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Pension Transfer to SIPP?
Hello, I hope some of you experienced posters can let me have your views or suggestions with our pension pot predicament? Both my husband and myself have built up pension pots with St James Place and we currently both have £135K each in our portfolio's. We both continue to pay £2880 into our pension pots per annum. I would…
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Defined Benefit (~3k) - what can we do?
Hi All, My wife worked for 1 year (fixed term contract, her first job ever), and now looks after our child at home and do not plan to find another work in the near future. After she finished her contract, the pension provider wrote to her and gave her two options with respect to her pension (defined benefit, worth around…
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TPS and SIPP contributions
Hi, I just wanted to check my understanding of the maximum amount that my wife can contribute to a SIPP in the run-up to early retirement. She currently works as a part time teacher and is intending to leave in a couple of years. In the run up to this, we want to put as much as possible into SIPP to start drawing on when…
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Pension annuities
Has the government reversed its decision to allow people from 2017 who bought apension to sell it to a third party in return for a lump sum
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SIPP + LISA for higher rate tax payer?
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Pensions for co-habiting
Hi, I have lived with my partner for 10 years, she is still married to her husband. I have two private pensions which may or may not be passed onto her if she chooses to divorce him. The other side is that she may receive 50% of his pensions if she remains married. If he has stated in his will that she should not receive…
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My wife's short term SIPP
Before the end of last financial year this forum very helpfully advised me to set one up for my wife to make the most of her pay a year before she finished work last August and to take account of the fact that she wont be earning enough to pay TAX. Although we had thought my wife would take her small LGSS pension reduced…
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Civil Service Pension Annual Increases
I think this one is going to need input from a real civil service pensions wonk. I thought that I was one, but apparently not. I left the service last year aged 53 and deferred my Classic benefits. I have just applied for the pension to become payable in a couple of months time, i.e. about 6 months before my 55th birthday.…
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Can I bequeath my Stakeholder pension?
Please bear with me. I can not find any information about this. I am 73, I have a small pension pot, about £3k in a stakeholder pension which I have left untouched. I do not need the money so I have left it alone. Bequeathing pensions was much in the news few years back then suddenly disappeared. I would like to pass this…
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Projection Calculations
Today I received a letter from a deferred pension that I have. In the letter it gives an early retirement value of 5,742.72 pa and then in a second option I could take a cash free sum of 29,076.15 along with a reduced pension of 4,361.43 (based upon 14/02/2017). The letter also mentions that the early retirement payment is…
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Earliest age to claim pension increase to 57 in 2028?
Has the increase in pension claim age from 55 to 57 been confirmed by the government. I can only find it was annouced in 2014, but not included when the reforms of April 2015 came in to affect.
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Appropriate funds for our SIPP
Please could someone knowledgeable reassure or correct me on this? My husband (60 now) and myself (58 now ) intend to retire in about two years, although we can be flexible in the event of a market crash or something. We will fund the six years prior to both our SPs by using my DB work pension (paid unreduced) and part of…
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Use pension to clear mortgage - hows it differ from endowment
Hi, Something struck me about the various discussions on this board along the lines of not overpaying into a mortgage to try and clear it early, but to overpay into pension and at some point in the future then either use that to clear the mortgage at retirement point, or accept that you'll have cleared the mortgage anyway…
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Query on the subject of £2880 into pension for non earner
Hi, I’ve never posted on here before but have been following the forum for some time in particular the ‘ paying £2880 into pension when retired’ thread amongst many others. My wife and I have decided to take early retirement and will both finish work at the end of March. My wife will be 55 in October and will be a non tax…
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25% tax free lump sum calculation
Recently got my DB pension statement and the tax free lump sum offered is £7k. However, I also received a current transfer value of £220k. £7k is way off the £55k I would get if I was able to transfer out. Why might this be?
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Long term financial planning- pension, LISA etc
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Earnings
You can get tax relief on up to £3,600, 100% of UK earnings or £40,000, whichever is greater. Do all earnings count for this purpose (e.g. rental income)?
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TPS, voluntary redundancy and early retirement
Hi, I am an old scheme member so my NPA is 60. I am 58. If I apply for early retirement they make up the pension to 25K with a 75K lump sum (1.5 years to 60). Questions: 1. Is it better to go for this than severance of 30K plus reduced pension and lump sum (23.5K pension and 70K lump sum). I'm thinking of asking for Dec…
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Pension or OP Mortgage
Hello, sorry. I know there have been some other threads on this subject recently, but I just wondered if anyone could lay things out simply for me, please. I am not very 'up' on pensions. They flummox me. So, in a nutshell, when is it better to overpay the mortgage, and when is it better to add to the pension? Here are our…
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UK Personal tax allowance.
Are all UK citizens entitled to an individual UK tax allowance (Disregarding tapering on incomes above £100,000)?