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slow pension admin
hi all can anyone help im 57 and have a db pension with avc's i signed all the paper work off end of jan to start claiming my private pension for start of the new tax year i dont have a passport so i had to send a copy of my driving licence and 2 bill inc bank statement the id is now still the hold up ive been on the phone…
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Bridge to state pension - ringfence funds in lower risk or just draw from overall pot?
Not sure there is necessarily a ‘right’ way but would like feedback. target is to retire in 3 years time. I’ll be 58 and a bit, wife will just have turned 59. 8 years for her state pension to kick in, about 8.5 years for mine. Have a DB pension that should pay £15.5k from april 2029. Income needs - 40k net initially,…
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Tax code for SIPP withdrawal
I just made my first crystallised SIPP withdrawal (I made a PCLS one earlier) of £13,700 but only received £9156.80. On a tax code of 1257LX that seems to make sense, albeit that my online HMRC account shows estimated tax for the year of £226. My question is whether every SIPP withdrawal will be taxed like this, and if not…
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Advice On What To Do With 5 Small Work Pensions.
Hello Guys. I have had a chat with Pension Wise in the past, it was ok but they advised that i speak to a financial adviser regarding what to do with my 5 work pensions. Im 56 and i retire in 11 years, im not working due to multiple health problems. I get PIP and UC. I have always grudged paying into a pension, thats why…
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ii website?
I just tried to login to the ii website. It says: "Due to planned maintenance work, this service is currently unavailable." but it doesn't say how long it will be offline and they didn't send me any warning in advance. How often does this happen? And is it acceptable?
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Cancelling tax free lump sum application (before payout)
I’m aware that once paid then then paying back the tax free Lump sum doesn’t negate the tax impact and can lead to negative tax consequences. My question is can you cancel the application before the amount is paid out, with no tax consequences/recycling impact? Many thanks.
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Confusing / contradictory Standard Life terminology
I have a Standard Life Personal Pension Plan (Personal Pension One). Part of this is invested in Standard Life With Profits One Fund. In the annual pension statements, under the heading 'Your with-profits guarantee', the first paragraph reads: "Your plan guarantees a minimum payment from any part of your with-profits…
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Tax Liability Regarding Terminal Illness
Just for the record..............I haven't got one but this subject came up during a recent discussion with some 'fellows' of a certain age :/ :/ I suppose there are 2 scenario's, before you die of a terminal illness diagnosis and after. My personal situation...... I have a state pension which i understand ceases when I…
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Old defined benefit pension choices
Hi. I'm about to retire and amount a few old terminated policy's I have a replacement policy for an old Norwich union now with Aviva. It's a defined benefit occupational pension with a guaranteed pension of 5 years and a death - after - retirement spouses pension and also an inflation increase of 3% compound a year. It's…
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Deferred Civil Service Pension
Hi - wondering if anyone has intimate knowledge of the civil service classic pension scheme as were not getting much sense from Capita. My better half took redundancy from the civil service in 2006 after 18 yrs and became a deferred member of the classic scheme. The retirement modeller available under MyCSP showed options…
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Passing 'Surplus To Requirements' Pension To Grandchildren
I have an inflation linked DB pension, more financial assets than I will ever use and a house that is way too big for us so we should be downsizing. (This is just to illustrate that I am 'comfortable'). I also have a separate pension worth around £250K. I have kept this in case I died before my 75th birthday and, under…
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Early Retirement Hopeful - Sense check and thoughts
Hello, Long time reader here and would value thoughts on my plan: Age 54, married but we are working through separate finances (he is all DB), two kids aged 21. Am I able to retire at 55, end of next March? Would like £3,500 a month after tax. Own our home and have no debts. Pension pot W is DB from aged 65 at £4,292 a…
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Tax implications of pension pot after annuity purchased
Hi, I purchased an annuity with my pension pot last year and did not withdraw a lump sum. After this there were still a few months of contributions as I did not finish work immediately meaning there is still £4000 in the same pension scheme. The £4k is only worth a very small amount from the total annuity purchase /…
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HL to ii Final Transfer Summary
My wife has transferred her SIPP from HL to ii. The funds and cash have all landed in her ii account and she received a P45 from HL on 19 March. However ii say that she can't yet make withdrawals because they are awaiting a Final Transfer Summary from HL. She has asked HL to expedite this and received a holding response.…
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Teacher's Pensions Transitional Protection Payment
Hello, I was just wondering if there was anyone here who has retired from teaching and have received their transitional protection payment. I returned my form nearly 6 months ago and have contacted TP asking if they were still on track to make the payments within the 6 month window they had allowed themselves. I have sent…
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Arbitraging pensions?
I would be interested to know if anyone is trying or thinking about this? I have two pension, pension A is my combined stakeholder from all previous employments. There are no contributions going into it but it's growing about 14% per year. My second pension is my current work pension, my employer puts in 9%, I put in 11%,…
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Old Aegon SIPP workplace pension
I have an old workplace pension from an old employer, it is a SIPP with Aegon 'Retiready'. I stopped paying into it in 2022 when I left the employer. I do check it regularly and it's currently worth just over £6,000. What I'm thinking is would it be better to transfer it to another platform with lower/better fees or just…
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Correct me if I have got this wrong TFLS (again)
I would be grateful for the hive mind to sense check my analysis of my “draw” from my SIPP with HL. I am 70 and never taken any pension benefits. Personal allowance used pretty much by SP. I want to draw out approx £75k from the SIPP. This is less than 25% of the value in the pot and there is enough cash in there. I don't…
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UC & Tax implications of cashing in small SIPP
Hope everyone is fine and dandy and getting some much needed sunlight. In a couple of months I'll be 55 and I have a small amount (£1600 approx.) in a SIPP. I am on UC and I get Standard + LCWRA + Housing My pickle stems from what my tax liability on withdrawing the lot. The back of the fag packet calculation for the…
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State Pension vs Income Tax Threshold
I don’t know if has come to the attention
of the DWP or the Treasury, but the increase due to come into force in April
for the State Pension, In some cases (ie pension +protected amount) ,
will result in the yearly Pension becoming more than the income tax
personal allowance. This means that I, for one, will be seeing an…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
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Most recent: MSE NEWS: At or near State Pension age? Check NOW if you’re due missing Child Benefit credits by MSE_Isabelle
17 April at 12:12PM
