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Deferred pension with annual CPI increases - any reason not to take now?
My wife has a deferred pension with BP which becomes accessible when she turns 60 in May. One of the benefits of the scheme is that pension payments are increased in line with CPI (up to 5%). The fund is worth around £60k. Our instinct is to take the full 25% TFLS and pension from May, rather than deferring or transferring…
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Telegraph annuity figures. Unbelievable?
I read an article in yesterday’s Telegraph by Sam Brodbeck concerning the advantages of taking a pension annuity. He says you can now get an annuity of £7,750 on a pot of £100,000, increasing each year by inflation and including a spouse guarantee. This seems very good to me. Does anyone know where he got these figures…
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PensionBee and similar services, retirement planning
Hi all, BACKGROUND I'm 38 and worked all my life. I have a high salary but no real wealth (renting, leasing my car etc). Have been doing auto enrollment since it started and had company provided pensions for most employers for the last 15 - 18 years or so, all with various pension companies. (Scottish Widows, Aviva, Royal…
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Paying additional funds into pension this month.
I'm currently a higher tax rate payer - about £60k PA before tax. I pay into a workplace pension - civil service. I also have a Nest Pension - if I make a payment into this Nest automatically get me the 20% tax relief - but can I get an extra 20% ( to make up to 40% ) , and how do I do that, and also how much can I pay in?…
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Transfer existing bank pension to LGPS
I appreciate no advice can be given. but would I be correct in thinking that it is a no brainier to transfer my existing bank pension to my current LGPS pension ( currently on temporary contract) any comments would be greatly appreciated
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Is it worth taking this lump sum ?
On one of my pension statements the below figures are quoted regarding a lump sum . Does this seem a good deal or not please . £8576 a year with no lump sum £6264 a year with a lump sum of £42884 I’m not looking to retire yet but just curious as to what is or isn’t a good rate . This is at age 65 and basic rate tax payer…
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Asda Pension
Trying to sort out my various pensions. When I was a student I worked part time in Asda for about 6 years and am sure i paid into a pension. However that was about 25 years ago! Is there any point in trying to track this pension down? Will ut have any value? And also where do I start, do I call up Asda and ask about it…
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Classic CS Pension & Abatement
Would be grateful for any advice re abatement from the very knowledgeable people on here. I can't seem to find the answers elsewhere. I have been a member of Classic since 1988, then transferred to Alpha. I am in the rare situation of my highest earnings being in the past (the highest being November 2016). From December…
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Pension arrears
I retired January 2021 with a small Teachers' pension. I have today received notification from Teachers' Pensions that they have been advised by West Sussex County Council that I underpaid my additional pension between 2019 and 2020. The underpayment is £198.87 and compound interest is £64.61. Do I have any option other…
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Moving house to be mortgage free in future
So I’m moving house but I decided I hope if I ever move again I won’t need a mortgage. I aim to semi retire so not sure if this would affect a move if I did 16 hours but my partner was full time? So I reckon I could have cleared off my current 2 bed house if I stayed here but I am adding a larger mortgage. My current place…
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Will I get a basic pension?
Hi all. If someone's worked part time all their life and hasn't been taxed (due to their income being below the threshold), will they get a pension when they reach retirement age? I can't find anything specific to that situation. Also bear in mind there's no benefits claimed either during that working life. The only income…
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State Pension protected payment Triple Lock
I have just received my updated pension letter for April 2025 and noticed that the protected payment portion of my pension is only increasing by 1.7%. Does anyone know how this 1.7% is calculated and why the full amount of the pension is not protected by the triple lock? Thanks Just realised that the 1.7% is the CP so now…
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spouse benefits on an annuity
I am sole executor for my father-in-law's will. I'm having real angst with two insurers on the matter of spouse benefits - in both cases 100% - and the payments were going into a joint account. Both have stopped paying my mother -in-law - both have done so without writing first. Both are demanding original birth and…
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Pension Advice
Hoping for some advice - sorry if I have not posted in the correct place! I have about £20k saved in Prudential - not paid anything in for over 20 years and about £5K from an employer (left 5 years ago). Is it really worth me trying to find a pension investment for this rather small amount or would I be best withdrawing it…
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NHS Retire and Return Death in service
Not even totally sure if this is the right board for this, but I was asked to help a friend whose wife passed away recently. Any NHS experts here? She was an NHS employee who had been working in the NHS for over 30 years. In 2022 she took her benefits under the 1995 section and then immediately returned to work part time.…
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Salary Sacrifice quandary’s
Hi, I am just having thoughts about a salary sacrifice scheme that is being introduced by my company and if it is worth taking in my circumstances. I pay tax in the 40% bracket, and my company pays pension at 8% and I contribute at 4% on gross salary. I make full use of the tax relief on pension contributions up to £60,000…
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Parents Pension short
Hi My Mothers state pension is £849.08 4 weekly (£212.27/week) I understand state pension is £221.20 / week. We have checked her NI record and it says "Full year" next to every year between 75/76 and 09/10. (35 years exactly). We phoned the Pension Service and asked and they said it "should be full state pension" but…
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Question: Annual Allowance & Annual Input Allowance
Hi. I may decide to retire in the next 12 months. My question is around how to maximise investment into my 2024/25 SIPP, but making sure not to exceed my Annual Allowance. I am not retired, but am contributing to a public sector Defined Benefit pension and also paying into an occupational AVC through work every month as a…
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Any NHS / Local authority DB Pension experts?
Earlier this year my wife moved employer from Local authority to nhs. She'd been with the local authority since 2001. We enquired about moving her defined benefit pension to the nhs. We've recently been given a transfer value. Neither of us are particularly clued up about the benefits and potential pitfalls of proceeding…
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Nearing retirement - work placed DC mitigation/de-risk
Is there an option to de-risk any significant drops to a pension in the final months before accessing? For context and example, although I do appreciate funds have short term volatility - I see swings of a few hundred a day on a modest pot. I have a target date fund (L&G) which I contributed £2k to two weeks ago, with £1k…
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6.3K comments
Most recent: Guide discussion: Voluntary national insurance contributions by JimTheseus
14 November at 10:10AM
