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Marginal rate tax 2 Comments, Last Activity 03/01/2025
Hi, can someone help answer a question for me? If I have a large SIPP and have retired and have no income except perhaps a state pension ( UK) and wish to drawdown an arbitrary amount of £500k what would be the income tax rate on this please? Assume I have taken all tax free money from pension up to the limit at this point. I am reading it is based on your marginal rate of tax but not 100% clear if that goes up if you drawdown a large amount even if income is negligible.
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State pension 2 Comments, Last Activity 11/03/2025
Please take a look at this petition and sign if you can. Please share with anyone else you might know. Pensioners power!! https://petition.parliament.uk/petitions/609243
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WASPI Women Against State Pension Inequality 11 Comments, Last Activity 28/11/2024
Are there any ladies who were born in the 50s after 6th April 1951 who would like to know more about WASPI and would like to join the campaign for justice?
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Independent Financial advisors 1 Comments, Last Activity 31/10/2023
I wonder if anyone of the forum has experience of dealing with financial advisors in connection with their pension schemes after retirement? I have recently spoken to an IFA concerning my pension schemes and he has outlined his services and the fees associated with them. Unfortunately, I am still unclear how these can benefit me. What is your experience? Has working with an IFA benefitted you and if so, how? Regards, Chris
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Let's start a rant about pension triple lock! 1 Comments, Last Activity 17/09/2023
Pension triple lock anyone? (sorry American buddies, this is a UK issue. Feel free to start a rant of your own though)
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Paying Income Tax on State Pension 10 Comments, Last Activity 10/05/2024
I would like to know how you feel about paying income tax on your state pension. Since the new tax year, your state pension will be subject to income tax. This is because the Chancellor did not increase the personal tax allowance in the budget, so now with the increase we were given takes the pension rate above the personal allowance. So don't go on planning to spend your increase as the tax man wants his share first.
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Paying tax on our state pension 4 Comments, Last Activity 19/05/2023
I do not know how many of you are that we now have to pay income tax on our state pension! This is because the state pension is now higher than the level of the personal tax allowance. So there was little point in giving us the 10% increase as with council tax and cost of living living rises are no better off.
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Can you reduce the your personal pension and top it up with benefits ? 2 Comments, Last Activity 21/04/2023
I cant seem to find any info online specific to my question I'm hoping someone on here can help. A few years ago I was struggling with pain in my feet after an 8 hour shift (feet full of metal work and bolts). I was offered voluntary redundancy at age 57 so I took it and started living modestly on a personal pension. But now with the pandemic the war in Ukraine and the cost of everything going up my pension pot is depleting too quickly ( I need it to get me to 67 state pension age). So my question is can I reduce the amount of personal pension I draw down and apply for benefits? I currently don't get any benefits at all. Thanks for any info.
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New pension release 1 Comments, Last Activity 18/04/2023
Hi, I'm about to recieve a lump sum and start a new pension with an old company I worked for in the 80's. Got the forms to complete and they want to know the details of my existing 2 pensions and the lump sums I got. Does anyone know why they want this info ?
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Does FCA Consumer Duty rules give IFA a reason to increase my fees!
I had done my research on several IFAs and then chose 2 that I negotiated with for my pension. Based on their fees I selected an IFA and transferred my defined benefit pension into a SIPP just over 2 years ago. At my last annual review the IFA stated that their fees were increasing due to rules which are in the FCA Consumer Duty which is being implemented in 2023. Has anyone else had this experience? and is it true that the FCA are giving an IFA an excuse to increase the fees that I worked hard to achieve through negotiation. I have not signed yet but feel pressured to do so.
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