-
Filling in State Pension Voluntary Contributions Form IPC117.
Hi everyone, My wife has finally received her e-mail from the DWP about how to pay voluntary NI contributions to top up her state pension, which includes the IPC117 form which needs to completed and sent to HMRC. It looks mostly straightforward apart from one bullet point where it states you can ask for help and get…
-
Help with picking an annuity
I want to buy an annuity. My main question is, where is the best place to go to compare annuity rates. I have £80K in a pension pot and I have an additional £100K so I want to find the best annuity for me. Initially I am going to ask my pension pot provider for their products ( Standard Life) but I need to compare with…
-
TPS member wants to increase pension contributions
I have a relative who is a teacher (c 30 years old) and a member of the TPS. She does a lot of extra tutoring and exam marking and expects that for this tax year she will, for the first time, be a higher rate tax payer. She wants to put the excess income over the basic rate threshold into her pension and has asked me the…
-
Advice to a 20 year old re pension or LISA
Hello everyone :) How would you advise a 20 year old who has a zero hours contract (which is likely to change), with regards to putting £4k per year away. A typical 20 year old with no immediate plans for home buying. Would you go LISA or pension route?
-
Understand a CS ABS
So, I am in the hideous position of having to rethink everything because of the law change in 2028. OH and I are both CS, he is 5 years older than me and we planned to retire at the same time - him at 60 me at 55. The law changes 6 months before I turn 55 so I'm not able to get my pension for another 2 years.. Both of us…
-
Pension Triple Lock
Can someone who understands these things quickly clarify something for me?Last year the state pension went up by 4.1%, which supposedly reflected the increase in wages from May to July 2024, announced in September. That all seems perfectly straightforward. But the ONS…
-
Most effective method to withdraw...
Hello all, I'm looking for a sanity check on the most effective way to withdraw £10K net from a number of funds and accounts I have. The backdrop being, home owner with zero mortgage, grown up children now fled the nest, better half has a terminal condition and we manage on PiP, Carers Allowance and rental income which…
-
Target for Average Pension Pot growth
Is there a standard target for the growth of a pension pot. Obviously to beat inflation i guess. But if one consistently gets 2% rise every year, is this enough? Would there be a time to consider switching what funds are being invested in? Just wondered, as I review my pension portfolio, what is a satisfactory growth rate,…
-
Opening a pension and then transferring immediately
I can get a cashback bonus if I transfer a pension. Is there a pension provider I could put £100 in and then immediately transfer? There'd have to be no exit fees. I already have accounts with PensionBee and Penfold but don't want to transfer those.
-
Hoping to be able to retire at fifty-five. Am I doing this right?
Recently a good friend of mine retired in her mid-fifties, inspiring me to think about how I could achieve this for myself. Having not paid a huge amount of interest in the are up until recently I wanted to check if I'm being realistic or if there's a better approach. Age: 44 Current Salary: £84 k base Current Group…
-
Number crunching query
Number crunching has never been my strong point and I am seeking the wisdom of the forum. My partner recently got a lump sum and is looking to drip feed it into her SIPP but we are unsure of the maximum she can put in. She has plenty of carry forward allowance so that isn’t an issue but I am unsure of how much she can put…
-
Calculate inflation
I hope this is the right board for my post. If I need £40K per year for the next 45 years, is there a way to find out the total I would need including inflation of 3% or more. So I know roughly the figure I need to aim for.. As £40,000 x 45 years = £1.8m but not sure how to work out the inflation, and want to make sure I…
-
Old pension discovered
I (50 y) have a defined benefits pension with current employer. I’ve discovered that for a short time 20 years ago, I paid into a previous employer’s plan. Total contributions £3.7k, Policy value currently £13.5k. Is there any benefit to resurrecting it and trying to pay in again? Or would it be better to transfer in to my…
-
State pension rates for very elderly parents
I wonder if anyone knows about the old rules regarding married couples and their state pension? My Dad is 101 and Mum is 97. She gets a higher rate state pension than he does. They both paid their NI/stamps all their lives. I think it is because on an old rule about married couples. Can anyone shed any light on this please?
-
Santander private pension
I bank with Santander and have become more familiar with their stocks and shares ISA so was thinking of setting up their private pension also. However, I can't access their pension for 10 years once I start investing. I have a large amount of cash sitting doing nothing so want to invest it - I'm late to this (could not…
-
Reclaiming Tax on Pension Withdrawal
Hello I have already made some withdrawals from my small private pension and used up all the 25% tax free amount. When I make another small withdrawal only £300 will Standard LIfe my provider take tax at source so that I only receive 80% of the amount requested? I should not be paying any tax and therefore which HMRC form…
-
'Final pensionable pay' used to calculate early and deferred Premium pension (Civil Service)
Hi, I'm about to take a voluntary exit package and had
intended to take my Premium pension early and use the bulk of the compensation
payment to buy-out the actuarial reduction. However, yesterday I got a drastically
revised pension estimate that’s much lower. They seem to be saying that they’d
belated spotted that because…
-
Enhanced Protection Lump Sum
I have an HMRC enhanced protection certificate valid from 6 April 2006. So far I have not drawn anything at all but am know considering taking the lump sum entitlement.. With the enhanced protection is the lump sum protected or restricted to the current standard Lump Sum Allowance cap of £268,275. The pot is approx…
-
LGPS McLoud remedy
Hi, I received my annual statement from LGPS and it says my pension is protected by the underpin under the McLeod remedy and it was not possible for us to reflect your protection in this year statement. However we will include any relevant underpin figures in future years statements. i’ll be 55 soon and might start to draw…
-
Investimg retirement money in solar and battery install
This is a bit of a weird question and maybe should be on energy board (?), but I was wondering, if I decide to use some of my retirement money to invest in solar and battery for the house, is it valid to see this as an investment just like a fund or ETF? For example if I figured out that a £10K system, would save me about…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
