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What to do with old contracted out pension?
Hello. I'm seeking views on whether it makes much difference which pension to access first in the following scenario. My wife will be retiring shortly (turned 60 in 2025). All the pot figures given below are approximate for ease of calculation. All three of the pensions happen to be with Aviva and allow the usual options…
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Pension age
Hi my wife is 66 at the end of June 2026 and thinks she won't receive her state pension until September, she also thinks she won't get an interim payment for the period June to September. is that right ? Thanks Mark.
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Pension stopped
Mum's work pension didn't pay out this month. We phoned the provider and learned they'd sent a form out to her old address back in October, which obviously she hadn't returned. So that explains part of it, although we're none the wiser about why it was sent out in the first place. She's since received the form, which is a…
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Redundancy Payment Methods into a Company DC Pension?
Hi All I’m looking for a bit of clarity regards to how an employer pays redundancy into a DC company pension. My employer is offering to pay a defined amount above the tax free £30K, from my redundancy settlement pay, into my current company DC pension. This is good news apart from the payment method they are choosing to…
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DB Pension
Hello I am 54 yrs old and will be 55 in June. I started a works pension in July 2003 which was a Final Salary pension. My company stopped the the final salary pension in July 2012 and we started a Define Benefit pension up untill Oct 2021. Then my company changed the pension again but this time you could have a 2 year…
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Drawing down one pot and continuing to pay into other SIPPs? plus backdated contributions questions
Hello again, hoping some forumites can help confirm how things work in terms of continuing to pay INTO a personal pension in the same year as taking some funds OUT (via drawdown) of a different personal pension (both DC not DB pensions). Also, I have some associated questions on paying personal pension contributions for…
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CAN I STILL GET UP TO 25% TAX FREE?
Hi I have been retired for 4 years now, and did not take all my 25% tax free allowance when I started to take monthly payments from this pension scheme. Now that I have reached state pension age, I have stopped taking monthly payments, and would like to know if I can somehow get the remaining 25% tax free allowance which I…
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Phoenix Life
Hi there, I have just received a letter from Phoenix Life via DWP Bulk Letter Forwarding Mail Service. Firstly was unaware the DWP had a Letter Forwarding Service and unsure as to why this company is requesting I forward on my personal details. Can anyone verify if this is legit or scam attempt to upsell a policy I may…
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Pension winding up - advise needed on tax
Friday I received a letter from an old pension scheme saying it was winding up. They have offered me a cash withdrawal to shut the account as it’s under £18000. I am 49 and could use the cash. This will for the tax year push me into the next tax bracket which is not ideal. It appears to be taxed at 20% before being paid.…
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Small pots v ISA ?
Hi. I have a couple of old small pension pots of no more than 5,000 pounds. I am 58. Would it be feasible to take my amount tax-free and put it in a cash ISA as he's doing little or nothing where it is. Not very pension wealthy or pension wise so will be interested in opinions. Many thanks
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Class 2 not offered although fulfil the criteria ??
I have lived and worked abroad from end 2000 to current year with two periods of unemployment. Prior to moving, I worked in the UK for 13 years and up to 6 weeks before my move to France (because of searching for a place to live in France and organising house sale and removal in the UK). I sent my CF83 beginning March 2025…
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SIPP “Notional split”
I expect this has been asked multiple times but please bear with me seeking clarification. I have a SIPP. Let’s apply some easy numbers to it for the sake of calculation. I have £400k in my SIPP and am due to retire. I initially want £25k as a tax free lump sum. So I need to crystallise £100k to get my £25k TFLS. Am I…
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AVIVA FUNDS
I have my retirement fund with AVIVA, all of my fund prices update Monday to Friday around 6-7pm and consist mostly of shares My question is when my fund prices update does it relate to the ftse/dow share prices the day before or before that or do they relate to live prices at that time ?
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Looking to boost pension and not pay tax on savings
Im a 56 self employed carpenter and have £10800 in a people's pension. I have £20000 in ISA £53000 in cahoot savings account £15000 in RBS current account I have a further £45000 coming soon for inheritance. Im thinking of topping up my pension to get more tax free savings Is this the best option for me thanks
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Did DWP ask you to pay voluntary NIC
If you claimed your state pension after 2016, the DWP may have illegally asked you for voluntary NIC to increase your qualifying years. The DWP limit contributions in the years prior to 2016 to 30 years. This is against the Pension Act 2014, which says that 35 or more qualifying years earned prior to 2016 result in a full…
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claim tax relief on pension: impossible! I need a professional...
Dear all, I've been trying to claim tax relief on my pension contributions for month with no luck. I've followed this page: https://www.gov.uk/guidance/claim-tax-relief-on-your-private-pension-payments after having contributed some considerable extra amount to my private pension for 3 years (within the tax-free allowance…
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Private pension withdrawal for pensioner with only State Pension income: tax return / emergency tax?
My mum is 68 and has around £3,600 in a small Vanguard private pension. Her only income is: The full State Pension (which counts as taxable income) [EDIT: £11,973 per year as a single woman] Personal Independence Payment (PIP) (which does not count as taxable income) She has no other income or pensions, no pension credit,…
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Taking second AVC
I work in local government and when I turned 58 I started to pay quite large monthly sums into a cash AVC. At 60 I took flexible retirement, took my pension, and 100% of my AVC as a tax fee lump sum. I continued working ( part time) and rejoined the LGPS, and started a new AVC, into which I pay most of my new part-time…
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Late Retirement (despite financial independence)
Im hoping to retire early but seeing some people clearly working on through their later years (that arguably they dont need to do financially) has made me wonder about the psychology of those that keep working by choice into their late 60's, 70's and beyond. I recently worked for a Investment firm who's CEO (recently…
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Gifts from surplus income and the 7 year rule
I need some help to clarify my thinking please? I have been gifting from surplus income for 5 years now. If I continue to make regular gifts in the years ahead and each tax year goes beyond the 7 year IHT rule, can I ignore the gift value for that year as "gifting from income" and just treat that value as being outside the…
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Most recent: Gaps in National insurance contributions by molerat
12 March at 10:53PM
