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Pensions, annuities & retirement planning

For help with everything to do with pensions and retirement.

When applying for state pension, if currently married, do you need to declare a divorce?
Hi folks, We have a question please. My wife & I have both been married before. On the IPC BR1 GOV NSP 12/15 form, do we need to declare our divorces & supply divorce certificates? It seems unclear to us. MTIA.
Transferring out of SIPP and unsure of PTFC calculation
Hello All, I'm currently transferring out of an Aegon policy into Fidelity and need to some info on what this means please... Email came through requesting me to confirm I'm OK with 'possible' impact on PTFC. They say that the PTFC calculation for my Enhanced Tax Free entitelment is as follows... Scheme Pret Prot LS - £12K…
Hello!/Grey Parrot/Midlands IFA
Hello all, I’m new here, I’m looking for a bit of advice at what feels like a bit of a financial crossroads in my life. I’m 59 1/2, still working part time, and I have a partner who’s about to retire. She’s well provided for with a LGP and state pension. I have a number of DC pensions from previous employment totalling…
How much pension to move into drawdown
On behalf of my husband. He has a SIPP of £1,200,000 (it was of course more a couple of weeks thank you Donald and Elon!) He retires today before state pension age. We do want the £268K to pay down our mortgage. My question is, does he move the whole amount into drawdown or just the £1,073K to generate the £268K? Are there…
IFA trying to sell me on inheritance tax avoidance strategy for my mother (who has dementia)
I've been talking to an IFA about an immediate-needs annuity to cover care costs for my mother (I have power of attorney), but the IFA is suggesting another meeting to go over my mothers savings and property value and is saying they can 'protect it' from inheritance tax without my mother needing to give anything away. I…
Early retirement and paying tax above LEL
If someone takes early retirement (say aged 57) and was to drawdown from their private pensions say £44,000; the first £11,000 is tax free with the remaining £33,000 taxed at 20% = £6,600 That £6,600 is above the Lower Earnings Limit (LEL), therefore would that count as 1 year towards the state pension (SP)?
National Insurance gap
Hi Folks I've been through the gov uk national insurance checker. I have a one week gap in 2017-18 between claiming benefits during medical treatment and returning to work. The checker says; National Insurance credits: 51 weeks These may have been added to your record if you were ill/disabled, unemployed, caring for…
Pension annual allowance and £100,000 - £125000 ‘super tax’ vs salary sacrifice
Hi All I currently earn over £100k and take full advantage of my annual pension tax allowance of £60,000 in order to keep my salary below £100k. I still have a few thousand of headroom before I hit £100k after I have contributed the maximum £60,000. Due to fiscal drag and frozen allowances I am likely to use my remaining…
Pension Investments
Hi, I have a pension pot that is heavily invested in equities , a chunk of which is US (c30% US- centric, 40% Global, 12% Diversified Asset, 17% Global Bonds) and this has taken a real hit in the last month or so thanks to Mr T's shenanigans! My question is, (and yes, I am panicking!) do I leave it invested as it is and…
Pension transfers - benefits vs rights
What's the difference? My daughter used to work for Shetland council and has a small Local Government Pension Scheme (Scotland) pension amount to transfer to a Private Pension/SIPP. Because her employment was under two years their letter stated "Your pension benefits require to be transferred to another pension scheme or…
IG SIPP Pension service feedback?
Does anyone using IG Sipp account? Already using IG share dealing account want to open the IG Sipp account and noticed it's managed by other company i.e Options uk personal pension LLP company, any thought how is service? understood it's cheaper comparing other provider i.e HL etc
Pension tapering rule and unused allowance help?
Hi All, I did a lot of research on the topic but still can't figure out exactly how this "tapering" works. Below some details 2022-23 tax year: Threshold income 224,000 Adjusted income 232,000 Paid into pension 8,000 2023-24 tax year: Threshold income 210,000 Adjusted income 229,000 Paid into pension 19,000 2024-25 tax…
LGPS pension
Does anyone have any experience of or know whether you can take a LGPS pension and still carry on working please? thanks
Argh - think I misunderstood tax on lump sums.
Hi. I have this wee pension, started when I were a lad, to which I then stopped contributing, so is now only worth around £41k. Ok, I shouldn't sneer at ~£200pm, as it'll cover energy bills and stuff, but I'd rather have the cash. I thought I understood the 25% rule, but now reckon I haven't. Could someone clarify, please?…
National Insurance gaps due to working holiday visa
Hey everyone. I was on a WHV in Australia from Jan 2013-December 2014, some part time work done over there. I've checked my pension forecast and I can claim my pension in 2051, it states that my forecast is £221.20 a week, £961.83 a month, £11,541.90 a year. It also states that the estimate based on my National Insurance…
SIPP - Newbie would really appreciate any views please
Hi, this is my first post on here and I really would appreciate any views please. I have a SIPP with HL that has around 250K currently in the cash account. This was setup as it was the preferred way for a company to pay me commission over the past few years and I have done nothing with it. I am 60 years old and probably…
Obtaining my late husband's data from HMRC
What legislation/policies/procedures would I have to follow to obtain explicit data from HMRC about my late husband's National Insurance contributions/his employers details etc? Since he is deceased the GDPR (Subject Access Request) rules do not apply. I am entitled to inherit 50% on my late husband's GRB/SERPS/2nd state…
Pension Input Amount for 2024/25
Another related question from me now that I have actual figures from my employer. My public sector DB pension provider has just calculated my 'Pension Input Amount' for 2024/25, which is around £32k (this includes monthly AVC contributions to them as well). My gross salary for 2024/25 will be £57k. Given these numbers,…
Draw down pension before 2027
Dear Pension Experts, I am a 75-year-old widower with no partner. My total estate, including my private pension, is likely to exceed £500,000 when I die. Assuming I live until at least April 2027, it seems to me that my private pension may then become subject to Inheritance Tax (IHT). To reduce the potential IHT liability…
Pension Tax Relief of no value in certain scenarios?
Hi all, I'm looking for confirmation of something which seems to be a fundamental gap in the advice available online. I have searched this forum (and the wider web extensively) but to no avail. I am still working, and am fortunate in that I have 2 personal pensions, and with the state pension, my overall forecast is an…

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Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
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Winter Fuel Payments to be reinstated for millions – Martin Lewis explains how it'll work, what it means and if it's an improvement
All State Pensioners in England and Wales will receive a Winter Fuel Payment this winter, though those who earn over £35,000 will see it clawed back through the tax system. It means nine million pensioners will get the £200 or £300 top-up. Here MoneySavingExpert.com founder Martin Lewis shares his instant response and analysis, and we include answers to your key questions.
Winter Fuel Payments to be reinstated for millions – Martin Lewis explains how it'll work, what it means and if it's an improvement
All State Pensioners in England and Wales will receive a Winter Fuel Payments this winter, though those who earn over £35,000 will see it clawed back through the tax system. It means nine million pensioners will get the £200 or £300 top-up. Here MoneySavingExpert.com founder Martin Lewis shares his instant response and analysis, and we include answers to your key questions.

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