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Pension withdrawal
Hi everyone, I am 29 and have paid into 1-2 pensions via private companies. There isn't a lot of money in there and by the time I get to retirement age the fees would have wiped out the money I invested into the pension however the companies will not let me withdraw the money. I now work for the Government who wont let me…
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LGPS and contracting out - How to calculate
Prompted by discussions regarding the closing of opportunities to buy back state pension, I revisited my entitlement. I am already drawing this (now four years in - I deferred for one year), in addition to LGPS. I have 42+ years contributions in my NI when I retired but do not receive the full state pension. I am aware…
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SAUL Pension Scheme - APC vs SIPP
I’m hoping someone can help me to
sense-check my thinking about buying extra pension via an APC from my employer’s
pension scheme (and this might be helpful to other people considering the same
thing further down the line). I am considering buying an APC but
debating whether I would be better off paying the equivalent…
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How to pick a SIPP - and is it worth it?
I'm feeling quite in a pickle as I've recently moved jobs and my new pension doesn't have an investment builder element, so overpayment (of around £3k/yr) is not particularly valuable. I want to add to a pension, to make use of tax relief and avoid hitting the 40% income tax threshold (Gross salary is £56k, £53k after…
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Civil Service Premium Pension
I can see that there are a number of very knowledgeable folk in this area, so hope someone can help provide me with some clarity 😄😧. I will be 64 when I retire, which means I have worked 4years beyond the schemes normal pension age (NPA) of 60. I have had a benefit calculation based on the leg 3 calculation, which now…
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Pension for spouse
Hi Newbie here and needing help. High tax earner who would like advice on how I can contribute to my spouses pension. They are self employed (not eligible for UC because of me) and earn below £4k/year. They don’t have a pension (SIPP) and I’d like to contribute to their pension and make this tax efficient. How far back can…
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Pru pension difficulties
I’m in the process of dealing with my late brothers estate. Everything except his Pru pension has paid out. He had a Pridential flexible retirement plan. We completed a form with all 7 beneficiaries names in November. All of us are family members. I’ve chased the matter with his FA and have been told the following:- "…
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Please help! Backdate pension contributions
It's currently Feb 2025. I've been hit with a big tax bill for my self assessment for the tax year 23/24. Does anyone know if I can retrospectively pay into my pension for the year 23/24 ? Like some form of back dated payment ? I'll use this to reduce the amount of income tax I have to pay
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Reasonable Portfolio?
Hello all, may I kindly ask for opinions on the following before committing? I have spoken to an IFA and I have no reason to doubt that the steer from him is sound but just interested in opinions from the knowledgable people on this forum. My assessment to taking risk is apparently on the cautious side of moderate if that…
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Withdrawing from a SIPP after retirement as a non-taxpayer
My wife plans to retire in 2026 after she turns 58. She will receive a Civil Service pension of £8K pa. She has a Vanguard SIPP and planned to make withdrawals from it each year in the first 9 years of retirement so as to use all of her personal allowance, as when her state pension kicks in at 67 she will almost certainly…
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Pension contribution, tax relief and small lump sum
My wife has cashed in two small pension pots. The total is around £8K. The pension administrators have deducted the tax - she has filled in the necessary form from HMRC to recover the tax as she has no other income for this year and has the whole of her personal tax allowance to use. The amount received so far will go into…
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Looking for pension and retirement advice - in unusual circumstances
Greetings all, I'm looking for pension and retirement advice, and haven't really gone about preparing in a traditional way. Some brief background: * 55 years old * I've worked/contributed all of my life and am due the full state pension * 2 businesses, one mine and one I share with my wife, mine has an annual turnover of…
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Tax rebate and allowance
Hello, I am a higher tax payer and I have say 100 left on my allowance (it's more like 48k but let's say for ease of simplicity it's 100). I know that if I want to use all my 100 I just need to put in 80 as gov will contribute with 20 in my pension fund. So far so good. Then there's an additional 20% I can claim back as…
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DB Bridging Pensions
I have just stumbled upon the option of a bridging option in my scheme, within some newly published scheme booklets. I have been chasing this for two years and it kept getting delayed. There hasn't been any communication so found it by chance! I'm looking for the experts who have experience in this and the pro's and con's.…
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Tax relief on contributions
Hi all I am Civil servant and a member of the Alpha scheme, I buy additional pension paying £250/ month, I have enquired of the pension department by e mail but despite asking twice I do not have an answer to my question. Do I need to claim tax relief on my contributions Thnaks
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Delay topping up pension after Paying NI voluntary contibutions
I paid for 2 years voluntary contributions in July 24 and my pension has not increased yet. I have made several phone calls to HMRC and Pensions dept. HMRC have confirmed that they have received the payment and have updated my details on their system. Pensions department have said that they are very busy due to increased…
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Pension contribution and increase to basic rate tax band
A quick question regarding a pension contribution of £3,600 gross (maximum allowed as no earned / relevant income). I am retired and with my pension income and interest on cash savings will likely exceed the basic rate tax allowance. As I have made a pension contribution of £3,600 gross this year will this have the effect…
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What can I do with a rubbish personal pension - I've got 10 - 15 years?!
I have a rubbish personal pension (Valued at around £40k) and I haven't a clue what to do with it. It's with Phoenix Life and is the only pension I have outside a full state pension. Given what I've got, I've assumed I shall be working until just before I drop (!!) however if there is anything I can do to make this tiny…
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Can I be forced to take my Pension
I've been told I need to take a discounted pension at 60 rather 62 due to me not being in employment and because the pension contracted out for a while, and being a women apparently. My GMP element is tiny compared to the loss I will incur. I have full state pension contributions too. I apparently must take the 'benefit',…
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Drawing out of pension to cover sole trader loss
Thank you for any advice. My partner is a self-employed sole trader, he needs to replace his car. He would be putting 75% of the costs through the business as he needs it 75% for business use. If he bought an electric car, he could write it down as 75% tax deductible in the year of purchase, as I understand the tax benefit…
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6.2K comments
Most recent: Accessing HMRC site without passport / driving licence by QrizB
15 October at 10:38PM
