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NHS 1995 PENSION
I am leaving my current post as I need to have less pressure. I will be going down a grade which affects my final salary. I understand it is the best of the last 3 years so I can only stay in new job for 2 years to keep max pension unless I opt out. Can I take job and opt out of pension before 2 years is up? or should I…
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SIPP help please
I’ve joined a new company and my employer have asked for pension details to set up my salary sacrifice (to keep annual under £100k) They don’t have one so I need to choose one myself. I am thinking of Aviva or Aj Bell. I’m not very pension clued up and just want something easy but to have a good return. I am planning of…
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Yet another retirement plan
Hi Folks, Hoping for any pointers/views on the following 20+ year plan. Context: Age 55, plan to retire in 5 years. Cautious investor. All income requirements covered by DB & SP pensions from age 76. Currently have £450k in SIPP/AVC/ISA/Savings Stage 1 - Age 55-67: Accumulation of growth portfolio (VWRP or similar) Stage 2…
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IFA initial cost and ongoing fees
Had a chat with an IFA who has quoted an ititial 3% tranfer fee to a SIPP from an old Royal London workplace pension with ongoing fees of 1% annual and 0.7% platfom fees, quoting an Aviva plan. Speaking to a few people who have done the same thing they say it seems quite expensive, any comparisons?
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Self Employed and Freelance workers...... PLEASE READ
Question: What's the difference between 2 and 3? Answer: 640. Yes, the difference between the annual payments for Class 2 and 3 National Insurance contributions is £640… £160 for Class 2 and £800 for Class 3. In order to pay Class 2 contributions, you need to be registered as self employed for National Insurance purposes,…
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Early-retirement wannabe
I would like to create a topic (don't see it at the moment - other than the NUMBER thread). Who is aiming for early retirement (or who has retired early already)? When did you begin planning and what drove the decision? What is the strategy for getting there? How much of a relative decline in income are you prepared to…
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Transferring pensions
The below are my pensions with the charges. I'm currently paying into the Aviva through salary sacrifice, and also have two other defined benefit pensions, one larger, one pretty small, and one other DC pot that doesn't have an online login so I haven't been able to check the charges. People's pension 8860 £6.50 0.5%…
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Salary sacrifice amount not correct?
Hi I am a higher rate tax payer, PAYE and pay into my pension via salary sacrifice. I was under the impression that I would get £1.40 be paid into my pension for every £1 that comes out of my pay, and that this would be done automatically (ie I would not need to claim directly for more tax relief). it’s not, so what am I…
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Pension transfer
I am currently with Aegon and self manage my pension portfolio. I currently have a high % in bonds but I’m nervous that we might get a bonds downturn similar to 2022 due to rising inflation. So I was looking today to move some of these bonds to general commodities and maybe some alternative defensive ETFs. I am in Gate 3…
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SERPs opt out
My wife opted out of serps back in the late 80’s. She will now receive her state pension at age of 67, she is aged 60 and no longer working or plans to work again. On the UK Gov web page it says she will get the maximum state pension and she can’t increase it via extra payments. However if I click a link that explains…
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USS Growth Fund performance vs Vanguard passive global fund performance
Hi, For the past 2 years Ive been making big monthly AVCs into my USS pension scheme (USS Growth Fund). Ive also been making much smaller monthly contributions to my SIPP (Vanguard LifeStrategy 100% - Accumulation). I might be wrong, but it seems the LifeStrategy 100% (and many other passive global trackers) have performed…
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Self Assessment: Baffled by State Pension figures
I am attempting to complete my Self Assessment for 2024/25. The State Pension figure on the online form is already filled in by the system. The figure given is £13031. I may be being stupid here but I cannot understand where that number comes from. The HMRC website only gives weekly figures for the state pension.…
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Am I better off making AVCs salary sacrificed or not?
Hi all, I have my pension with USS. At the moment I pay monthly £2.4k AVCs into the USS scheme. I also pay £17k pa into my SIPP. (Im aware this tips me over the AA. I know this removes the tax incentive, but my thinking is that at least I know Im using my AA, and the few K Im contributing above this, I would only invest in…
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Pension recycling query
I apologise if this has been asked many times before but I tried searching the forum for "recycling" and it came up with a lot of non-pension related threads! Anyway, I am rapidly approaching my 60th birthday and have a small pension pot with Scottish Widows that is due to be available next month and I need to decide what…
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Civil Service Pension Tax Code means I'm worse off?
I can't understand why my civil service pension has increased this month, but I'm worse off because my tax code has been changed from 194L to 3L? My State Pension has gone up from £921 to £943.10 - is it to do with that? What's the point of increasing the pension but then making people worse off by changing the tax coder?…
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Paying £2880 into pension when retired
Jamesd wrote in another thread the following: "She can make £720 a year tax free by paying 2880 net into a pension, having it grossed up to 3600 then withdrawing it. Can only do the withdrawing part from age 55. Can only pay in for this until age 75." I have just retired at 60 and have transferred my DC pension to a new…
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Vanguard SIPP - Timescale for drawdown
Due to the increase in the Normal Minimum Pension Age from 55 to 57 in 2028, I’ll only have a 3 week window after my 55th birthday to move my pension into drawdown. My current workplace pension provider can’t guarantee they’ll be able to process this within that timeframe. I’m considering transferring to Vanguard, as I…
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SIPP and IHT
I am still baffled by the new IHT on pensions that will come in next year. I have inherited a SIPP, which allows tax free withdrawals. I have written in my letter of wishes that this passes on to someone. It seems if I die before 75 this will also be tax free. But, as of next year there will be 40% IHT on the pension pot.…
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Pension Schemes Bill passes through Parliament and in to law
https://www.pensionsage.com/pa/Pension-Schemes-Act-comes-into-force-in-landmark-moment-Bell-says.php New phrases we will hear more of include, the pension dashboard and mega-funds. PPF and FAS members whose original pension schemes offered pre-'97 indexation will get the max 2.5% uplift - likely to start from 1st January…
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Question about planned SIPP transfer
Hello, To take advantage of a 1% cashback offer offered by a platform called Freetrade, some time ago I initiated a SIPP transfer from my current provider, Interactive Investor. I just got a secure message from Interactive Investment informing me of a particular limitation which Freetrade imposes on SIPPs held with it…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
748 discussions
6.5K comments
Most recent: NI years are now full, existing OAP, when should I expect my monthly payments to reflect this? by Dazed_and_C0nfused
22 May at 1:38PM
