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Salary Sacrifice Bonus and 25% Tax Free Pension Allowance
Hi everyone, quick question (hopefully), If I Salary Sacrifice my annual bonus into my pension gaining the tax relief, can I then withdraw 25% of my tax free pension allowance shortly after without incurring any penalty? In effect, paying zero tax on the portion that was my bonus?
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4% SWR rule….well, rules are there to be broken!
Curious news this week, for those familiar with the so-called ‘4% Rule’. Bill Bengen was the ‘creator’ of this rule back in 1994. Previously, he suggested it was perhaps too low, and could be 4.7%. Well, he is now 70, & has suggested current conditions make it hard to call, & perhaps 4.4% is wiser. Others, as we see on…
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Coming up to retirement age
OH will be 66 in the Autumn, not sure if retirement is on the cards then or not but we checked to see what his forecast was. It states that his forecast is £238 pw - we thought the highest he could receive was £221.20? If he continues to work for a year or two will it go up even more? We're newbies if you couldn't tell 😁
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Withdrawal rate
I often see a safe pension withdrawal rate of around 4-5%. This would seem very low to me. Assuming we expect better than 4-5% on pension investments is the suggested withdrawal rate based on maintaining the pension pot? I have what I consider a healthy pension pot and ISA savings and will be 60 this year. My plan accepts…
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Choosing an IFA
Having just taken VR from work and moved house I am now revisiting my retirement options. I probably need help from an IFA to a. Move my 2 DC pensions to a relatively low cost platform and b. start setting it up for drawdown in tax year 25/26. I was looking at Advisorbook and searched for confirmed independent and offers…
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State Pension
Hi guys need some advice for my mum … divorced (single) was meant to retire in 2007 , took retirement in October 2024 deferred state 17 years has now to make a decision lump sum or extra payments each now the dilemma been diagnosed with state 4 cancer …. Unsure on life expectancy If took the extra weekly payments and…
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Pru with Profits Pension Plan - transfer?
This discussion was created from comments split from: Advice on moving a Pru With Profits please. What to do?.
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LTA advice
I cashed in my DB pension in 2018 and took a lump sum of £158k. I am leaving the civil service in the next 12 months, aged 66yrs (have been there 25 years so primarily classic with a few years of Alpha) and have the option of a lump sum of £160k. Do I fall foul of the LTA's? Any adive or guidance really appreciated. Thank…
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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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Most recent: Conflicting State Pension Forecasts by Taylor2000
6 August at 8:58PM
