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small pot advice - via HL
So have about 3-7 years left to work, depending on how I feel & pension level comfortable with. Still paying into LGPF as a normal member, and SSAVC and APC, though will stop APC soon and move equivalent monthly £ value to SSAVC. I have completed a SIPP transfer from VG to HL - value circa £55K. Funds uncrystallised and no…
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Armed Forces contribution to State Pension
Hi, Just joined the forum, so apologies if this needs to be somewhere else. Ex Military (RN), served 41 years, now aged 66 and just started state pension. I was on AFPS 75 throughout my Military service. I heard rumblings on social media for the last 2 years about getting a reduced rate, due to a lack of NI contributions…
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Confusion about tax code
Hi everyone, hope you can shed some light on my tax code. I took my pension from my employer at age 55 in April 2020 and left employment in Nov 21. I have just checked my tax code and for the current tax year it has been reduced to 641n. Surely it should be the standard personal allowance code? Confused.
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Implications for spouse if pension pot needed for carehome fees
My husband has a large pension pot and I have a much smaller one. We have taken the decision to not convert these into an annuity, but to draw them down for shared income instead. If we had converted to an annuity, I would be entitled to spouses pension on his death. My concern is that if he were to need to go into a care…
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small pension (from SERPS)
i used to work as an apprentice for a building company served my time then left 12 months later. worked for them for around 4- 4 and a half years in mid to late 1980's. i was contracted out of SERPS and put in a private scheme and used to make additional payments. i stopped this in 1989 when i got a NHS job and joined…
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What happens to your state pension when you die.
I have need some basic info please, as we are trying to get our paperwork in order. My husband and I are both 76, and have our own full government pensions. What happens when one of us dies? Does that persons pension automatically stop when they are notified? Is there any further payment to the one left eg a lump sum to…
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Bridging the gap early retirement to state pension
Intend retiring in around 2 and a half years at 60 Have LGPS DB pension. Lump sum from that and SSAVC. Projection is total from LGPS and AVC will be around £85K. Annual pension of around £26,000(before tax) Plan to use lump sum to supplement pension. Wonder on the best approach with lump sums to bridge the gap to SPA.…
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Buying _one_ annuity with multiple private pension pots
Is it possible to purchase one single lifetime annuity from the proceeds of multiple private pension funds split across multiple pension providers?Also, am I _legally required_ to engage an IFA to perform this transaction?I am coming up to 55 and want to take my private pensions. As far as I am aware, they are simple…
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48, Self employed, no pension...
Hello wise folks, I'm 48, a sole trader and I have no pension. What's the best pension for me to start now? How do I figure it out? I panic because I've left it so late then its hard for me to figure it out. Any advice gratefully received!
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Using AVCs to purchase additional LGPS Pension
Hi, I’m 55 and hoping to retire when 60 (2030). I only have an LGPS pension with 36 years service by 2030. My SSAVC pot is nearly at my 25% TFLS, I’m not sure if I should carry on adding to my AVC pot (after reaching the TFLS) and using the excess money to purchase additional LGPS on retirement. I’ve spoken to my pension…
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Avoiding emergency tax when taking first income from SIPP
So the day is close and I will be retiring end of March and will start to take my first taxable income from my SIPP - held with ii. I have already taken the tax free lump sum and intend to draw £50,270 starting April 2025 to keep within the 20% tax bracket. ii hold a month 1 emergency tax code for me - so if I take the…
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Inheritance Tax and replacement windows
I am making monthly gifts to my children out of "Normal Expenditure". I have just paid a deposit of £902 and will in the next financial year pay £3,609 on completion of replacing single glazed windows and a backdoor with double glazed windows and door.My question is - is this classed as Capital spending or Normal…
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Lifetime annuity vs fixed term annuity.
Hi, my fixed term annuity ends just before my 77th birthday. Then, using the maturity value I was planning to buy either a 5 or 10 year fixed term annuity. I was wondering though, due to my age, general life expectancy, and a couple of health issues, could purchasing a lifetime annuity actually pay out a monthly income…
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Civil Service Premium Pension - Tax free element?
When I started taking my CS Premium pension in 2020, I only took a small amount of cash as a lump sum leaving the rest to pay my pension. I worked part time for two years whilst taking the pension before I gave up work altogether. With the 25% tax free lump sum element, should some of my pension be tax free? I am currently…
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Annuities versus Drawdown versus both
Hi all I'm about 7 years away from needing to make a decision on what to do with my pension pot. Considering the IHT rule changes I have been thinking a lot about how each scenario could play out, practically, financially but mostly psychologically. I love the idea of being done with the whole thing by the time I'm 61/62.…
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Question about one-off payments into Salary Sacrifice Schemes
Good Afternoon My questions revolve around how one-off contributions to a DC pension work if the scheme is administered as a salary sacrifice product. Ordinarily, if I wanted to make a one-off contribution to my pension on a specific month (i.e. after becoming eligible for a bonus) - I would contact payroll and give them…
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Defined Benefit PensionTransfer
Hi wondering if anyone can help... is there anyway to avoid expensive fees from IFA if I want to transfer DB pension to drawdown facility? I understand they are trying to protect people but it seems wrong that I have to pay 6% to transfer £65k pension pot.
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earlyish retirement plan
hi there, My partner and I are looking at our retirement options. We are 51 and 53 years old. Currently have approx 400K - 50% in btc and 50% in pension/isas that follow the stock market. What I'm thinking is, we could stop working so hard and not focus on accumulation/saving of money and move into working to pay for our…
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Transferring out pensions
Good day! I am hoping that on this forum someone might have some experience to share about transferring pensions within the public sector. I have 25 years in the teachers pension service, which I have recently rejoined. I also have 7 years in the civil service alpha pension. I am contemplating transferring out the alpha…
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Missing State pension
Just wondering if anyone can point me in the right direction, My great aunt is 94. She moved to be closer to us 2 years ago. Just recently upon checking her bank statements she realised that her state pension hasn't been paid into her bank account. After talking things through with her, it actually transpired that her…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
699 discussions
6.1K comments
Most recent: NI Top Up Contributions: Computer Says "NO" (not needed), but mysterious reason why! by german_keeper
31 July at 9:35PM
