pension is being listed as income instead of the NETT with the tax deducted I am probably one of the first to have this issue which…
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Pension income
Looking for some advice please. I took a lumpsum of £15k out of a pension pot in the last financial year. I received £10k and I paid £5k tax on this at BR according to my HMRC records. I am not of pensionable age and still employed. this amount of tax seems unusually high in comparison to the tax I have paid on other…
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Using up previous years "unused" pension allowance
Hi, I have contributed a lot to my workplace pension in the last 3 years as I had neglected it prior and am over 50 and had an opportunity to do so. But I have not used each years £60k allowance. I understand that you can pay more than a years allowance (£60k) in a year if you have "unused" allowance form the previous…
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USS and Voluntary Severance package, Tax and buying pension
Hi all, I'm 58 and taking a University Voluntary Severance package soon of 33k. I know that the first 30k will be tax free and the remainder will be taxed at the usual rates. However, I have an option to put some of the package into my pension. I'm still working part-time elsewhere and for various reasons I'm not taking my…
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State and private pensions have gone up, but I'm worse off
This discussion was created from comments split from: State Pension and Private Pension.
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Salary > Pension contribution. Is a 2-3 week delay normal?
Hi My salary is paid to me on the last working day of each month. My pension contribution is made through my salary at the same time. My DC (I edited this to DC from DB previously, my error, it is DC) pension is with L&G and checking there, my pension contributions are normally received around the middle of the following…
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Trying to pay ni shortfalls..calls do not happen
Your advised us to check our NI contribution for gaps. This I did. Gaps found . You advised us to complete the on line application within the deadline with a view to paying for gaps and increase our pension payments over the long term. This I did. Then we have to wait for a text and a call. The texts come advising you to…
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Tax relief on pension contributions for higher rate tax payers.
Sorry, this is long, but I hope clear, and that someone who knows enough about this stuff will be inclined to read through (or will just know straight away the issue I'm talking about). I feel I am going slightly mad trying to get the right tax relief on my pension contributions. I'll try to lay this out as clearly as…
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How can I find them ?
Can anyone please tell me how I can find the details of previous work pensions? Tia
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
728 discussions
6.3K comments
Most recent: paid top up contribution but still not allocated by Silvertabby
2 January at 3:16PM
