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Pension Drawdown
I have a local authority pension that has paid out since I was 50years old and I continued to work on up till redundancy last year at age 62 years. I built up another pension pot of just under £12K and with the budget changes I thought I could draw this down as it would only pay me £100 per annum at 65 years. The pension…
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My mums tax - how do I know if it is correct?
This question is behalf of my mum, who is worried about how much money she is spending. I am trying to help her, but am afraid I don't really understand tax/pensions. She was born in August 1947. She recieves a state pension and has recently inherited my late father's private pension. As well as this, she has some savings…
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Paying into a private pension while taking a pension
Apologies if this is a bit of a repeat question, but I've searched and not found what I need I'm 54 and expect to continue working full time for the next few years. I have two deferred pensions, one of which is BT and three private pension pots, one of which is a SIPP, and to which I make contributions to two. Could I take…
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Investing in a Private Pension while "Retired"
I have just "retired" at age 60. In the current tax year 14/15, I expect to receive ~£14k gross from pensions. I additionally expect to earn ~£10k gross from self-employed consultancy work. I presume I will have to complete a self-assessment return for this tax year and pay income tax and NI on the income from the…
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Salary sacrifice a large proportion of salary or not
Hi. Last year I earned 50k, way things are going this year it will be more like 62k. I work in a heavily commissioned based role where my basic is 26,400. I currently salary sacrifice 15% and employer 8% of my basic only so I pay £330 into pension. As I am going to be heading over the 60k and will therefore lose child…
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Are pension funds taxed when transferred?
Hi, A question please - If a pension fund is transferred from one employer's pension fund to another, is the individual or the fund taxed? I've been on the HMRC website and its not clear. The fund would be transferring from one UK based employer to another (both reputable firms). Any advice please? Thanks
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Scottish Widows Contracted Out Letter
Hello I have received a letter from Scottish Widows saying they failed to contract me out in 2001, and that I may be due some compensation. I only had the pension for a short period of time (about a year or two). Does this mean I should have been paying less national insurance for the last 13 years? A financial friend of…
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Can hubby retire at 60?
My husband would like to retire at 60 in 2 1/2 years time. Here are the state of our finances. 4 pension pots value then approx. £147000 savings in bank approx. £211000 Do you think he would be able to retire and live comfortably? Should we pay more into pension pot? ie a lump sum? I work part time and would continue to do…
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£24k/yr, types of pension?
Hi I'm starting a pension and have a choice of being auto-enrolled into a pension organised by the company (I believe a stakeholder pension?), or starting a pension of my own (eg with a bank/building society/other pension provider) I'm currently on roughly £24k/yr, with pension contributions of 2 or 3% (I can't recall…
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Advice needed re. cashing in pension & buying property
Sorted now, thank you.
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Family Trusts, any good?
Hi all. As me and the missus get older ive finally decided to get my backside in gear and plan for the future. Basically, I own a house, have some savings (not enough for inheritance tax) have a pension as does my missus. We were planning a basic will but a company, a reputable one our Building Society recommended, visited…
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Power of Attorney?
Evening all Not sure if this is the right place to post but wasn't sure where to do it..... Just wondered if anyone has experience of gaining power of attorney from someone who is already incapacitated and unable to sign any forms independently? Would we be able to do this without the help of a solicitor as it's pretty…
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Pension quest
I'm on the lookout to increase my pension pots over the next seven years with help from the tax boost on offer. I took early retirement and currently get a small works pension that is index linked and qualify for a full state pension in eight years time. I'm a non taxpayer and also have a Scottish Widows pension account…
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state pension claim
I rang the pension department to claim and discuss possible deferral on my state pension that will be paid in November 2014 The department did not have the up to date information to clarify the tax year for 2013/2014. hence the department could not give me accurate figures of the amount of pension I will get. I rang the…
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how to check if mothers pension amount is correct
Hi my dad has asked me to look into my mothers state pension she has receiving it now for about 8 years and only gets about 98 pounds a month.. which seems very low. She did take time off work to bring up us kids but did also work a quite a few years in this country and another. Now my dad is retired also.. their joint…
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Move pension or leave it.
A colleauge at work is leaving after 33 years service to take up another job. He was asking if he should leave pension or investigate other options. I said " off the top of my head he should leave it where it is ". It is a railway final salary ( db) and he is aged 50 ,he intends to work for new company for 10 years and it…
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Pensions query
One of my pensions from a former employer indicates all calculations assumed on retirement at 60. Given that I'm now meant to retire at 66 and 10months - will I still be able to take this pension at 60 even if I'm still working. It's a LGPS pension with lump sum etc and could be handy if there is still a small residue of…
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Tax relief question
Sorry for the dumb question! I'm trying to figure out the best amount to salary sacrifice, in order to get out of the 40% tax bracket. On the back of my notice of coding, it says that it's 20% up to 31,865, and then 40% from there up to 150,000. What I don't understand is this. Do I have to add on my tax free allowance…
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Need Enlightenment
Looking forward to next year. If I drawdown £10k from my vested pension pot I would receive £8K net? (I am a basic rate taxpayer) Is this correct? If I pay in this £8k into my current employers pension plan, which I can do by means of increased contributions from my wages, and stay within the rules, they will increase this…
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Dad passed away - pension contracted out??
Hiya, My Dad recently passed away. He had a frozen pension with Canada Life. My Mum recently got a letter saying that she would receive £12 a week as a contracted out pension payment. Can someone explain this a little please, does this mean his pension with Canada Life is worth £12 a week to my Mum or is this something…
