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Understanding a Section 32 Buyout Policy
I have a AEGON section 32 buyout which I believe I was transfer to from an old company pension in the early 90's. I was hoping somebody to help explain to me what this is and more importantly what I should do with it. In summary I am 54 and hope to retire in the next 12 to 24 months currently with a £500k SIPP, £300k ISA…
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Cashing in sharedealing account to pay into SIPP - tax gain?
I contributed to the 'Paying 2880 into a SIPP...' thread and received the following reply which I misunderstood at the time. How liquid are your 11k investments? Wouldn`t maximum gain be realised by contributing to your pension in 20-21 as much as you can afford to? Use your 5K cash plus some of your 11K investments. What…
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LTA Understanding
Have been working on a few retirement options recently and would like confirmation that my understanding of the chosen path is correct. I have a DB scheme and am taking a partial pension option. The partial annual pension will be £20K plus transfer value of £700K. I have some urgent requirements so plan on taking a lump…
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Gov pension forecast seems high?
I check my Government pension annually and it was indeed this that helped push me to aim to retire at the end of this year aged 61. As of May 2020 it says £210.59 per week - you cannot improve your forecast any more. The year prior it was around £205 per week so increasing ok. There is a COPE amount shown of £5.92 per week…
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Additional contribution option
Is this a good investment for my savings which are earning very little at present? https://pensions.gov.scot/nhs/your-membership/your-contributions/increasing-your-pension I'm 56 and have been paying in to public sector dB schemes since age 21. Most of pot is sitting with USS university scheme but last 4 years has been…
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The tax added back on lump sum payments into a pension
Just so you know the background, I'm 67 years old, and work on a self-employed basis. I have a good level of savings currently in ISA's and fixed term bonds, and am drawing my State Pension. I intend to purchase an annuity from my private pension pot of around £130K either later this year or next year. I have around £10K…
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Having a windfall of £100K - Best use for early retirement plans?
Not sure this is the right forum section: I will soon have a windfall of £100k (after tax) and considering my options on how best to invest/use it.My main goal is to retire as soon as possible and (although late) trying to make stops towards this.Background: I'm 38yo, currently have:- £88K in Pension- £113K in Stocks and…
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Help!
Morning all Hope someone can help with a pension query. I retired in Jan 2020, 2 years early to care full time for my 93 year old mum. I have 47 years full National Insurance contributions so assumed I would receive the full government pension. However, the records are showing that (obviously) I have not contributed for…
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Salary sacrifice 40% or 20% tax
Hi Currently have two pensions, one through my current employer which is a salary sacrifice and a second one from a previous employer from 25 years ago which I make additional monthly contributions to. If I’m a higher rate tax payer but my salary sacrifice reduces my sacrificed salary to under £50k, am I classed as…
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Good commutation? Bad commutation?
Sorry in advance if this has been covered before. Transferring out of a DB scheme is more often than not considered a bad move even with large commutations, Advice is needed if over £30000 to give some financial protection. But little seems to be said about DB 25% tax free cash being offered when taking the pension , no…
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Inheriting pension - tax question
I'm not drawing on my pension (I'm 46). If I die, my pension is inherited by my beneficiaries (my children). What I don't understand is the tax situation - can they cash in the pension tax free? Thanks
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Is it better to have one pension fund or keep two?
Hi I have about £40k in a pension with Zurich which was set up by a company I worked for years ago - I've continued to contribute as I have been self employed at times. I also have a NEST pension with my current employer. I want to move the Zurich pension to a more ethical fund and provider. I think the easiest thing would…
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New Fish to Pensions
Hi All, Currently 39 didn't start paying into a workplace pension until a few years ago. My dilemma is do i open up a Private pension or just pay more into the work place pension? I am thinking about having a private one as well as a workplace one but not sure where to start? I have also read about the LISA which im…
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Pensions and child benefit
Hi all I've become an accidental landlord. Rental and salaried income now £58k approx. Already paying about £5000 p/a into a workplace pension (net pay arrangement). Allowable expenses for the property are around £1.5k p.a for this tax year so far. This still leaves me around £3k to reduce for ANI. Not sure I'll keep the…
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In Specie Transfer in from Zurich
Was hoping to transfer my Zurich Personal Pension pot to a Fidelity or AJ Bell SIPP, but it doesn't look like either offer any of the Zurich investments my pension savings are currently invested in ie.. Zurich Managed AP, Zurich Equity AP etc.. Would there be any particular reason they're not offered?
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Taking 100% of pension pot
My husband has a small Aviva pension which at the moment is worth £35000. He has been told the pension will only be worth about £80 a month when he is 65. He will be 55 in June and is considering taking the full amount as a lump sum. I understand 25% will be tax free and 75% will be taxed at 20% (his income plus lump sum…
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Armed Forces Pension Scheme - Lump sum purchase of added pension
A relative of mine is in the AFPS15 scheme and is trying to understand the added pension options. She is aged 58 and currently an active reservist so is an active member and being paid for the days she works. I don't know the yearly amount but I'm guessing around £5000 per year. Shje has some spare cash and has been quoted…
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Personal Pension. NEST
If someone, (aged 63), who does not have a personal pension
has started work at an employment agency and is now offered to be enrolled in
NEST. Is it advisable to join? Or bearing in mind there are no definite hours so might not
work full time, would it just be better to opt out? If opting in and after several years…
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Ill heath retirement at 43 .....
Hi all I am sitting here, cup of coffee in hand deep in thought as to my current and future situation. Earlier this week it was confirmed that I am to be IHR from the police after 18 great years of service. My last day is the 28th February. Unfortunately I was diagnosed with a brain tumour in 2014. I have recovered…
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SIPP - Have I understood them correctly?
I am a member of the Local Government Pension Scheme, and I have been making regular AVC payments. I intended to add a further £30,000 in AVC before the end of the financial year. (I have sufficient taxable earnings and carried forward Annual Allowance). Silvertabby then gave very useful information that the AVC would…