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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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access to HMRC NI records. Transferring account to another user ID
Hi all , thought i'd ask here as obviously the HMRC helpline is useless and after five mins just says it can't continue the call. So, I went to set up a government gateway yesterday to check my NI contributions. Turns out I can't do that as my dad has previously taken care of everything and has it under his account (I'm…
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Calculating my annual allowance - savings interest? Redundancy?
I’m trying to calculate my pension annual allowance for the current tax year 2024/25. It’s made a little more complicated by the fact that I have taken redundancy during the tax year and am no longer working. I also have significant savings income this year. i Understand that the annual allowance is £60,000 but that this…
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Website for pension forecast
Any suggestions for good websites for private pension forecasts? Tried a few but some don’t show the assumptions such as inflation rate or allow us to adjust contributions or returns on a sliding scale.
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Am I correct in my pension calculations?
I've been trying to plan out my OH's UK state pension. They're 46, been living in the UK for 10 years, and have 5 years National Insurance paid (option to pay other 5 years gap). They're from the EU, and we plan to move to the EU in the next 2-3 years. As I understand it, you need to pay at least 10 years contributions in…
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Voluntary NI Contributions - Eligibility Question (Moved to UK in 2018)
Hi everyone, I'm trying to understand my options for topping up my National Insurance contributions and would appreciate any advice. I moved to the UK in March 2018 and started working in May 2018, remaining in the same job since. I've already made one voluntary contribution, which I believe covered the 2017-2018 tax year.…
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Transfer three Defined Contribution pots into one?
Hello all and thanks for reading. I joined the civil service two years ago to see me through the last 10 years of working before I retire at 60. Following a wee promotion I decided to put the extra monthly money into the Civil Service Legal & General AVC. This should build up nicely over the coming years and the masterplan…
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NatWest pension scheme mail out
If like me you are one of the approx 190,000 NatWest pension scheme members, you will recently have received/will receive a letter in the post requesting that you complete a form to confirm your personal details. I have contacted the scheme administrators, Towers Watson who have confirmed that the mail out is genuine and…
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Potential overpayment of salary sacrifice
I have been paying 56% of my salary into my workplace pension
via sal sac however due to recently receiving some inheritance I wanted to
increase this to the max possible. I asked my work HR dept if they could advise
what the max % of my monthly salary I could sacrifice and they initially came back
with up to 100%. I…
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Higher rate tax pension contributions
Hello, Long time follower, first time poster. So I have a work pension that I contribute to and I believe it to be 'tax at source'. On my weekly payslip if I add my basic 39 hours and my overtime the total amount adds up to amount shown in the Gross taxable income. I believe the £80 per week i put into pension is taken…
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The Chancellor's Occupational Pension Surplus Thingy
I understand that the Chancellor, Ms. Reeves, is going to be accessing pension funds surpluses in order to fund new investment. What effect is that going to have on the stability of the pension funds and, importantly, how much more or less individual pensioners will receive per month from their occupational pensions? In my…
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DB Pension PCLS late - when to complain?
I requested to put my DB pension into payment in January with a PCLS. It is now nearly a month late (no PCLS nor any pension payments). I know from other threads that this is not uncommon, but I'm wondering how often I should chase. I vaguely remember posts on here saying that if you make an official complaint, it could…
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Using Sipp to Get Tax advantage
If I pay £2880 into a Sipp will it bring me below the 40% tax threshold and also allow me to utilise the full £1000 savings tax allowance? My income is from pension (I'm 67) and rental only. I am £1400 above the 40% threshold and have over £1000 savings interest. Thanks for any advice.
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Lost pension
Hi any advice please Posted last year concerning lost equitable life pension, was advised companies Utmost, Aon, Milligan etc might hold pension Have tried all these and all claim no knowledge of the pension At a loss now there should be a sizeable amount in the pension but still cannot trace where it might be Any help…
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Query on USS flexible retirement
I have a question about the USS flex option. The website appears to be quite vague on what you can actually take. So for example, if I decide to flex, I can take a percentage of my pension, lets say 50%. My specific query revolves around the treatment of the tax free lump sum. Currently if I take all of my benefits in one…
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Most recent: Conflicting State Pension Forecasts by Taylor2000
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