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Pensions Advice for 19 Year Old
Hi, I'm keen to get some pensions advice on behalf of my 19 year old daughter. She has recently dropped out of university as it wasn't for her and has fallen back into doing what was her weekend job on a full time basis for around the national wage. She doesn't really know where she's going career wise but I'm keen for her…
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A fixed term annuity question
Can anyone advise if this is correct, and if there is a work around on this issue. I looked into quotes for buying a fixed term annuity with part of my SIPP funds. This was to bridge the gap from age 59 (now) until state pension age of 67. The quote was acceptable and I was interested in proceeding. I contacted Legal and…
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Transfer in to Civil Service pension (Alpha) - thoughts
I joined the civil service (alpha) in August 24 and considering if I should move my other 3 pensions into this scheme. I earn about £80k I am 50, and hope to retire about 65. My other 3 pots are: £13,000 in a DC scheme then 2 benefits schemes with: USS - partial DC of £10,500 +(£9K lump sum & 3k annual) LGPS - with £64k…
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Small Pot from Drawdown account...?
If one crystalised their entire SIPP, taking the max TFLS of £268,275... Can they then take a 10k "Small pot" from the residual drawdown fully taxable account...? Assuming not... Could they open a new SIPP, paying £2880 for three years, then cash it in under the "Small Pot Rule", benefitting from tax relief and 25%…
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NHS, McCloud and Additional Pension
My wife has been making Additional Pension Contributions in
her NHS Scotland 2015 Pension Scheme by monthly deduction for the past 6 years. In September 2024, she retired and returned in order to
claim her 1995 Pension and she continued in the 2015 scheme. Under McCloud, all of her 2015 scheme
membership to 31/3/22 was…
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AVC’s aged 57
I am looking to reduce my tax burden ( currently 40%) by investing in AVC’s through Standard life ( I have an NHS pension but it dies with me ) I’m overwhelmed by the choices and not sure which would work best for me at my age 58 yrs I think I would like to drawdown as I may finish work earlier than 67 or at least have the…
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Assess my ISA "income and a bit of growth" portfolio
This is my plan for my ISA in retirement. The freezing of Personal Allowances has led me to focus more on taking an income from ISAs, which I'd previously expected to use for ad-hoc additional expenses. I'm aspiring to take about 4% yield. I'm looking at Global Income:- Fidelity Global Dividend 10% UK Equity income:- Man…
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Month 1 emergency tax on pensions
Is it true that this affects ALL ad-hoc withdrawals not just the very first one ? So the only way to avoid is setting up a regular monthly payment with the pension provider. Otherwise you’ll always be over taxed & claiming refunds. Is there any way to instruct the provider to pay it gross and reconcile tax on your annual…
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Taking all avcs on retirement as cash ?
I am into my 1 st year on Flexi retirement in a lgps I'm 64 and can get my state pension aged 66.5 , my question is I'm paying into my lgps again for my last 3.5 yrs of working and also putting in £350 per mth into a in house avc with the prudential. I now work 3 days a week now question 1, how much am I allowed to put…
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How to access defined contribution pension pots
Hi, I just turned 55 last week and I have some basic questions about how to access my pension. I have a number of defined contribution pension accounts spread over four pension companies. I've gathered them through working for various companies. I am still working, so money is still paid into one of those accounts but no…
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Retirement plan sense check
Sense check / opinions welcome: Finances: Aviva Workplace pension: £810,000 (roughly 70/30 fund) Sipp: £300,000 (HSBC All world & Moneymarket funds) ISAs: £138,000 (Global All cap, HSBC All world & Moneymarket funds) Cash: £100,000 (instant access 4.4%) Overall allocation of above roughly 70% shares, 15% Bonds, & 15% Cash…
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SIPP payment missed - can I make backdated payment for last TY?
Every year I pay in £2880 to a SIP to receive a £720 top-up. While doing my tax return for 2023-24 I have just realised that I forgot to make my SIPP payment that year. Can I make a backdated payment now for that Tax Year? I tried to ask my SIPP provider, but they just copied and pasted a load of blurb onto the chat forum.…
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Barclays Bank Ltd Pension
I worked for Barclays Bank for eleven years and unfortunately I have no details of the pension scheme. I contacted National Insurance who have provided details of NI payments to Barclays Bank. I have written to Barclays Bank, enclosing the NI payment details but have not received a reply. What can I do next?
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LGPS APCs
I am embarrassingly clueless on pensions but have been trying to get my head around my projections and options. I work in a school and pay into the LGPS. My NPA is 67.8137 which will be in 2045. I am a higher rate tax payer (40%). I have some disposable income that I am considering using to pay for APCs. I am quite risk…
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Money Helper Annuity Quotes
Are the figures produced by the Money Helper site reasonably reliable? It is showing a figure of £6500pa for an annuity on two lives, aged 70 and 63, with one minor and one major medical condition. That is on the basis of 100% joint income and 100% value protection, increasing by LPI, which I understand to be RPI capped at…
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RPI - linked annuity
I am considering buying an RPI-linked annuity with part of my pension fund. I am at early stage but wonder whether the RPI reference point is for the life of the annuity or, like linkers, will change to CPI in the future? I have also heard that the RPI increase may be subject to a cap. Presumably this all depends on the…
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Exceeded my pension annual allowance, what are my options?
I have exceeded my annual pension allowance for 2023–2024 and do not have any unused allowance from previous years. Due to internal company restructuring, my employer changed pension providers mid-year in the summer of 2023 and also altered the timing of pension contributions. As a result, they made 13 payments in the…
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Do I pay tax if I cash in my Prudential Flexible Investment Plan?
I have an FIP valued at £19, 883. My initial investment was £11 000 in 2011. I need to withdraw some of my investment plans now, but fear if I withdraw all the funds from this plan i would have to pay tax on it. Can anyone advise me if I'd have to pay tax and how it would be worked out. I receive pensions at present approx…
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Local government pension scheme
I have requested a retirement pack as 55 in March to take early retirement from deferred benefit status.. Just received figures that was run on figures that were payable from today ie when I am 54. The confusing bit is Plus Pension Increase (1.378126) payable from.age 55 When this amount is added it looks correct. Is this…
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Consolidation of DC Pension Pots
I recently transferred a DC pension fund from one provider to another in order to consolidate my pensions and make them easier to manage. The transfer was between two major providers who use the electronic Origo system to perform the transfer. The transfer took 8 days from the time the initial fund was closed to the time…
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Most recent: Conflicting State Pension Forecasts by Taylor2000
6 August at 8:58PM
