Please critique my pension thoughts

Chilleddays

https://forums.moneysavingexpert.com/discussion/comment/82059221#Comment_82059221

My pension is actually SHPS rather than LGPS, similar but different. Partner’s pension now comes from a annuity than was purchased by his pension provider when they ceased administering the scheme. I am a named beneficiary and will receive 50% of his pension increases the event of his death.

DRS1

https://forums.moneysavingexpert.com/discussion/comment/82059328#Comment_82059328

Right. Sorry if I seemed to be going on about it but people can often fall through the cracks.

Chilleddays

https://forums.moneysavingexpert.com/discussion/comment/82059295#Comment_82059295

Thanks. Definitely worth thinking about.

I have been hoping that personable allowances will have increased when I start drawing my state pension, so I could remain a lower rate tax payer, however depending on extent of inflationary increases, and reduced impact of early pension penalties this might not be the case. The cautious side of me has been pushing me to try and maximise my ongoing pension income rather than looking at the overall tax position. I probably need to do some more sums, and at least make sure than my total income for the current tax year (using draw down from the COMP scheme) makes full use of the 20% band.

Maybe then draw down the remainder in the next tax year, and start the DB pension around March 2028, enabling me to put £20000 of the AVC tax free balance in ISAs for both 27/28 and 28/29 tax years, with remainder being gifted to children, and buying some crystal ball polish!

Chilleddays

https://forums.moneysavingexpert.com/discussion/comment/82059331#Comment_82059331

Thanks. No need to apologise. I think this is what the forum is for. I want to check that I am not missing anything, obvious or otherwise. It is all such a minefield.