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Pension when unemployed. Is it worth paying into an SIPP and how much?
Hi I have family paying into my existing Nest pension but I hear a) this plan is expensive b)any pension income will reduce the amount of UC my partner and I receive at retirement age. I'd like to know how much I need to pay per month to ensure my pension income is worth losing UC money per month so maybe an annual income…
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CSP classic and Alpha early retirement actuarial reduction
Hi All im hoping to take my pension at 57 this October after 24 yrs reckonable service - does the retirement remodeller figures take into account actuarial reduction or will the estimate it gives me for 58 years be further reduced ? As you can probably gather I’m not the most clued up on the subject , many thanks for any…
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How do you pay tax when taking a pension income?
Maybe a basic question but I'm gearing myself up for retirement in a couple of years so forgive my lack of knowledge. My question is what is the mechanism for paying tax when taking pension income? Looking online it seems HMRC give your pension provider a tax code and tax gets deducted at source so no need to complete a SA…
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Retirement looming - Ready to sell up - Downsize or rent?
Hi all, Looking to retire by the end of the year! I`m single, have no dependents and have about £150000 after the sale of my house and a state pension to live off. I'm a man of modest means and have no medical problems at the moment, so I would like 15 years of retirement. 10K per annum + pension + interest should be…
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NHS Pension
Hi I am due to get my pension in August age 55. I was made redundant last August so maintain my SCS. My question is, is it worth working part time or will this affect my pension eg TAX. I am currently not working, as going back to nhs would affect the age i could retire.
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Cash Pot?
Hi all, I have seen a few references to holding a 'cash' pot as part of your pension portfolio. The idea being that you draw from your cash pot in market downturn rather than take from your investment pot. I'm still not sure if I agree with this approach or not because when the markets are up then you have less investment…
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Changes in Budget to pensions
Do you have any general advice regarding taking my private pension early to avoid the tax changes regarding the tax on lump sums. I am curently 63 and I was going to take my pension at the age of 65 or 66 but is it prudent to take the pension early to avoid loosing 25% in tax of the lump sum?
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Investment linked annuities
Are these still available?
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Rubbish Pension
My hubby is 54 and just getting round to looking at his pension. Silly I know and should have had the sense to do this years ago however we are doing it now. He has worked since age 17 and paid into a few pensions over the years. However when looking at the valuations his pension pot is only about 40k. Scary. Thinking of…
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LGPS Flexible Retirement Pack
I have 2 issues related to this on behalf my wife. I suspect that it may need someone with specialist knowledge of the LGPS (Silvertabby :wink: ) but any thoughts would be most welcome. I’ve had previous questions/threads as Mrs Saucer has moved towards LGPS flexible retirement. She now has the pack and is nearly ready to…
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Deferred pension with annual CPI increases - any reason not to take now?
My wife has a deferred pension with BP which becomes accessible when she turns 60 in May. One of the benefits of the scheme is that pension payments are increased in line with CPI (up to 5%). The fund is worth around £60k. Our instinct is to take the full 25% TFLS and pension from May, rather than deferring or transferring…
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Telegraph annuity figures. Unbelievable?
I read an article in yesterday’s Telegraph by Sam Brodbeck concerning the advantages of taking a pension annuity. He says you can now get an annuity of £7,750 on a pot of £100,000, increasing each year by inflation and including a spouse guarantee. This seems very good to me. Does anyone know where he got these figures…
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PensionBee and similar services, retirement planning
Hi all, BACKGROUND I'm 38 and worked all my life. I have a high salary but no real wealth (renting, leasing my car etc). Have been doing auto enrollment since it started and had company provided pensions for most employers for the last 15 - 18 years or so, all with various pension companies. (Scottish Widows, Aviva, Royal…
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Paying additional funds into pension this month.
I'm currently a higher tax rate payer - about £60k PA before tax. I pay into a workplace pension - civil service. I also have a Nest Pension - if I make a payment into this Nest automatically get me the 20% tax relief - but can I get an extra 20% ( to make up to 40% ) , and how do I do that, and also how much can I pay in?…
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Transfer existing bank pension to LGPS
I appreciate no advice can be given. but would I be correct in thinking that it is a no brainier to transfer my existing bank pension to my current LGPS pension ( currently on temporary contract) any comments would be greatly appreciated
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Is it worth taking this lump sum ?
On one of my pension statements the below figures are quoted regarding a lump sum . Does this seem a good deal or not please . £8576 a year with no lump sum £6264 a year with a lump sum of £42884 I’m not looking to retire yet but just curious as to what is or isn’t a good rate . This is at age 65 and basic rate tax payer…
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Asda Pension
Trying to sort out my various pensions. When I was a student I worked part time in Asda for about 6 years and am sure i paid into a pension. However that was about 25 years ago! Is there any point in trying to track this pension down? Will ut have any value? And also where do I start, do I call up Asda and ask about it…
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Classic CS Pension & Abatement
Would be grateful for any advice re abatement from the very knowledgeable people on here. I can't seem to find the answers elsewhere. I have been a member of Classic since 1988, then transferred to Alpha. I am in the rare situation of my highest earnings being in the past (the highest being November 2016). From December…
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Pension arrears
I retired January 2021 with a small Teachers' pension. I have today received notification from Teachers' Pensions that they have been advised by West Sussex County Council that I underpaid my additional pension between 2019 and 2020. The underpayment is £198.87 and compound interest is £64.61. Do I have any option other…
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Moving house to be mortgage free in future
So I’m moving house but I decided I hope if I ever move again I won’t need a mortgage. I aim to semi retire so not sure if this would affect a move if I did 16 hours but my partner was full time? So I reckon I could have cleared off my current 2 bed house if I stayed here but I am adding a larger mortgage. My current place…
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715 discussions
6.3K comments
Most recent: Delays for P55 tax refund from HMRC by Fishingtime55
22 October at 9:39PM
