Recently Retired, Do I Need to Inform HMRC?

scoot65

Many Thanks Silvertabby, very useful info. I'll make a note of that.

scoot65

MX5huggy said:

To take this to the next level for this tax year you could put all or earned income this tax year into a SIPP get 25% added to it and then get it out over the coming years again without paying tax.

So, I can still open a SIPP this financial year even though my employer and I have been contributing to my LGPS pension from April '22 to September '22? No need to until the next financial begins in April '23?  

Thanks

MX5huggy

scoot65 said:

MX5huggy said:

To take this to the next level for this tax year you could put all or earned income this tax year into a SIPP get 25% added to it and then get it out over the coming years again without paying tax.

So, I can still open a SIPP this financial year even though my employer and I have been contributing to my LGPS pension from April '22 to September '22? No need to until the next financial begins in April '23?  

Thanks

Yes! You’ll miss the chance of putting more than £2880 in if you wait.

exactly how much you can put in can be quite complicated. First question is how much have earned so far the year?  

scoot65

MX5huggy said:

exactly how much you can put in can be quite complicated. First question is how much have earned so far the year?  

I've sent you a pm with some cumulatives.

amateur_house

scoot65 said:

Many thanks for the clarification regarding the £720.

Regarding the LGPS quote. I've been told that due that I'll automatically get a quote posted out to me shortly. It'll be interesting to see what the figures are.

I have 25 years Final Salary years up to 31 March 2014 and I also have from April 2014 to present day in the CARE scheme.

   

Do you have online access to the pension site?  You can log in and get a forecast online. I've just looked at my LGPS, and tried putting in various retirement dates to see what I would get. I would like to retire at 62, but think I'm being a bit optimistic based on the figures..

scoot65

amateur_house said:

scoot65 said:

Many thanks for the clarification regarding the £720.

Regarding the LGPS quote. I've been told that due that I'll automatically get a quote posted out to me shortly. It'll be interesting to see what the figures are.

I have 25 years Final Salary years up to 31 March 2014 and I also have from April 2014 to present day in the CARE scheme.

   

Do you have online access to the pension site?  You can log in and get a forecast online. I've just looked at my LGPS, and tried putting in various retirement dates to see what I would get. I would like to retire at 62, but think I'm being a bit optimistic based on the figures..

Thanks for your reply.

Yes, I have logged onto the LGPS pension site and I'm aware that I can request a pension forecast. As promised by the Pensions Team, a couple of days ago I received an up to date quote through the post. I don't intend to take my LGPS until approx 2.5 years at least. The Pensions Team suggested that as I've now left my employment, I should maybe request a forecast each annually.