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LGPS transfer to Civil Service
Hi can anyone advise if it is worth me deferring my LGPS pension or transferring it to the Alpha scheme please? I have a LGPS which I started contributing to in 1996 so 27 years, I’ve now changed jobs and been auto enrolled with the Civil Service alpha scheme and trying to work out if I’m better to transfer my LGPS pension…
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Leaving job after 5 months…
What will happen to the contributions I’ve made. Personally, I’d be happy to get them back, on average it’s £150 a month I’ve paid in - so a nice little bonus for the summer? Makes zero sense to leave them? Do I contacted automatically about this once I’ve finished my notice period? Thanks
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Are you ever too old to start a pension?
I am 62. Is it too late to start my own personal pension? What are your thoughts on cheaper robot-administrated SIPPs?
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Options for transferring pension to enable access
My husband turns 55 in June and wants to access his d c pension pot of £450k which can not be accessed unless it is moved to another provider. We want access to the 25% tax free lump sum and are considering buying a 10 year annuity with £100k, leaving the remainder invested to allow for rainy days etc. We have been…
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Tax on Works Pension v State Pension
I've just received my new tax code for 24/25, along with details of expected rates for both state pension and works pension. Both have increased by a reasonable amount. However, whilst the state pension is taxable income, no actual tax is deducted from it, all the tax due is deducted at source from my works pension. The…
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small pot lump sum pension isssue
In 2019 i cashed in a small pot lump sump from Aviva (Friends Life Ltd/Friends provident). It was a Minimum Contribution Plan Life Assured for me on a single life basis as a personal pension plan. It was a contracted out premium with Profit (4) whatever that means. I was contracted out of the additional state pension known…
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Pension I am a wondering......
Hi All, I am just deciding at the moment whether to start adding money to the pension, the idea being that I won't pay as much tax overall, but most importantly I feel that I won't have a pension in the future or not much of one if I don't start acting now. The governement seems to have decided not to have national…
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FIRE Girls Pension Diary - Aim High & Dream Big
10 year targets are set and I'm aiming high and dreaming big. :) A bit of background. When I was young I grew up with a family of 4 children, Dad worked and Mum stayed at home. We had very little material things or new clothes and I remember I was always dreaming of how I could possibly become a millionaire. So why not…
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High Income Child Benefit Charge - torn between CS pension and SIPP
Afternoon - Hope you are all in the best of spirits for the new
year! Apologies upfront as I was dithering on whether this should
be posted in cutting tax or pensions. I’m in a bit of a pinch right now due to a promotion at work
and various bonuses for excellent performance. I’ve spent the best part of
today working…
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New Job - Auto Enrolment contributions
Hi All, Very quick question as I feel I'm being a bit thick on this one! I've started a new job and my employers have now deducted the expected 5% from my salary and their 3% contribution seems a bit short. I've asked the question and they came back with: With regards to your
pension contribution, no deductions are taken…
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NHS pension/McCloud decision
Hello. Please be gentle with me I need any answers in idiot speak as I've been looking at this for the last 4 hours and I'm more confused than ever. So as you knowlegable people will be aware NHS pensions are asking for a decision regarding potentially moving benefits back to the 1995 section or keeping them in the 2008…
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What to do with 50K from property sale 12 to 18 months away from Drawdown
I am 12 to 18 months away from moving my SIPP into drawdown. I have 50k coming my way soon from a property sale, there is no CGT liability. Do I put it in my SIPP and take the £12.5K government contribution or put 20K in to a ISA put the balance 30K into my SIPP. Or maybe split some on easy access deposit and SIPP ?
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Should I move the paltry amount I have in a LGPS pot, or leave as-is?
Hi folks! MSEforum newbie here. Hoping for a bit of friendly advice, please! Approx. 12 months ago I started a job that paid pension contributions into a LGPS pot. My hours were few, and contributions small. There's around the £630 mark in there to-date. Paltry, like I say. I'm leaving the role for a new job, where I'll be…
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Means tested benefits and pensions
I'm asking on behalf of someone else. They are on various benefits. Her age is 56 and she has a small private pension set up by a parent but the pension has never been accessed. Does this pension impact her means tested benefits on the basis it is potentially available as income. If so, how is the income calculated, as the…
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SJP advice needed asap please
Hi everyone. Me and my hubby are in a bit of a fix. We are 60 and 64 respectively and we work together in our own small company. Neither of us are savvy in the field of pensions etc, so we needed advice on the most tax efficient way to utilise company funds and draw up pension plans for both of us. Our accountant put us in…
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Moving Pension advice
Hi, Looking for a bit of advice about a potential pension move. Been with the Pru since i was 18, it's only got about £120k in it. I reduced the payments through their secure messaging when i got paid off during covid, got back working again and i tried to increase the payments again through their secure messaging within…
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Does transferring a sipp in drawdown become uncrystallised?
We are considering transferring a sipp which has been in drawdown for some years to a new provider. No cash lump sum was taken at setup time. If we transfer do we get the opportunity to change the conditions with the new provider? We don't want a lump sum, but we are interested in taking small lump sums each month of the…
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A Paupers Pension Tale (Not many nuts to dig up)
Will try and make this as short as possible and is mainly
aimed for people like me who are thinking of or have retired early with only a
small pension pot. I have read through many posts on here and there is not much
out there for people like myself so I thought I would start this thread and
update it as I go along then…
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state pension
i started receiving the state
pension 19th April 2023 total for tax year 10512.84 I am still working no tax
taken on state pension have informed tax office they said it well be added to
next year’s tax. next year’s tax they have added 11485 the figures do no
match i well get 11723 in state pension 17th April to 5th April…
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Exercising Share Options and Relevant UK Earnings for Pension Tax Relief
Slightly niche question. When you exercise non tax-advantaged share options from a current or former UK employer, the difference between exercise price and value on day of exercise is subject to UK income tax and NI at the prevailing rate (any further gains, if you don't sell, being subject to CGT). My question - is this…