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Pensions, annuities & retirement planning

For help with everything to do with pensions and retirement.

live off small pots first year or transfer
I plan to retire in the next 5 years and have a moderate pot to drawdown from My needs are very modest and only need £12k a year for basics have been plowing excess into current work pension. From past employers I have 3 orphan pots each less than £5k value. I'm wondering should I move these into main pot. Or just withdraw…
Inheritance Tax on pensions - budget announcement and consultation
Thought I'd create a thread to discuss this particular announcement. During today's Budget, Chancellor Rachel Reeves said: "First, the previous government froze inheritance tax thresholds until 2028. I will extend that freeze for a further two years until 2030 that means the first £325,000 of any estate can be inherited…
New plan - now the dust has setting following the budget
Hi - I am in the fortunate position of being in the position of paying IHT and this is going to be made worse as a result of the recent budget. Rightly or wrongly I was aiming to pass on my pension to the next generation as neither of my daughters have great pension provision and I have a great DB pension which almost…
Pay into LGPS AVCs v LGPS
Hi All, I've seen a number of really good threads on the difference of paying into AVCs v APCs. I still haven't found my answer to my specific question so thought I would ask on here and hopefully someone knows. I'm currently age 51 and would like to retire at 58 - 60 and top up my LGPS Pension for my retirement. My…
CPI State Pension
I received my 4 week payment April 12th (being same as March payment), with no adjustment for 8.5% CPI effective April 8th (5 days at increased rate 8th thru 12th). May payment was March uplifted by 8.5% only, no backdated adjustment. DWP can’t provide a suitable explanation. Can anyone explain why there is a period that…
salary sacrifice VS contribution to work base pension
Can someone please explain in simple terms what the difference is. I was auto enrolled to a work based pension and have been adding an extra 6% . so I pay 4% mandatory plus the extra 6% and the company pay 5%. I am a basic tax payer. The company are changing from this set up to salary sacrifice. It looks like I will pay in…
Need Guidance on SIPP contributions
Hi all, I'm after a bit of guidance please, I'm in the fortunate position of being able to sell my house and if I buy a smaller one, would effectively negate the need for my wage. My theory is, to pay the amount of my salary above the single tax allowance into my SIPP to reduce paying income tax and boost my pension. Is…
Are my monthly AVCs into USS gross or net for the sake of record keeping?
Hi, I make monthly AVCs of £1k into my USS pension scheme. When I fill in my pension contributions on my Self Assessment, do I enter £12k? Or should I enter £14400 (£12k plus the £2400 basic rate tax relief)? Thanks
Confusing message from Teacher Pension
I have recently applied for my teacher's pension which I am due to receive next March, and have received a very confusing letter via their messaging system. For background info - I am due to receive a lump sum of £14 715.17 and an annual pension of £4905.05 Last tax year I opened a SIPP with HL and paid in £2880.00. Tax…
Paul the Missing Years.
I can take my state pension now. I haven't. I have some missing years prior to 2019 that I can repay by 5/4/25. I've searched online but cannot find the answer to this question; can I take the state pension now and still make up the missing years as above, or does taking the state pension then preclude me from filling in…
IHT question- surplus income and gift allowance
If there's a better place to put this please let me know! I've been reading up on IHT and understand we can all gift 3k a year without IHT liability, and backdate a year's as well (if someone could confirm the latter that would be great) I also understand we can gift surplus income free of IHT. In the scenario where a…
IHT question
I've been looking around MSE and other places for a while re IHT I'm married, and we are both retired. We both gave away property and cash to our children but that was just over 7 years ago, so does not count, am I correct? Since the last lot of substantial gifts to our children, we both give away to 3k each per tax year…
Can using a TRUST for my SIPP help avoid paying Inheritance Tax ??
To the more astute legal and financial advisors on here - I read somewhere that by placing my SIPP into a Trust it protects it from IHT - is that correct ?
IHT Changes - Sensible Actions?
Now that we've had time to digest the changes, these are my thoughts on what it would make sense for me to actually do. We have roughly £1M in pensions and £1M of estate outside - mainly the house - so I'm looking at taper territory. * DO NOTHING YET. It would be foolish to take any actions until the consultation is…
Planning finishing date
Good evening. Is there a tax advantage in planning the start of my pension a period after my leaving day? I'm not clear about my tax liabilities as a pensioner, does everything just carry on as if employed and my income is calculated as such with the same tax bands? Cheers.
DB pension transferred, now they want some money back
I've seen similar posts but nothing exact, so apologies up front if I've missed anything. I transferred my DB pension to DC 3 years ago, no problems with that. A few weeks ago my employer wrote to me and said there had been a mistake and they were after 20% of the money back. I know there is a statute of limitations of 6…
Advice needed please - lump sum allowance (LSA) and lump sum and death benefit allowance (LSDBA)
Hello, I am hoping that someone can help sense check something for me. My husband passed away a few weeks ago. He was 61, and took early retirement in 2021. Not ill health related. Pension 1 was an old DB scheme - he had taken early retirement and the maximum (assume 25%) lump sum. I get a spouses pension from this scheme,…
Defined benefit Vs transfer ....
Hi, and thanks in advance for any advice, I have a defined benefits pension from 20 years ago which is advising it will pay around £8000 a year when I'm 60 in 7 years, it's transfer value is £160000, is it worth sticking with it or transferring it into my current standard life work pension for growth? I plan to retire in…
Pension Recycling - A Check Please
Just taken £268,275 tax free PCLS (£230k from DB and £38k from DC) aged 55. The reason I took my DB lump sum and income was because the scheme was about to slash the commutation factor, and increase the early retirement factor. I took the smaller DC lump sum to avoid fiscal drag. I now receive a DB pension of £30k per…
Workplace Pension Contributions
Currently mortgage free, around £115k in savings but hope to move somewhere bigger in the near future which will require a new mortgage. I've always been skeptical about pensions and didn't have one until the workplace legislation came in by which point I was in my early 30s. None of my employers have been particularly…

