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Pensions, annuities & retirement planning

For help with everything to do with pensions and retirement.

Worth paying for advice for small pot.
Is it worth paying an independent adviser if you only have a small retirement pot, less than 100k?
Pension drawdown tax free
Hi all. I have a pendion pot with Bank of America. I am 60 yrs old and have requested a drawdown of 25% tax free. They have refused to pay until I am 65. Are they allowed to do this? Thanks.
What were your experiences of tax refunds when taking first drawdown
My understanding is when you make your very first draw down of potentially taxable / crystallised money (not tax free funds) , the pension provider will deduct 20% tax and you need to claim it back , if it results in you overpaying tax. I don’t know if anyone else is experiencing the huge delays over the last 12 months…
Topping up SP
This may have been asked - sorry. I am planning to take my work pension in the coming months and will no longer pay NI. I will be short of a full SP by ~3 years. Can I 'top-up' in the coming years so that I reach my max SP when available? Thanks
LGPS Question
Hi, I have two LGPS’s with different local authorities, one deferred (ex employer) and one I’m still paying into (current employer).I am 48 and planning to retire at 60, so my question is - can I take one LGPS pension early at 60 (with actuarial reduction) and keep the other one deferred until normal pension age? Or will I…
Magement of pensions
Hello all I've read quite a few posts and thank you for all the contributions. I was interested in people thoughts on my circumstances. My pots are as follows. A lifesight worth £12 A HL SIPP worth £8k A standard life pension worth £22k As I am now self employed with still at least 20 years to work, I'm looking to get rid…
Prudential - cash lump sum or continue with monthly payments
Hi there. My 82 year old mum has been offered a cash lump sum from her private Prudential pension. Or continue to receive a monthly payout. The lump sum offered is £4500. Her monthly received amount is around £30 after tax (should be £60, but pension pay rise means government taking tax from private pension.) She's not…
Pension Bee - Death Benefit
Good morning and Happy New Year! Look for some advice. We lost my father-in-law suddenly in October. My Mrs is currently in the process of dealing with the estate (we have letter of administration). We found funds in a PensionBee account and have contacted them in order to claim the death benefit. Has anyone had any…
Saving to allow for early retirement- are we maximising our options?
My wife and I are both 40yr old NHS workers & would both like the option of retirement at 55 or earlier. I do all our finances and I just want to make sure I am doing things "correctly" or at least sensibly, and would be interested to know if there is any advice on if we could do things better. I am a higher rate tax payer…
What to do with early deferred DB payments when still working full-time?
Still a few years off but haven’t really payed enough attention to pensions until recently. At 60 I will be entitled to a defined DB pension of £6k or £4.2k + £28.5k TFLS. A bridging pension option is also available til my state pension at 67. My current job has a CAB scheme where I get full payment at 65. I also have an…
LGPS pensions - To combine or not combine?
I'm a council worker since 2000. Left in 2022 but went back to a new role in March this year (2024). My original pension was therefore deferred but has a final salary link (up to 2014) and has been revalued at the current date to 38k. However, my new current role has a lower salary of 26k. I understand if I combine the…
Wife's Pension - Changes and Charges
Hey, Looking at my wife's current DC pension, new employer scheme (which I I have altered to a Global Equity fund - only 6k, the default was losing money). So will see how that goes... Older SIPP with Aegon - 171k, it is going ok but I think it could better. The charges I think are high - £55 per month from Aegon and £70 a…
Civil Service ill health pension query
Hello all, I hope we are all well. Just wondering something I am currently receiving a Civil Service ill health retirement pension, upper tier. I am hoping maybe at some point my health will improve a little to allow me to work or study (which hopefully lead into work). I know the rules of the scheme if you work again in…
Pension Contributions Limit
I understand that there is a limit of £60,000 per annum that can be paid into a pension before tax becomes applicable.However, I am unsure whether the £60K is the limit across all means of contributions. For example, I contribute about £7600 PA into my company pension scheme and my employer matches this, so a total of…
LGPS small pot and Teachers Pension
Hi all, hope someone can help. I have a small pot with LGPS from a job I had years ago . I received an options letter which had an option to take this as a small pot, as it is only just over £3000. i had to complete a form to declare other pensions and I said that I have a teachers pension, which I still pay into as I’m…
Paying more in to the lgps.
A question to the lgps guru,s I wish to increase my LGPS annual pension before l retire, do I over pay my prudential AVC or do I go down the APC (additional pension contributions ) route, which one would give me a better financial outcome, I’m currently getting close to maxing my avc according to the lgps maximum AVC lump…
Pension on death of parent
Hi, my partners children's dad passed away a few months ago and the probate for the estate is with their solicitor. During the time passed we have discovered that a private pension has paid out a huge sum to his previous partner (together 3 years, lived together few months) with no contact to either of his children as next…
Predictions for pensions 2025- million dollar question
I'm 18 months away from my ideal date to take a pension annuity but do have savings to give me some flexibility as to when to take it in the event of a crash or short downturn, and with the knowledge that funds largely recovered after 2008 within a couple of years or so. I have discounted the idea of drawdown as I want…
Excel help and a couple of questions please?
Are there any folks out there that could kindly give me a working example of a small Excel SS that would enable me to plug in all my income (everything) in separate rows and at the end calculate the amount of Tax I should actually pay over the year. I'm based in Scotland so we have Tax at 19%, 20% and 21% (think that…
DB Pension Going into payment - old document includes "Fictional" Personal Pension Amount
I was reading through the old booklet from 1999 about my DB pension scheme as I have initiated the process to put it into payment. See separate thread here. I came across an interesting section in the book which I paraphrase below..... The way the pension benefits are caclulated ..... is quite different from most company…

