-
Retiring at 50?
I'm in the position where I can easily see myself retired at 50 (will be 44 this year and partner similar). Not through ill health but moreso just to get out of the rat race, give myself the freedom to choose what I want to do and when I want to do it. Has anyone else chosen through their own accord to bow out around this…
-
Civil Service Pension and Retirement Modeller
I wonder if anyone familiar with the Civil Service Pension scheme and the MyCSP Retirement Modeller could possibly explain why there is such a massive disparity in pension and commutation (lump sum) between the retirement ages of 66-68 illustrated below, taken from the Modeller. The individual concerned joined the CS in…
-
How much can we pay into a SIPP for my spouse?
My wife earns £18,900 a year and according to her payslip she contributes approx 3% pa to her pension. We believe that her employer only pays the minimum in pension contributions, which I believe is 8% (£1512) in total, 3% employee and 5% employer, although frustratingly I can't confirm this because the exact figures are…
-
Widow’s Pension and State Pension
I currently receive Widow’s pension. This is higher than the standard single person state pension. What happens when I retire? Will the current pension continue unchanged? I can’t find anything clear online to explain
-
Why do I pay tax on my AVC lump sum?
I'm have a defined benefit pension and have also built-up AVCs (known as APeCS by my pension provider). I'm about to retire and have two options: 1. take my full pension as an income, or 2. take a reduced pension and a tax-free lump sum. In option 1, only 25% of my AVC lump sum is tax free. In option 2, the whole amount is…
-
Classic Preserved Pension
I have been receiving CSP statements through the years showing CPI increases , however, I have now received my pension quote showing pension and lump sum figures the same as the date I left civil service in 2002. I queried this and was told the higher figures were predictions. Surely CPI/ PI should have applied ? I have a…
-
Local Government Pension Payments.
Hi After receiving my deferred retirement pension package with a Retirement date of March 2025 i am looking for answers to questions before I decide which option to take. I live permanently in France and understand Tax on UK Government pension not a State Pension will be payed in UK - True or False ? One other Big…
-
Trivial Commutation question
Hi, I have three old small pensions (two worth less than a £1000, and one worth around £20,000). I am 56 and did not realise that I could cash these in. When I have looked I am being asked if I want to take Trivial Commutation which of course raises the amount. However, I also have a teacher pension that I am currently…
-
Speaking to HMRC ?
In November last year I switch from a contractor to permanent. When I got my payslip the government had taxed me at 40% because according to their records I was working both for my current employer and the contract agency so earning over 50k !.. I went onto the government portal and changed the date had finished working…
-
NHS Question based on Redundancy/Leaving/Rejoining
I know is is not an unusual situation but NHS Pensions are their usual, slightly difficult selves. At the end of November I took redundancy (not based on efficiencies) from an NHS role where I have 25 years+ of 1995 contributions. After 2 weeks I started a new position in an independent NHS provider where I do not…
-
Underpayment of state pension
Hi - recently had letter from DWP advising they had underpaid my late mum's state pension and to fill out form included if I wanted to request same. I was executor for mum and had probate granted, so have completed and sent form back to DWP. Am just wondering though what this is about as no further details or amounts etc…
-
Pension/tax claim question
Hi, Recently I've taken a lump sum of my pension early at 55. 25% was tax free so from my request of £5000 I got £4400 approx. Can I claim that tax back that I paid? I've seen adverts saying claim your tax back.
-
Is it worth taking TFLS if pension payout is index-linked?
My wife has a deferred pension with BP which becomes payable in a few months time. The scheme benefits from RPI-linked annual increases (up to a maximum of 5%). Given this, we were pondering the benefits of not taking the tax-free lump sum. The fund value is around £56k. She is currently a basic rate taxpayer, with rental…
-
Unused pension allowance from previous years
Morning all, My wife pays into an NHS pension and also has a SIPP, this year we have paid her total wage into her pensions however she has not contributed into her SIPP last year. Is it possible for her to still do so and receive the tax relief contribution from the government? Many Thanks
-
Question on claiming higher rate tax relief
Hi I am a higher rate tax payer and started a new job in 2022 where my employer makes pension contributions into a pot with HL and HL automatically claims back the 25% tax relief. Non-contributory so i dont pay in. I found out today i need to claim the additional 20% and i dont compete a self assessment as i only earn via…
-
Wound up pension?
My wife (vaguely!) thinks that she might have had a pension during a two year period when she worked for a company in the 1990s. The company was taken over multiple times but I've found details through the Gov.UK pension tracing site. However, I've also found this in The Gazette from 2004 which seems to relate to their…
-
IHT Changes
I just wanted to check I understand this correctly. Before the proposed changes to pensions in the budget ref IHT, if I had died with, say, £500k in a SIPP, then I could have passed this to my son and it would have been free of IHT charges. (Assume I have passed on my home too, which takes out the £350k x 2 allowance as it…
-
NHS pension decisions (complicated by redundancy)
Appreciate that every circumstance is different and no comments will be taken in isolation but I have a couple of questions around the NHS pension some of which I have an idea on but would appreciate a sanity check on. We have sought advice from an IFA, which as I have read on here before, is singularly interested in…
-
Plan for critique (please)
Hi all, like many on here, I've been a background viewer for some time, and greatly appreciative of all the useful advice. Now it's time for me to share my retirement plan in the hope of some useful critique. Me (54): SIPP 420k (est. @55), DB 18k@65 with no TFLS (or 13k@55), full SP, cash savings 50k OH (52): SIPP 120k…
-
Huge gap in NI record
Hi, I have a very small company, and despite working full time, I've always paid myself at the LEL (until very recently), below the PAYE requirements, and I therefore have a 19 year hole in my NI contributions. I have made a couple of voluntary contributions, but with finances tight I can't fill many more voluntarily. It…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
724 discussions
6.3K comments
Most recent: Voluntary NI Contributions – What to Expect After Requesting a Callback by molerat
4 December at 1:45PM
