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Teacher Pension - reducing hours
Good evening - first time post! I'm a UK teacher with 9 years experience. Next year I go onto UPS3, along with a head of dept TLR. I became a teacher in 2014, so my pension will come under the average salary scheme, with my best average over 3 years in the last 10 I think. I'm 54 and looking to retire at 62-65 years old.…
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Accessing 1 pension without affecting tax relief
I have a small pension fund that has been sat for many many years. It has a value of £12k so I can’t take it as a small pot. Can I take 25% without it affecting the tax relief I get on my work pension contributions. I can’t find anything definitive online
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Drawdown Approach - Anything I am missing, are my assumptions correct?
In the process of helping a friend out as they are about to
move into drawdown. Can someone check my
logic to make sure my assumptions are correct and flag any issues or additional
things to consider. Age : 66 SIPP with HL : ~£600k ISA : £0 State Pension 2025/2026 : £11,042 Goal - £36k after tax income each year, whilst…
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Pensions
I have 3 pensions and still working no plans to retire just now. One of my pensions was a final salary which I am would not touch as still high rate tax payer but sitting at 75k lump sum tax free and 12k per annum. I have another frozen pension as moved job under tupe scheme which has 29k and one current sitting at 92k…
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How much pension income to break even
I was talking to a pensioner yesterday , a widow who never paid into any pensions. She was telling me how with pension credit, council tax and water rates reductions, fuel allowance, free boiler, insulation, and various other benefits such as free dental, optical, tv licence taxis for medical appointments - the list is…
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NOW pensions emailed with log on details - no knowledge
My partner recently (early this year) consolidated 2 small work pensions (Zurich one from 20 years ago and another) into an AJ Bell SIPP. shes just had an email from Now Pensions with a log on for her to use, with a log on code. We’ve never heard of Now Pensions, yet it’s addressed to her, both names, her email address…
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Smart salary sacrifice and defined benefit pension
Hi, I am about to retire and was wondering if it is best to opt out of the Bae systems smart salary sacrifice part of the Defined benefit pension. Would I be correct in saying by opting out, my gross would increase which would increase my final salary pension. Is this correct? Thank you
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Have I messed up?!
Hello. Looking for advice and help. In a nutshell myself and my sibling were left a sum of money by our Nanna. My Mum was left out of this arrangement. Mum and Dad retired and doing ok on state pension and Dad's small pension. Dad has since died :-( My sibling and I decided to share the inheritance money with Mum and just…
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Alternative funds for workplace defined contribution scheme?
Does anyone have any knowledge or experience with 'messing' with the available (and future) contributions in a workplace DC scheme? I would hazard a guess that the vast majority of members leave their investments in the default fund. In fact, I know a lot of my colleagues can't even access their portal, so they definitely…
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DB Pension and UFPLS
I have a DB pension that can be taken at 55 which will pay a lump sum and an annual income of £8000.00 which I intend to take in the 2025/2026 tax year. What is the maximum I can also take from my DC pension before I start to pay tax. Personal allowance of £12570.00 less £8000.00 leaves £4570.00 of personal allowance.…
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Private pension pot and paying for care
A relative has just been refused continuity of care, but needs to be looked after in a nursing home because he is immobile and has terminal cancer. If is going to cost around £1800 a week and because he has savings and owns a property he has to pay privately. His savings will last around 13 weeks until they go below the…
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NHS 2015 Scheme AVCs / Additional Pension
I currently pay AVCs into the NHS 2015 scheme. I am a band 5 permanent male employee, 38 years old, planning to retire between 2055 and 2060 & staying in the NHS for work does appeal. I have been contributing the compulsory amounts since 2020, and AVCs since circa early 2021. I have being trying to find information on the…
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State Pension Uprating
I wonder if some kind soul could check my understanding and (if necessary) correct me, please? I was made redundant and took early retirement several years ago. Since then, I lived for a year or so on my redundancy settlement and then my private pensions. I haven't paid any NI contributions since my redundancy, and don't…
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Alternative to BBC market data page?
Adding even more value to the licence fee, the BBC have stopped covering market data, I assume numbers are too complicated for their core audience and anyway they like to 'curate' any data they do supply to fit the agenda. Market data - BBC News This Reuters page is one alternative but does anyone know of any other good…
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Over 55 - pay into a pension or ISA?
What are people's thoughts on the following: I'm 55 and so can access my small private pension whenever I want now. This year I will have £20,000 to invest. Would it be better to pay this into my pension and get the 25% tax break or pay it into a cash ISA? At face value, pension seems best, but when it comes to…
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Home Responsibilities N.I. for women scam
The 15 years of home
responsibilities national insurance contributions given to women who stay at
home to look after children looks generous until you see how HMRC work out the
state pension calculation. For example- someone born in 1944 needing 39 years of
contributions with 16 working years to her credit may think she…
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Creating a Gilt ladder for income
In another thread on here where I was enquiring about fixed term annuities, Zagfles made the suggestion below. I felt that this was well beyond my experience and expertise and comfort zone, and we did go for the annuity in the end, to plug an 8 year income gap. Since then however, and for my own interest I have been trying…
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Pension vs ISA - Top rate tax payer
Hi all, Question: Does the board think there is ever a scenario where someone making pension contributions at top rate tax (45%) should use ISA instead of pension? To be clear all of the contribution I make is saving 45% income tax + 2% NI via Sal Sac. (and my firm add 5% to my contribution to share their emp contribution…
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Locate pension
I vaguely remember opting out of SERPS at a company in 1988 or 1989. I’ve given my pension tracer the company name (which is now dissolved) but they said they can’t find anything. Yet when I use the governments tool with the company name it brings up National Employment Savings Trust - TATA Consultancy Services Ltd Should…
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Halifax introduce new SIPP for existing customers
Halifax have a SIPP administered through AJ Bell. But they are now offering a new SIPP to ‘existing Halifax customers’ only at the moment. They say 'you must be an existing Online or Mobile Banking customer to open an account'. https://www.halifax.co.uk/investing/start-investing/share-dealing-services/sipp.html Platform…
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: If You Have Registered For A Call Back Look Here by molerat
21 May at 3:04PM