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MSE News

Ofgem proposes new 'no standing charge' Price Cap – but Martin Lewis warns vulnerable customers need to be opted in or it won't work
Ofgem has today launched detailed proposals for a major shake up to its Energy Price Cap that dictates the price over 80% of homes in England, Scotland and Wales pay for their energy bills.
Lloyds, Halifax and Bank of Scotland to cut overdraft rates for millions but hike them for others – here's what's happening and full help
If you're a Lloyds, Halifax or Bank of Scotland current account holder, the interest rate you're charged for using your overdraft could change soon as part of a fees shake-up. The Lloyds Banking Group, which owns all three brands, says millions of its customers will pay less after the changes – but a "few" will pay more.
Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
Around 2.7 million more low-income households, including 900,000 families with children, will become eligible for the £150 Warm Home Discount this winter, as the Government has confirmed it will remove the existing 'hard to heat' eligibility criteria. The extension has only been confirmed for winter 2025/26, with further changes possible for future years.
Martin Lewis: At last a chance to fix Council Tax flaws impacting millions – debt collection, difficulty challenging your band, discounts and more
Major flaws in the Council Tax system in England could finally be fixed in future, as the Government has launched a wide-ranging consultation to review hideous debt collection practices, the difficulty of challenging your band, the overly complex and horribly-named Severe Mental Impairment discount and more. MoneySavingExpert.com founder Martin Lewis, who has long campaigned on these issues, shares his response and analysis.
Energy complaints to be dealt with more quickly and Energy Ombudsman to get new powers under Government plans
If you have a complaint about your energy firm, it may be resolved more quickly in future, as the Government has announced a raft of proposals to strengthen consumer protections in the energy market. The planned changes include giving the Energy Ombudsman new powers to force firms to comply with its decisions – but it's still very early days. Here's what we know so far.
Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
Around 2.7 million more households, including 900,000 families with children, will become eligible for the £150 Warm Home Discount this winter, as the Government has confirmed it will remove the existing 'hard to heat' eligibility criteria. The extension has only been confirmed for winter 2025/26, with further changes possible for future years.
Base rate held at 4.25% – here's what it means and when it might be cut next
The Bank of England has held the base rate at 4.25%. Below we explain why, when it might be cut, plus what it means for your mortgage and savings.
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.
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.

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Pensions, annuities & retirement planning

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