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Annuities and the 25% tax free sum
Searched the forums but can't find a answer to this question. Does anyone know which of these 2 options has the smallest tax burden 1. If I use 100% of my pension pot to buy an annuity 2. I take 25% of my pension post tax free and buy an annuity with the remaining 75% Assuming that part of annuity takes me over my annual…
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LGPS ill Health Retirement
Hi all, first post so be gentle ;) . I have a question about my lgps scheme and wondered if anyone can help. I am 40 and was diagnosed with an auto immune disease 10 years ago and it is looking like I am going to heave to go part time as I am getting worse and really struggling. There is no cure for my condition, just…
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Private Pension
Does anyone here have a private pension? I got a work pension but I feel I need another income when I retire. How much do I have to pay in a private pension every month to get a good income when I retire? I am 29 years old .
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Finally Done It And Opened a SIPP
Wow - after weeks of research finally plumped up the courage to open an account and open a SIPP - £10K initial investment In the end went for Cavendish Online and the Vanguard options with a mixture of risk. Interestingly I have to transfer the money out to Cavendish - there wasn't an online payment system. One question is…
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SIPP Pension Contribution from company to a director
hi - looking for a bit of advice. Background I'm a director of 2 actively trading companies and both are making a profit. Company 1 - 100% shareholder and sole director. I take drawings in the form of a salary and dividends. I have previously made a SIPP contribution from this company last year. Company 2 - trading for 3…
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State Pension - Missing NICs
I received my SP forecast, which says that as of 5/4/16 my SP us £123.56. To get the full SP of £155.65 I need 8 more years of NICs, but as I have just retired due to ill-health I will need to pay these "missing" years instead, which I believe costs £733 for each year. Trying to decide whether I should pay the missing…
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Can I carry forward pension allowance again?
Hi A couple of years ago I used the pension carry forward rules to carry forward my unused pension allowance from the previous three years. I am not using my full pension allowance this tax year with the view to carrying some forward to next tax year when the timing suits my finances better. My question is - Can I do this…
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Larger annual pension or smaller and larger lump sum?
Just considering my options as i plan to retire later this year. I have the option of taking a larger lump sum and smaller annual pension, or the other way round, the larger annual pension but smaller lump sum. Either way is manageable but taking the bigger lump sum allows me to pay off the remainder of the mortgage which…
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Annual Income Drawdown illustration
I've just had my Annual Income Drawdown Illustration through from HL which I assume is a mandatory requirement from one of the regulatory bodies or the Government for HL. What a complete waste of time and paper - the statements and projections are complete tosh! The illustration is based on my current drawdown rate 3.35%…
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Workplace Pension And A 74 Year Old Me!
I shall be 74 in May.I currently work 09:00 to 17:30 for 3 days per week as an Office Manager and I am paid via P.A.Y.E. I earn around £1,100.00 per month net after tax. I don't pay any N.I. I have no plans to retire and my employer is keen for me to continue as long as possible. By law he has now offered me the option to…
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Equity Release Age
I presume that AgeUK is not in any way connected to Age Partnership and if not wht are they not protesting at the fact of the names will be misleading to some people being enticed by TV and newspaper adverts.Also do the Charites in general have a figure as to how much less inheritance is not going to themselves but is…
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Cridland state pension review out today
Anyone got a link to the actual report ? This is the mails view 😚 http://www.thisismoney.co.uk/money/pensions/article-4339562/Will-wait-68-retire.html
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Retirement Strategy Questions
I just turned 40 and so want to sort out my pension/saving strategy. I am employed and pay 40% tax. I have lots of questions. 1) If i die before starting to draw my pension, does my wife get the pension pot? Is it the same with personal pension and employer pension (not final salary). What if i've already turned 65+ and…
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Pension Cash Release at 55, to fund business
Hi I'm 55 and have recently been made redundant I have a frozen company pension AON, Hewitt, with. Pot value of £550,000, with a CETV value of £500,000 ( £50,000 taken for fund deficit), I also have a company pension PPP with a value of £37,000. AON have offered me an early retirement package of A pension from now of…
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SIPPs .Couple of points for clarification, please.
Thanks for information given re SIPPS previously. We put 5K into one for my wife who will be 55 in October this year. I explained in previous thread that she has now finished work and will be a non tax payer for the next few years and she will wish to continue contributing the £2880pa to take advantage of the tax relief. I…
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MSE News: State pension age should go up again, report recommends
Millions of workers in their early 40s face having to wait an extra year to collect their state pension...Read the full story: 'State pension age should go up again, report recommends' Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum?…
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Is this right?!?
Hello all My husband and I are looking to overhaul our finances. I earn approx £18k p.a and haven't been contributing to my pension since 2009. My husband is in the 45% tax bracket and has been maximising his allowance for years. His pot is around £500k and mine £60k. We are both late thirties. As my husband will now be…
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Should I opt out?
Hi I'd like people's views on the following; I have just started a job on a fixed term contract for 12-18months. As part of that i have been enrolled on a local government pension scheme in which I pay 6.5% contribution and my employer pays 10.25%. I am considering opting out of it because the job is a fixed term contract.…
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Teachers Pension Scheme
Hi all, I have 7 years of teaching service in my Teacher Pension account in the UK. I emigrated to Australia 2 years ago but wasn't sure of my plans regarding where I'd end up. I have made the decision to remain in Australia and become a citizen here. Is there any way to transfer my TPS money over to Australia? Even if I…
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Deferral, what does it apply to?
Hi, I've deferred my pension for just over 3 years and am now going to be claiming it. I was 65 in 2014 and so should get an extra 33% (1% for each 5 week period deferral). I would imagine that that increase applies to the whole pension (basic plus additional) but would be glad to have that confirmed. I also bought the…
