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Bonus sacrifice and exceeding annual allowance
The company's bonus is coming in February, and I'm tempted to put the entire amount into my pension, even though I know it will exceed my annual allowance. Is it really worth it? My bonus will be in the tens of thousands, and any advice would be appreciated.
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Teacher pension changing to civil service pension
Hello, Little confused at the moment and hoping someone could help demystify. Currently a teacher paying into the teachers' pension. I will be changing to a civil service role in September with a civil service pension. If I change back to teaching in a few years time, are there any penalties to thhe teachers' pension? Will…
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Guaranteed Annuity question.
Sorry if this is very basic or I am using the wrong terms..... If I take a lifetime annuity but with a guaranteed minimum payment period of, say, ten years do I have to nominate a specific person to benefit if I die during that ten year period? Or can the remaining amount just form part of my estate to be distributed in…
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Withdrawal from Standard Life
My mum has £22k in a Standard Life pension. She doesn’t know what sort of pension it is but I guess she was paying into it in the late 1990s to 2000 as she left that job then. She has an income of about £24k. She is 75. Standard Life have been sending her valuations each year and then just after her 75 birthday they have…
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Withdrawal from a SIPP
I am 63 years old. I have a small SIPP that I manage myself and that I am planning to withdraw funds from. I also have a financial advisor who manages a much larger pension for me from which no funds have been withdrawn. If I start withdrawing money from my self-managed SIPP am I legally bound to tell my financial advisor…
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Personal pension on universal credit
I am looking to invest a small amount of money regularly in a personal pension. I have a little bit of money left over every month from my universal credit/LCWRC and PIP. I was more than likely be on disability benefits till I reach retirement age in 17 years time I am looking for clarification that the money I invest…
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ill health retirement & potential tax bill
I’m being ill health retired from the LGPS aged 49 on 48k a year. It looks like I will potentially have a sizeable tax bill due to the big uplift in pension amount. I’m not clear on how to work out this tax amount & wondered if anyone is able to roughly work out the amount. The pension I had built up to this year was 22.5k…
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How do I open multiple SIPPs with Hargreaves Lansdowne
I am past state retirement age still working part time & as I am a higher rate tax payer I am paying into a SIPP to wash away tax & just holding cash in anticipation of drawing down in a couple of years. I have £20K in cash as I only started paying into a SIPP last tax year & when I enquired a few months ago about taking…
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HMRC Debt
I do not understand, I am 74 and have not had to think about tax on my pensions for years figuring that HMRC and the Pension Service were handling it. However I have now been asked for £670 for each of the last two tax years ie £1,340. In an attempt to keep this brief and after several conversations with HMRC the only…
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HELP! Very small pot and limited means to increase. Any advice please?
Hi everyone I've been lurking here for a while and found there to be some very knowledgeable people here, I'm hoping that maybe someone can point me in the right direction now. I already feel so stupid that I should have been doing this for the 20 years I've worked at my firm!! I'm only now realising my mistake that I'm…
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State pension
Every year I get a letter from the Department for Work & Pensions telling me the weekly amount I will be getting. If this is multiplied by 52 you get the amount I should receive in the full tax year and this is also the amount that the Department for Work & Pensions are telling HM Revenue & Customs that I have been paid.…
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Partner’s pension - better to Sal Sac & open another private pension?
My partner is in the process of moving some of her savings (from a recent inheritance) into her pensions. She wants to max out the amount that she contributes into her pensions and maximise the tax efficiencies The current situation is: Work pension 1 - DB scheme. No options other than a straight in or out. So she is in.…
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access to HMRC NI records. Transferring account to another user ID
Hi all , thought i'd ask here as obviously the HMRC helpline is useless and after five mins just says it can't continue the call. So, I went to set up a government gateway yesterday to check my NI contributions. Turns out I can't do that as my dad has previously taken care of everything and has it under his account (I'm…
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Calculating my annual allowance - savings interest? Redundancy?
I’m trying to calculate my pension annual allowance for the current tax year 2024/25. It’s made a little more complicated by the fact that I have taken redundancy during the tax year and am no longer working. I also have significant savings income this year. i Understand that the annual allowance is £60,000 but that this…
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Website for pension forecast
Any suggestions for good websites for private pension forecasts? Tried a few but some don’t show the assumptions such as inflation rate or allow us to adjust contributions or returns on a sliding scale.
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Am I correct in my pension calculations?
I've been trying to plan out my OH's UK state pension. They're 46, been living in the UK for 10 years, and have 5 years National Insurance paid (option to pay other 5 years gap). They're from the EU, and we plan to move to the EU in the next 2-3 years. As I understand it, you need to pay at least 10 years contributions in…
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Voluntary NI Contributions - Eligibility Question (Moved to UK in 2018)
Hi everyone, I'm trying to understand my options for topping up my National Insurance contributions and would appreciate any advice. I moved to the UK in March 2018 and started working in May 2018, remaining in the same job since. I've already made one voluntary contribution, which I believe covered the 2017-2018 tax year.…
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Transfer three Defined Contribution pots into one?
Hello all and thanks for reading. I joined the civil service two years ago to see me through the last 10 years of working before I retire at 60. Following a wee promotion I decided to put the extra monthly money into the Civil Service Legal & General AVC. This should build up nicely over the coming years and the masterplan…
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NatWest pension scheme mail out
If like me you are one of the approx 190,000 NatWest pension scheme members, you will recently have received/will receive a letter in the post requesting that you complete a form to confirm your personal details. I have contacted the scheme administrators, Towers Watson who have confirmed that the mail out is genuine and…
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Potential overpayment of salary sacrifice
I have been paying 56% of my salary into my workplace pension
via sal sac however due to recently receiving some inheritance I wanted to
increase this to the max possible. I asked my work HR dept if they could advise
what the max % of my monthly salary I could sacrifice and they initially came back
with up to 100%. I…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
703 discussions
6.2K comments
Most recent: Existing pensioner trying to buy extra years by anitamp1
8 September at 5:07PM
