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Higher lump sum or annual income?
Hi there, I’m taking early retirement in September and trying to decide between the 2 remedy period options for my defined benefit pension. The 2nd option would increase my annual pension by £900 but I would lose £13300 from my tax free lump sum. Is this a good trade off? I would pay tax on the £900, so it’s really £720…
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State Pension age rising to 68 in 2037
https://www.thetimes.com/uk/politics/article/state-pension-uk-retirement-age-68-nc50dzgcn
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NHS Final Salary Link
Hi all I began working for the NHS in
early 1990 and paid into the 1995 NHS pension scheme from the very start. I
remained continuously employed, was moved under TUPE to the civil service and
CS Alpha career average pension scheme on 01/04/2015 (no change of job and
remained on Agenda for Change terms and conditions). My…
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Switching work pension schemes
I work for a small company that uses a relief at source pension scheme with NEST. The company offers the auto enrolment minimum and I contribute the minimum to get the employer's match to the scheme. I would like to contribute more, but am put off by the charge to put money into NEST and the fund choices. I have managed to…
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MSE News: Self-employed? You may have incorrect gaps in your National Insurance record
Started working for yourself between 2015 and 2024? If you didn't tell HMRC using the specific CWF1 form – even if you registered for self-assessment – you may have incorrect gaps in your National Insurance (NI) record. And if that means you're not on track for the full State Pension, you're at risk of being underpaid…
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Pension or savings?
Hi all I am 42yrs old and due to long-term illness have no savings or pension (except the state pension). I am now in a position to start something for an income/funds after I retire. I have about £200 in a ‘people’s pension’ which is from an old job. They charge £6.50 a year and take 0.5% of my pension pot anually. It has…
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Canasta Strategy - Jonathan Guthrie
https://www.ft.com/content/69c88628-087c-4924-88f0-e5bd9cf5e5b4 (Free download but need to Register with the FT) Interesting article by Jonathan Guthrie of the FT about the Canasta Strategy - worth a read " Forget the 4 Per Cent Rule, according to the Canasta Strategy, you should let the market decide your pension spending"
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Help with Gretel. 0 matches
Hi, I'm trying to find a pension. I was a contractor for a short time around 20 years ago. I used a company (Can't remember the name) to do my tax, national insurance and a pension. I signed up for Gretel to try and find the pension but Gretel has found nothing. I thought it would find something, Even the pensions I…
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Retirement advice, Local Gov pension AVCs
Hello All Looking to retire from Greater Manchester LGPS at end of September. (date not fixed) GMPS Pension planner indicates pension value £11,332 P.A. ( no lump sum ). Also have AVC with Prudential value around £150,000. Looking at Maximum AVC lump sum calculator on LG website, this indicates maximum as £75,546 based on…
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Lloyds offering up to £5k cashback for a pension transfer
Lloyds offering up to &5k cashback for a pension transfer, looks an ok offer. Fees capped at just over £200 a year (plus fund fess if relevant) if you go down the self managed route. Details here https://www.lloydsbank.com/landing/pension-transfer-cashback-offer.html Looks like a wide selection of funds, shares, ETFs and…
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SIPP’s
Thinking of opening a SIPP. Age 62, no earned income, so only very small contributions (ie £50 pm). Are AJ Bell, Fidelity etc all pretty much of a muchness (fees, performance etc)? Btw, I also recently opened a T212 a/c if that may be of any relevance. Thank you, Cotm
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My Pension Strategy / LGPS
Hi, As a novice in finance and pensions, I stumbled upon this site a few years ago which has proved invaluable. I appreciate everyone that has taken time to respond, advise or comment. Our situation. I took VR on 30th June and retired aged 59. My OH has gone part time aged 57. We have no debts and are Mortgage free and I…
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Employer pension contributions past state pension age
I have been in my company pension for 5 years. I've worked for them for 10 years. I wasn't originally auto enrolled as my earnings were too low, and I requested to join 5 years ago. I am 66 and have been informed I no longer qualify to be auto enrolled as I am past state pension age, which appears to be correct. I have…
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Civil Service Pension - better to go part-time or partially retire?
Hello, Looking for some advice about my Civil Service Pension about whether it's better to go part-time or to partially retire and the impact on my pension for each option. I am considering reducing my hours by a day a week and don't particularly need to make up my pay with pension. I am 59 this year on 6th December. I was…
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Moving a pension from Aberdeen to a SIPP
Hello, I have a friend who is in his 70s and has a pension with Aberdeen. This man still does self employed work, earning a low wage and receives his SP (not full rate). He has been paying monthly contributions to this pension and now wants to stop and cash it in over this and next tax year so he stays in the 20% tax…
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Paid more than allowance into pension....
I over paid into my pension last tax year. I did this knowingly as I had taken into account not using full allowance in last 3 years. However, I made am error when calculating the 3 years excess allowance as I missed my personal payments and only looked at employer payments. So, I have exceeded my limit. The letter from my…
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State pension- declaring holidays to DWP?
I have been informed that the state pension is classified as a benefit. I also understand if you are in receipt of benefits you have to declare time out of the country to DWP. Are there tax implications or penalties and when do you declare it? I am thinking it is best to take any long holidays just before reaching reaching…
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Money Moral Dilemma: Should I contact my late husband's ex, who's a beneficiary on his pension?
This week's MoneySaver who wants advice asks… My husband - we were married for 26 years and have two children - passed away last year. He was never good with money and had early onset dementia, and when he died he didn't leave much money to help cover the mortgage and other bills. He had a small pension, which I claimed.…
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Spouse pension benefits on death after age 75 is not tax free?
i thought the spouse would pay marginal income tax rates on any spouse benefits if the pensioner diedcaftervagev75. Apparently I am wrong. When did the law change? Or does this guy not know what he is talking about. About 1:50 in the video https://youtu.be/Tz_FAIEfm-E?is=YlhBNHIrnQxs5h1r
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Effective Tax rate withdrawals
Thinking on my position along similar lines to this thread. Current Situation - Still a long way from retirement in age, if not money. 44 Married. Me - £750K in SIPPS - Contributing circa £30k a year to get down to BRT Missus - £150k in SIPPS - Contributing £3.6k a year. Salary £32k so could be a lot more Combined ISAs -…
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: If You Have Registered For A … by molerat
11 August at 3:06PM
