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2023-24 SIPP contribution
Hi all, As we near the close off of the 23/24 tax year I'm just trying to tidy things up and of course want to make the most of tax reliefs and remain within the 20% band. I just need to check my sums as math's is not my strong point. So Total earnings from all sources (paye,divs,interest etc) 68285.13 The way i have it…
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What to do with 50K from property sale 12 to 18 months away from Drawdown
I am 12 to 18 months away from moving my SIPP into drawdown. I have 50k coming my way soon from a property sale, there is no CGT liability. Do I put it in my SIPP and take the £12.5K government contribution or put 20K in to a ISA put the balance 30K into my SIPP. Or maybe split some on easy access deposit and SIPP ?
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Should I move the paltry amount I have in a LGPS pot, or leave as-is?
Hi folks! MSEforum newbie here. Hoping for a bit of friendly advice, please! Approx. 12 months ago I started a job that paid pension contributions into a LGPS pot. My hours were few, and contributions small. There's around the £630 mark in there to-date. Paltry, like I say. I'm leaving the role for a new job, where I'll be…
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Means tested benefits and pensions
I'm asking on behalf of someone else. They are on various benefits. Her age is 56 and she has a small private pension set up by a parent but the pension has never been accessed. Does this pension impact her means tested benefits on the basis it is potentially available as income. If so, how is the income calculated, as the…
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SJP advice needed asap please
Hi everyone. Me and my hubby are in a bit of a fix. We are 60 and 64 respectively and we work together in our own small company. Neither of us are savvy in the field of pensions etc, so we needed advice on the most tax efficient way to utilise company funds and draw up pension plans for both of us. Our accountant put us in…
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Moving Pension advice
Hi, Looking for a bit of advice about a potential pension move. Been with the Pru since i was 18, it's only got about £120k in it. I reduced the payments through their secure messaging when i got paid off during covid, got back working again and i tried to increase the payments again through their secure messaging within…
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Does transferring a sipp in drawdown become uncrystallised?
We are considering transferring a sipp which has been in drawdown for some years to a new provider. No cash lump sum was taken at setup time. If we transfer do we get the opportunity to change the conditions with the new provider? We don't want a lump sum, but we are interested in taking small lump sums each month of the…
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A Paupers Pension Tale (Not many nuts to dig up)
Will try and make this as short as possible and is mainly
aimed for people like me who are thinking of or have retired early with only a
small pension pot. I have read through many posts on here and there is not much
out there for people like myself so I thought I would start this thread and
update it as I go along then…
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state pension
i started receiving the state
pension 19th April 2023 total for tax year 10512.84 I am still working no tax
taken on state pension have informed tax office they said it well be added to
next year’s tax. next year’s tax they have added 11485 the figures do no
match i well get 11723 in state pension 17th April to 5th April…
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Exercising Share Options and Relevant UK Earnings for Pension Tax Relief
Slightly niche question. When you exercise non tax-advantaged share options from a current or former UK employer, the difference between exercise price and value on day of exercise is subject to UK income tax and NI at the prevailing rate (any further gains, if you don't sell, being subject to CGT). My question - is this…
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Old Aviva Pension what are my options please
Hi, Briefly, I am to receive an inheritance which will going forward cease all income excepting PIP. The sum is not great and I will manage to live off it I hope going forward. Other members have given me some really good advice and explained the options I have for investing into fixed rate savings etc which has been…
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WASPI ‘victory’
Not a popular topic on MSE but this was also mentioned on Woman’s Hour today: https://www.ftadviser.com/pensions/2023/04/04/victory-for-waspi-campaign-as-phso-to-review-stage-2-report/ ” The Parliamentary and Health Service Ombudsman has agreed to review its stage 2 report following a legal challenge by the Women Against…
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Can I have a SIPP and a DC pension that my Ltd Company pays into?
I am 64 and will be working until I am 66 in March 2026. From a previous employment I have a DB pension that should be paying around 30K PA When I am 65. My Ltd Company contributes to a DC pension, I make no personal contributions. If I take my DB pension when I am 65, I will not have to pay myself as much, and will build…
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DB Pension Revaluations reply from Mercer - can you help me interpret their secret code?
Occupational pension scheme from my employment that was deferred by the company in May 2008 (all service was after October 1991). What does it mean if Mercer are telling me for example that they used "14 years of CPI 131.997/87.083"? Am I not correct to say that they should be using the Occupational Pension revaluation…
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Pension Consolidation
I have taken early retirement, aged 64, I will need to transfer my pensions as my current pension providers package only offers that you take it as a whole lump sum which I do not wish to do. I am not sure that I can deal with the transfer on my own or if I need to have an IFA. If I need an IFA how do I go about finding…
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Clerical Medical - Extremely Poor Service
There's a few posts on here from a few years ago about Clerical Medical's poor service but I just wondered if I'm the only one having issues currently. I'm a trustee of some bonds from my late mother's estate and trying to get a partial encashment. I have already had one complaint upheld as the initial enquiries about how…
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Deferred pension lump sum question
Hi all, i have a deferred pension that i stopped paying into in 1989. I am 63 and was looking at maybe drawing this one a little early, i requested my figures for drawing early May and they have come back at £4944 annum or £3660 with £15,000 lump sum, does this lump sum seem a little low or am i missing something. Many…
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Husband retires officially in 2026 - Looking at our options for retirement.
We have saved towards a personal pension and transferred this to current employers pot. Not big earners, this pension will pay round about £6,700 per annum, possibly £7,000. The pension has not been amalgamated to this current job. This additional pension would be around £2,000 if hubby works until September 2026. When we…
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Help choosing a SIPP provider.
Hi there, I have a company pension with Aviva (£1500) through employment long time ago and A J bell LISA with £13000. i want to open a SIPP account. my questions are: 1- what is the best provider say my pot will be between 50 to 100 K in the coming ten year using one word index fund? 2- is it advisable to open my SIPP with…
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Optimising Teachers pension
Hello all, - Age 38 - Teaching 8 years - Earning in 40% tax bracket. I was given a cash lump sum (80K after tax) last year I was going to invest, but figure it may make more sense to use this to live on, (rather than my wages) and instead overpay my wages as you do not pay tax on pension payments? The teachers pension…