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Phoenix Life will not allow drawdown
Been trying to cash-in 25% of a pension with Phoenix Life which has resulted in various forms back and forth but now they have finally come up with the excuse that they "do not offer a drawdown facility".What are my options now, do I need to transfer the whole pension to a different provider before I can access this 25%…
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Financial planning for my Mum
Hello, I'm after a lot of advice to help my mum with her finances. Today I mentioned the NI top up deadline to my mum which the lead to a long conversation about her finances and retirement plans. My mum will readily admit to not having much financial knowledge and through this conversation it became apparent that she…
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Pension statement from work..
Hello all. I am in the police CARE pension scheme. After a few breaks for maternity and then a career break to bring up the kids i started taking this all seriously and began over paying in 2022. That was by £125 per month. I increased it last April 2024 to £150 over payment which I plan on keeping up for good now if I…
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Advice please for transferring national insurance credits to grandparent!
Hi, my dad has two years missing from being able to have a full set of National Insurance contributions. He helped to look after my children when they were younger, allowing my wife - who is the one who receives child benefit - to return to work. I would like us to help him be able to fill this 2 year gap, I believe my…
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Pension drawdown question
Just wanted someone to confirm my understanding of how this works is correct if possible? Short summary: M63, taken early retirement, not paying anything more into an Aviva personal pension. Current fund value is £77k, taking £500 per month drawdown. This keeps my total (with other pensions) income which I live off below…
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Non-dom and SIPP?
Hello, I am non-dom claiming remittance basis. I have no UK earnings. I repatriated c. £30k of capital gains into UK this tax year, on which I will have to pay capital gains tax. Question I have is the following - can I contribute some of this £30k into SIPP in order to decrease the tax charge I have to pay? (roughly £6k).…
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GMP Equalisation Exercise
i received a letter yesterday telling me that my smallest private sector pension (NRA 60 taken at 56 in 2020) is being increased by approx £120 pa from December and also a back payment of approximately £500 for past underpayments will also be paid. A nice surprise. I also have a larger pension from a later employment (NRA…
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NHS Additional Pension and paying lump sum
This discussion was created from comments split from: Tax relief for buying NHS Additional Pension and paying lump sum.
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Financial Advice - how much does it cost?
Hi I'm 50 and as I'm sure many people do I have a private pension that I have been personally paying into for like 30 years plus a number of pensions that have been setup by previous companies I have worked for.I also have a resonable amout of savings in ISAs and general instant savings account. I'm looking to get some…
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Buy Additional Pension or Vanguard LS
Good afternoon. I am currently a Civil Servant earning £12,000/year. I 63 years old I am in the Alpha Scheme contributing £45/month since I started in the role 5 years ago. I am in the fortunate position of being able to put more of my salary into a pension so can 'buy' more Alpha pension or alternately pay the funds into…
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Tax relief at source - worse off?
Hi, I was of the impression that both tax relief at source and contribution at source should produce the same net impact. For example, contribution of £10K pension at source, from gross salary into an employers pension fund should have the same effect as contributing £6K on your own, into a private fund of your choice.…
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Choosing a pension provider for a new SIPP - help!
I have around £10,000 (plus £2,500 government top up) which I want to invest in a new SIPP. I took redundancy recently so can no longer contribute to a company pension. I would like to contribute more than £10k but I am limited by my salary for 2024/2025. So I think that this is the max I can put in before April 6th. And I…
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Drawing from SIPP monthly
Good afternoon. I posted on the benefits board before and they sent me here, as it is more a pension question than a benefit one. ESA and pension — MoneySavingExpert Forum I have a relative who receives disability benefits that are not means-tested. She is only allowed £85 net a week in pension before her benefits are…
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Divorce - Galbraith and Tax
I have a pension, but my wife doesn't. Let's say the pension pot is £200k (Defined Contribution (DC) Pension). I'm considering offering a lump sum payment, but know I don't want to offer £100k cash. So I saw Galbraith tables. I looked up "Current Age" against "Retirement Age" and the figure came back as 0.598. (Based on…
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SIPP contributions, to reduce 40% tax paid.
Hi everyone, I’d like to know how much I can contribute to a SIPP to reduce the amount of tax I pay at the 40% rate. Should I base my contributions on my gross pay or taxable pay from my payslips for earnings above £50,271? Also, do I need to include interest income when calculating this? Thanks in advance.
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Finding an old pension
How do you find old pensions from the 1980’s im sure I contributed to some pension schemes , worked at different places . Do I contact Hmrc
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Discrepancy in my State Pension
I have been notified by DWP that my state pension would increase from April. The triple lock makes it an increase of 4.1%. When I looked at the figure, I noticed an error. My old weekly pension currently amounts to £173.81 a week. The new weekly pension, according to DWP, is £179.39 which is wrong. It should be £180.93.…
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Is topping up teachers pension still worth it?
Age 41, wanting to go at 60. Every year I currently pay approx £3000 (BEFORE TAX) for an extra £250 per year to claim at age 68, cant change this age. I purchase a 1 year contract every year for 250. With this, on top of my normal accrual, I bank around £1250 per year in Career Average. I have also done 3 year buy out. My…
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Retirement planning - does my plan have any holes?!
Morning all. I’d been planning to retire in two years at 61 but having looked at the sums i now wonder if I could retire a year earlier - next year, at 60. I’d welcome thoughts on my plans! My partner (60) is retired with a small private pension and a significant and life-limiting illness (albeit one that isn’t affecting…
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SIPPs
Please can someone explain to me (as though I'm a nine year old!) exactly what a SIPP is and whether I should consider one. I have a pension (People's Pension) which I contribute to (with my employer). I have the ability to save a little more each month (which I would like to do for the medium term planning towards…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
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Most recent: Voluntary NI Contributions – What to Expect After Requesting a Callback by molerat
4 December at 1:45PM
