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Higher rate tax relief on pension contributions
I would love to sense check my
calculations with you good people (as HMRC seem to think different to me!)
about the tax relief I should expect on the below. I have done this for the
last couple of years and my calculations and HMRC’s returns have been similar,
but the latest is quite far out. Basically I do not do a…
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Income tax on 2 pensions
Any help to understand this would be much appreciated!! I have recently taken early retirement and I will have pensions from 2 different pots. The first is an RAF pension, which I have been claiming for a while and the 2nd is a local council pension which starts paying on 6 April 2024. The total from both will be approx.…
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How does SIPP tax relief work?
My wife has just been paid a taxable £64,278 redundancy amount at the end of March 2024. She has been taxed to the tune of £24,536. She is normally a standard rate tax payer but it looks to me like she's been taxed at about £38% on this payment. I understand that we can get the tax paid back by putting the remaining…
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To defer State Pension or not ?
Would there be any point in deferring my State Pension by a year ? Approaching pension age with a private pension already paying £15k pa and a part time job paying £12.5k pa i cant see any tax benefit in deferring my pension or am i missing something.?
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Salary Sacrifice NHS 2015 Scheme
There are still a couple of salary sacrifice options available for NHS staff. Some NHS organisations support the cycle to work scheme and some electric car schemes are still tax efficient. However, it seems difficult to judge the real impact of salary sacrifice. Does anyone have any thoughts. I've made a stab below but…
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remarrying after having ex husband pension share
What is the law on remarrying after taking part of my exes pension?
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Pension Payment Dates
Electing for Annuity payments in Arrears results in them being paid at the beginning of the following month. How does this affect tax assessments? For example in which financial year are payments made in April which are actually earnt in March. Can anyone help?
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LGPS - TO APC OR NOT TO APC?
Husband (48) hasn't planned for retirement (scared of numbers and has buried his head in the sand), but is finally letting me have a look at it for him. He's been a member of the LGPS through the council for the last 2.5 years and assuming he works until NPA, if reading the projections correctly, it looks as though he'd…
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Transfer personal pension to a SIPP or my NHS pension
Hello everyone. I’m a little conversant with pensions but far from an expert, and wonder if anyone could give me some advice re the following: I’m age 58. I work nhs and have done for twenty years, paying into pension since then. I have a prudential DC pension worth 31k. I have just started process of transferring that to…
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Retiree's what is you typical day
On the 'what made tou pull the trigger' thread Bluenose1 posted a typical day... What is yours like now you have retired? At 64 my finger is gtting very itchy......
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Target achieved, age 44
Hi Checked our balances in our various investments today and following some decent stock market growth we've now hit our arbitrary target of £1mil+ in savings. I am 44 and my partner is 39. It is split: My SIPP £767K My LISA £36K My S&S ISA £37K My cash ISA £10K Her SIPP £146K Her LISA £23K (When i say 'my' / 'her' its all…
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How do I combine several pension pots? Total beginner here
Hello, I'm 32 and began working aged 18. I've had many jobs and have always opted in to a workplace pension scheme. The trouble is, i've never kept track of them, and have no idea who some of the pensions are with (I can remember Scottish Widows for some of them, and NEST I think for some others, I also worked for the NHS…
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LTA - is this just sad or what...?
So with the current buoyant markets, I'm within a hairs breadth of breaching the LTA. Wouldn't it be cool to do that on exactly the day that it's abolished for good? Yes, as I said, possibly sad... and obviously academic given that going over doesn't matter until you withdraw the excess. But sort of interesting to me…
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Any way to vest an LGPS pension >1 year service, but <2?
Unfortunately we've learned that my wife's contract with an LGPS employer is going to be ended in a couple of months. She'll have about 22.5 months service at that point. Are there any little known ways of getting this scheme to vest rather than getting contributions back, or a relatively poorer value transfer into a…
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Transfer fire service 2015 pension to a SIPP?
Hi, Can anybody tell me if I can transfer my current fire service pension (2015 scheme) to a SIPP? I have asked the pension fund and they have replied in jargon 'the pension cannot be transferred to a scheme which it may be possible to acquire a right or entitlement to flexible benefits, such as a money purchase benefit, a…
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Defined Benefit pre 1997 Pension Increases
Dear MSE
Forum Members, This is my
first Post so please forgive if it is not to the best standards. I am
fortunate to benefit from a company Defined Benefit Pension but like many
others do not receive increases in the pension accumulated in the years before
1997. I have researched this topic and found a 17th January 2017…
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Help with claiming HRP
My mother is trying to clain hrp for her missing years on child benefit. Her state pension is only £180 a month because off it. She has filled in the claim from, but she didn't know the Ni numbers of her 2 ex partners and has being told she needs them to make the claim. One ex has passed away the other she hasn't spoken to…
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Value of 'one more year'? Is 5% more a year for life worth working an extra year for?
My workings are as follows: 12 months additonal pension = £2k pa* 12 months additonal salary = £26k** Spend from savings minus £10k 12 months fewer for pension to provide livelihood = 50k 50K + 26k - 10k x 3.5% swr = £2.3k So 'one more year' is worth £4.3k gross pa - say £3.5k after tax for 'the rest of my life' Does this…
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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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State pension increase.
My only income is my state pension, with the the increase in April, my yearly state pension will now be £12,658. is this now taxable ? and if so how much tax will I pay per month ?