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Implications of incorrect tax relief on salary sacrifice payments
The company I worked for had a salary sacrifice arrangement for pension contributions. For some reason last July, they processed the payment as 'relief at source' so I received tax relief on my pension contribution for that month (as did the rest of the staff) that I should not have done. This was raised with payroll and…
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Tax Free Lump Sum without affecting existing pension
I have an existing company pension that they pay into every month, the current amount is around £370k. I'm now aged 55. I want to take £30k as a tax free lump sum, this is obviously not the full 25% I'm allowed but I just want to take the £30k and for my employer to continue to make monthly contributions and effectively…
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What happens if my workplace pension pot loses value without going bust?
Hi, I've always read that workplace pensions are protected by the Facts, but I've always had a doubt: what happens if they lose money (say for example 80% if value considering all contributions made by me, that would end up being much more considering the appreciation over time) without actually going out if business?…
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Advice on what to do with two separate pensions
Having worked in two diffrent jobs i have two pensions one with Peoples Pension and one with Aviva ,I am currently not working due to ill health, not sure whether to put the money from Aviva into peoples pension has this is the one with the most money in,
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NI contributions advice
Hello, I was unemployed for a few years while I was taking care of my partner before I discovered and started receiving Carers Allowance. Naturally, the DWP refused to backdate anything for more than a previous tax year. Therefore, I have a few questions:1) Is it worth paying the voluntary contributions of £824.60? In my…
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pension / sipp / business cash
couple of questions - i have built up a reserve of cash in my business, i am almost 50 and have only recently (last year) started a sipp . Im looking at the next tax year and normally withdraw 20k to add to a cash isa but this year was going to start a stocks isa - got me wondering instead of taking from the business and…
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Better option than money market funds?
For a pot that will be used in 3-4 years time, for around 4 years, so needs to be ‘safe’ . I know very little about Gilts but wonder if I can get a better return ? I’m looking to retire at 63 in 2028 and have 2 Sipps ( DB starts this year). I have 30k in Royal London STMM fund in Sipp 1, earmarked for UFPLS use when I…
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Pension Contributions after drawdown
I have a defined contribution company pension with my current employer and I also have a defined contribution pension from previous employer. My intention is to work until my state retirement age and to continue to contribute to my current employers company pension scheme. Under drawdown rules would I be able to take a one…
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Abbey National Pension
Hello all. I had a search and could not find anything that led me to clear answers on this. From the mid 90s to 2004 I worked at Abbey National prior to the take over by Santander. I was enrolled in a work pension scheme. Since that time I have lived overseas and not really up to date with the UK. I tried to find info…
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64 year old transferring in DCs to NHS pension early retirement options
Can anyone tell me about the following please ... 1.Early retirement calculator for 2015 scheme I've just joined the NHS about a year ago. I am looking to see how early I can take my NHS pension and minimise any reductions. 2. The tax free allowance limit for transferring private pensions to my existing NHS pension * I am…
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1995 NHS Pension complaint
In 2021 after 19yrs in a Band 4 role, paying £125 a month into pension I downgraded through no fault of my own, to a part-time Band 2 role. I can take the 95 pension in 2.5yrs. I only discovered a few months ago that ALL my pension will now be based on my current earnings. It's too late to apply for pension to be protected…
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Taking pensions whilst contributing to other pensions
Hi All I've got a deferred DB pension including a lump sum from one council and I am currently paying into another DB from another council. I've also got two DC pensions. I'm 55 this year. Would it be within the tax rules to take the 25% tax free amount from the DC's, take the deferred DB pension with 25% tax free lump…
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How is tax taken on SIPP drawdown?
One family member has a small cash only SIPP that is in drawdown. They are unemployed/retired and are in receipt of the full State Pension - no other income. Since retiring from self employment, she has not completed a tax return (and is happy about that). In the last two financial years, the drawdown amount has been…
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pension
i realise there is no crystal ball but i wonder with pensions (specifically as a self employed person with a sipp invested in 2 hsbc global funds) would there ever be an event where you decide to move your investments to something more stable. Im reading too much about how the stock market is overvalued as well as all the…
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Money Purchase Annual Allowance
Hi, I have triggered the MPAA due to taking a small DC pension in full. This now means that my tax relief allowance p.a. goes down from £60K to £10K. This seems a massive drop off, is it likely to be increased anytime? As I will have to pay tax over the £10K, is it worth saving less into the pension to mitigate the tax &…
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Drawdown return and future investment
My annual return in my IFA managed drawdown account lat year was 18%. I’m wondering what it would have been if I’d just put it in say Vanguard Lifestyle 60 or 80, or similar accounts? Where should I look for quick comparisons like this? Going forwards the recommendation is to reduce UK and US holdings and move to Asia. I…
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Married Women’s Stamp November 25 2024
I also applied for MWS in 1972/1973. From 1973 until 1975 I was unemployed home and caring for children. When I I applied for my pension on retirement I was not aware of the consequences and implications on my pension as a result of the MWS. I have paperwork that clearly states that if you are unemployed for two years you…
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SIPP - New Money Bonus
Hi all, Im seeing lots of SIPP transfer bonuses right now, but can't find any for new money (other than quidco/TCB) Does anyone have any recommendations for cashback/bonus for opening a new SIPP with new money rather than a transfer - Ideally it would support company payments direct into the SIPP. Thanks,
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Massive confusion: pension contribution "net pay" vs "relief at source"
Hi, I'm trying to wrap my head around EMPLOYER CONTRIBUTIONS when it comes to "net pay" vs "relief at source". I can't figure out whether a, say for example, 3% employer contribution in net pay is the same as a 3% employer contribution in relief at source. For example sake, let's say annual earnings before tax: £149K -->…
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How does an AVC pay out?
Hi, I have a very tiny defined benefit pension and small AVC with a past employer that currently stands at £1060 per annum. I signed up for the AVC at the time and that is managed separately by Legal & General and totals just £10,500. I’m able to check both separately online but I don’t understand how they are connected…
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699 discussions
6.1K comments
Most recent: NI Top Up Contributions: Computer Says "NO" (not needed), but mysterious reason why! by 1957DfurdPensionist
7 August at 9:46AM
