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Inheritance from father's pension - tax position
This discussion was created from comments split from: Inheritance of a pension.
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Pension Audit Advice
Salary: £26,750 Jan 2025 Salary: £30,000 Workplace Pension: 5% me 3% company Value is around 12,000 I am 30 years old Not that impressed with the pension offered in terms of the annual movement it's been very small over the last 12 years of working ! Worthwhile setting up a personal pension? I bank with Lloyds and notice…
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L&G Workplace Pension Funds
I'm currently in the process of deciding whether I should be looking to change the funds my pension is invested in. It's in a 'Lifestyle Portfolio' currently invested in L&Gs 'Diversified Fund'. From what I gathered it will stay in this until 10 years before my proposed retirement date (currently input as 58) and those 10…
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Pension beneficiaries under 18
Hello everyone, I am currently expecting my first child and so have looked in to changing my workplace pensions beneficiary to my child (in preparation!). On the MSE page regarding pension beneficiaries, there is a note: "Important: If you nominate someone under age 18, a pension provider will usually only be able to pay…
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Does this seem an ok strategy?
Hello. I’m retiring in 18 months @ 55. Long term pension requirements are covered by DBs which kick in 60-65 plus SP. I have a DC of £500k to mainly run- down prior to DBs plus top up the DBs 60+ Would appreciate views on fund choice? Would any of you do anything differently? 1) 275k Short term money market (Royal London…
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Private pension 25% lump sum options
Hi all just some general questions I'd appreciate answers too 1. if I decide to take a 25% lump sum from my private pension at 55 yet I'm still in full time employment. Can I leave the rest of my "pot" the remaining 75% to hopefully grow and continuing investing as it was before (that element doesn't change?) if I choose…
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Nominate funds to draw down from?
Does your pension platform allow you to nominate which funds to crystalise or draw out via UFPLUS? I've checked mine (Aviva) and I can't do this, all the funds are drawn on, pro rata...... Looks like I need to move it elsewhere as I'm looking to setup the cashflow ladder approach when taking the pension.
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Grandparents childcare credit reconsideration?
Hi there, firstly apologies if this has been already covered elsewhere this is my first post and I couldn’t see a similar query. I am just here with my mum for the Easter weekend and we happened to start chatting about the outcome of our recent claim for grandparents childcare credits and our confusion with why this hasn’t…
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Estate planning
When re-mortgaging I was offered a deal on sorting out my will/estate planning, having never done any of this before. So I decided to take them up on it, we had a long call and filled out a lot of documents, got everything sorted and signed. I made a couple of small mistakes, so it was sent back, I amended it and sent it…
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LGPS drawdown
This discussion was created from comments split from: Pension transfer question.
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USS small pot transfer out
Hi. I have a small amount in USS from a couple of years work many years ago. Standard benefits at age 65 in June are TFLS of £1834 with £611/year income, or £3,419 TFLS with £513/year income. LTA value is around £14,000 so I'm guessing that transfer out value will be similar? Given the relatively small amount I'm thinking…
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Royal London Pension - HMRC issue? Has anyone had this?
I am 55 + and wish to cash in this pension in full - 25 % tax free and pay tax on the rest Royal London said they needed to send me an 'Options Pack' first and I have waited for three weeks but not yet received Instead I got the following email today: ‘’Thank you for reaching out to us regarding taking your money.…
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Partial Drawdown of pension tax-free sum to clear interest-only mortgage
I am considering using a partial drawdown of tax-free cash
to clear the balance of an interest-only mortgage. I’ve been reading around on here
and elsewhere but would appreciate any feedback from forum members. * I am 55 years old, married and still working,
including paying into a work DC pension with contribution match.…
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Pension - money market funds
Hello , please can you answer my question due conflicting answers I've had from friends. I have a vanguard SIPP and have bought short term sterling money market funds as an income because I'm retired and not ready yet to buy any more funds this month. My question is are money market funds protected by the fcsc within my…
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USS - options options options - what to do?
I am taking early retirement ( 55) from USS and will have a DB annual pension of £23k and a separate £9k pa widows pension but my dilemma is I will need an additional £17k pa for the next 4 years to cover short term additional expenditure (supporting children through uni, maintain current standard of living) and I need…
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Explanation of options listed by Pru Pension Letter
Hello, I've received an Open Market Option letter from the Pru on a small £14k pension fund I have. I'm not planning on retiring until I'm 66 in July next year, however, they have my retirement date for July this year. One of my options is to delay my benefits until next year which is what I was going to do, however, the…
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GMPE Past Transfers - GMP equalisation claim form
Dated January 9 2024, I received a letter referring to my transferred out benefits on 21 May 2007. 'Mercer' identified an underpayment in relation to the transfer value being undervalued as it did not take account of GMP equalisation. I duly completed the claim form on January 12 2024. The amount is relatively small.…
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Preparing portfolio for retirement
I have one more year until I reach pension age, and wonder if I need to change my strategy at this stage in life. I have two pension funds which I probably won't need to dip into for at least 10 years - cash in ISAs and other deposit accounts will keep me going (along with my SP) until then. I don't want or need to be…
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Pension income codes etc help
Hello , clarification required please, if anyone can assist. Next tax year my income is as follows: state pension £11500... company db pension £16000... drawdown dc pension £12500. Total annual income from all sources. Tax code allocated for next tax year S228M. I fully understand that the tax won't be taken from state…
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Which pension company provides the easiest & quickest ufpls withdrawls?
I.e. How good are their Apps How quick do withdrawls hit your bank How easy is it to sort out any problems This question is probably ost aimed those who are currently flexi withdrawing and have experienced this practically