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MSE News

NatWest to complete takeover of Sainsbury's Bank this week – here's what it means for savers and borrowers
Sainsbury's Bank's savings, credit cards and loans will be taken over by NatWest from 1 May. For most, this means little change for now as the Sainsbury’s brand will remain, though it's expected to be phased out towards the end of this year. However, if you've over £85,000 saved across both banks, you'll need to move any excess elsewhere to ensure your cash remains protected.
NatWest to complete takeover of Sainsbury's Bank this week – here's what it means for savers and borrowers
From Thursday 1 May, Sainsbury's Bank credit cards, loans and savings accounts will be run by NatWest as part of a deal between the two banks. You'll be moved to NatWest in the future, likely towards the end of this year, but for now the Sainsbury's Bank brand will remain and you can continue to use its products and services as before.
Martin Lewis: Is the £20,000 cash ISA limit about to be killed off? What you need to know
Plans to cut the £20,000 cash ISA limit later this year are being considered by the Government. In his latest video, MoneySavingExpert.com founder Martin Lewis explains what's likely to happen, what the changes would mean for savers and what you should be doing now.
Warning: 'WASPI' women affected by State Pension age rise should watch out for 'steep rise' in scams
If you're a woman born in the 1950s affected by changes to your State Pension age, be on high alert for scams offering compensation for this. Campaign group Women Against State Pension Inequality (WASPI) and charity Independent Age have warned so-called 'WASPI' women to be extremely careful, as there's been a reported "steep rise" in the number of scams targeting this group.
Martin Lewis: 'WASPI' women affected by State Pension age rise should beware 'steep rise' in scams
If you're a woman born in the 1950s, be on high alert for scams offering compensation for those affected by changes to their State Pension age. MoneySavingExpert.com (MSE) founder Martin Lewis has warned so-called 'WASPI' women to be extremely careful, as there's been a reported "steep rise" in the number of scams targeting this group – with some even using Martin's name.
Small pension pots to be automatically combined in future under Government plans – here's what it could mean for you
If you have a number of small pension pots you've built up over years of changing jobs, they may be automatically combined in future under new Government plans. This could make it easier to stay on top of your pension savings and reduce costs – but it's still very early days, and we don't yet know exactly how the scheme will work in practice.
Martin Lewis: Aged 20 to 25? Trick to get a FREE four-year railcard worth £100 from Santander
If you're aged 20 to 25, there's a trick right now that can get you a free four-year railcard worth £100 via the bank Santander. MoneySavingExpert.com founder Martin Lewis takes you through it.
Went to an employment tribunal between 2013 and 2017? Can you reclaim £100s?
Tens of thousands who overpaid employment tribunal fees are now due a share of £13 million, which could be worth £100s. But refunds aren't automatic, so you need to act to get your money back. Here's what you need to know.
Applied for South West Trains 'boundary fares' compensation? Act now to claim it
If you applied for compensation from South West Trains before the deadline in January 2025, you now need to provide your bank details to the claim administrator so it can be paid to you. Here's what you need to know.

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