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Tax on yearly drawdown
I am trying to work out how much tax I would have to pay if I start drawdown at the beginning of a new tax year. So the scenario is to drawdown £30k in a tax year. Do I assume that 25% (as I am not taking the 25% lump sum) of this is tax free so the calculation is 30000-(12750+25% of 30k) So this would be…
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Single fund or spread over multiple?
If you had a SIPP worth (say) £800,000, and you had no need of the proceeds for 10+ years, would you spread this over several investments or just pick one multi-asset fund? Share your reasoning.
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Question regarding Timeline.app - state pension
Could anyone using the Timeline.app retirement planning tool help with a question? It's not clear to me from the app or help/tips. When entering the state pension that will kick in in the future do you enter the state pension annual amount in "today's" money? or enter an estimate of what the starting amount will be at the…
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SIPP - No fees
Hi I am looking for a SIPP to pay salary sacrifice into, which has no fee for just holding cash with them; I don’t want to invest in stocks Also it needs to pay good interest I already know AJ Bell and Hargreaves Lansdown do this, but are there any others please? thank you for any help
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Interactive Investor is now more expensive than Hargreaves Lansdown!
Interactive Investor recently increased their fees to £21.99 a month or £263.88 a year for holding a trading, ISA and SIPP account. If you just hold shares, cash, ETFs, investment trusts then Fidelity is £90 a year and Hargreaves Lansdown is £245 a year! I never thought I'd ever see HL cheaper than ii. Clearly, Abrdn are…
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Lgps pension.
I took early retirement on 31st July and not yet been paid anything. I keep being told that they are working to capacity, sorry for the delay. Is anyone else having same problem. It takes 40 minutes to get a phone response and 10 days email response.
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Classic Civil Service Pension: Pension Payable Calculation
Hi I have decided to retire at 59 and take my Civil Service Pension - the vast majority will be from the Classic scheme, post the McCloud judgment. I will also get added a small Alpha pension entitlement but, unless I have missed anything, please ignore that as part of this question. I understand that my pensionable…
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How did your pre-retirement calculations compare to reality once you had retired ?
Contemplating retiring at the end of 2024 (aged 59) and I seem to be in an obsessive mode about calculating all my options again and again and again. The numbers really don't change that much, I think I just keep doing it in the vain hope I have some form of epiphany, that an inner calm will settle on me and an inner voice…
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CARE calculation of pensionable pay in LGPS Annual Pension Benefit Statement
Hello, I am looking for your opinions please regarding
whether my LGPS 2023 annual pension benefit statement that I have just received
is correct. I think it is but would be
grateful if you could kindly double check this for me please. As way of background I was on long term sick for part of the
year from 1st April 2022 to…
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Teacher pension - how, what and where to put more in?
Hi all, I’m after some information with regard to putting some more money into my teachers pension scheme. I’ve been in it for 4 years, this is my 5th. I’m 45, already have an armed forces pension paying. When I look on the TPS site, it’s says I can but being completely ignorant, I’ve no idea how to put more in. Is it a…
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State pension and self assessment in 22/23
My state pension started during the 22/23 tax year so this is the first time I need to enter a state pension figure on my SA form. I receive the payments 4 weekly in arrears. I have received the state pension for 42 weeks and 3 days in the 22/23 tax year and there was no change to the weekly rate during that period. I am…
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Private pension help needed
Hi all, I am in my late 30's, mostly self employed and concerned I don't have much of a pension at all. I have done a little bit of research but am totally confused about where to get a private pension and what's best to do.I earn around 13k a year employed salary which takes a small amount into a teaching pension - I…
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Pension drawdown question
Hi all Hopefully a simple question. If I was to take 25% tax free from a pension [over 55] and then go into drawdown, do I have to actually start drawing down virtually right away or could the money stay there for another year or 2 before commencing a regular monthly drawdown. Thanks
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When to tell boss I'm retiring?
I plan to retire at the end of this financial year because I want an easier tax calc and start my new life going into the summer. I've got a 3 month notice period on my contract. So I was planning on resigning in January such that my last day would be on or about 6th April. However, "appraisals" are coming up in which we…
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Taking Money out of 1 pension at 55
I am currently working full time and will continue to do so past 55. However, if I theoretically wanted some money at 55 could I take a lump sum tax free out of one of my pots and how will this affect the pot. I have 3 pensions currently and am thinking of taking £25K out of one - this would not be the full tax free amount…
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Pension Tax Relief / Annual Allowance Alpha DB plus Sipp
Was checking I was not exceeding the 60k AA but now I am also worried about whether 'no tax relief if above annual income' may come into play. Income is about 44k. Current Alpha is 22.5k (April 23 following cpi uplift). New alpha contributions will add 2.7k. Was hoping to add balance of income (20k) to sipp. However just…
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McCloud Judgement letters
I thought we were to get letters asking if we wanted to keep contributions till March 2022 in the 1995 scheme. Has anyone received their letter?
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USS & part time job
Hi, I've been a USS member for about 5 years, till 2009. I have now the option to join again USS through a part time job. Would I be worse off by contributing through a part time job? My last year would be a part time one rather than a full time. Thanks for any suggestions or pointers!
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Fall in bonds effect on "Lifestyling" pension pots
Piece in the Telegraph says "Lifestyling typically involves moving money from stocks to bonds, as they are perceived as lower risk. However, for the past two years this has failed to protect savers’ pension pots as they approach retirement, following major sell-offs in bond markets." This has proved disastrous for millions…
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pension pots
In about 6 months time I will be retiring full time. Ive had a free consultation with a financial advisor from St. James Place. Ive got two pensions one is crystallized with Royal Lomnon. And the other is still my workplace pension with Legal & General. The advisor is looking at combining the two and make the best for me…