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Tax relief question
I currently pay into an occupational pension. The pension operates on a Net Relief. I am a basic rate tax payer. I have paid a one off additional payment into my pension of £10,000. As the payment has not come from my monthly pay, the relief will not be automatically applied. Instead I need to contact HMRC to get the tax…
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Transfer old pension into new?
Hello, I have an old pension through an old employer with ReAssure. Its transfer value is currently £28,454. This is down from 2017 value of £28,734. Not by a lot but with no payments going in, i'm concerned it will dwindle more. The charge is 1% and its all currently invested in Global Equity Index Tracker LStyle Pension…
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Old Deferred Pension
Hi, I am checking the calculation of my old style deferred pension and I have checked online and .... https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/626494/state-pension-deferral-if-you-reached-state-pension-age-before-6-april-2016-extra-information.pdf .... confirms that…
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LGPS Deferred Pension lump sum
Have asked questions before here re taking larger lump sum and lower pension to reduce tax liability - this was based on an assumption I read elsewhere that every £12 extra lump sum reduced my annual pension by £1. Have now received Deferred Retirement Pack which clearly states 'every £18.69 of extra lump sum you take…
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P60 Total Pay Confusion
I just received a P60 and I am worried about the Total Pay number. Basically it is Gross Pay minus net contribution into Group Personal Pension which get a tax relief within that scheme. Is that normal? I would thought as I get a tax relief within Group Personal Pension, my Total Pay would be the same as Gross Pay? Does…
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Pension fund value
Hi Please see the below info regarding my work pension scheme which I have been in the last 16 years. I had my latest statement recently but the value has not really risen that much. Am I in the wrong funds this performance is shocking. any feedback would be helpful Fund value Mar 17 £73,006 Fund Value Mar 18 SL Schroder…
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Pension advice please
Hi, I have an old Legal & General pension which is estimated at £24,000 max at 65. I have not put money into it for over 20 yrs and I'm now 48 as have no income. I keep getting charges of £40 each statement which on a small pot and never going to add to it is a lot. How can I stop these charges? Or am I able to move it to…
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ii Sipp NOT on FCA Register??
Hi All I have opened an ii SIPP and printed off the downloadable transfer In forms, I have also received the transfer out forms from my current pensions provider. When i sat down to fill in the forms i decided to check the ii SIPP on the FCA register and using the Info provided on the ii form there is nothing on the FCA…
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Life time ISA, pension and the people's pensions
So I'm hitting 40 this year and have no pension and have just noticed the £60+ coming out of my salary per month for the people's pension. What I want to know is is it worth carrying on with the peoples pension or should I ditch it and get a Lifetime ISA before I hit the big 40? I should also mention I'm potentially…
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Wound up pension fund
In 1992, I left a company with whom I had a defined benefits pension scheme. I was offered a choice of benefits that I could take from the pension. I opted for a pension of £4000 to be taken from when I reached my 65th Birthday. This was made up of about two thirds Guaranteed Minimum Pension. I have a "Pension Membership…
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Pension Input Period - Query on timing salary sacrifice payments
Hi all, I have a query on the timing of the pension input periods around the financial year that I hope someone could clarify. I salary sacrificed a bonus payment (£20k) in March 2018 into my pension. The payment was taken from my March salary (26th March 2018) but didn't enter into my pension until 10th April. (this is…
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EU state pension entitlement and Brexit
My wife moved here with me from Hungary some years ago and is now working in the UK, but due to her age she may not be able to work long enough to qualify for a state pension here. However she does have 17 years of pension contributions registered in Hungary. Is there any action we need to take before Brexit to get those…
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Help with annuities please
Dumb questions here, but can I please ask if I was to purchase a Joint annuity would I still have add ons, ie Guaranteed period cover or Value protection? I have a set amount and would like my partner to receive at least 50% of my annuity if I passed away. Any assistance much appreciated.
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Complete Newbie and late to the party
Hi All, Up until now (me being 40 and wife 31 so late) we have not been in a position to start maxing our pension savings in preparation for retirement. To date we have only put the minimum in for the last few years so like very little in the pot. However with a few things happening in the next year or so (new house and…
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I transferred my £570,000 final salary pension – and regret it'
https://www.telegraph.co.uk/pensions-retirement/news/transferred-570000-final-salary-pension-regret/ Interesting article in DT today. If he's regretting it after recent small falls what happens when markets take a real tumble. So, for those that have transferred their final salary pension...how is it going? I am sure for…
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Pension for a new Grandchild
Not sure if this is the right place to ask this but I have put the question here as it was a Pension that started the question. New Grandson born at the beginning of the month. We as Grandparents want to save money for new grandson. Came up with idea of a Pension. For that we needed original birth certificate. On…
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Government gateway problem
Hi, I’ve been having problems with trying to check my state pension on the https://www.gov.uk site. After a faff I eventually managed to get my ID verified through the PO app, but now the https://www.gov.uk site doesn’t seem to recognise my NI number, which has been the same on every P60 I’ve had in the past 30+ years.…
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Tax free
I'm 57 years old and have a pension pot of roughly £120000 If I retire now and drawdown £11850 for the next 10 years will i pay tax on it as it will be my only income. I'm thinking it should be tax free, just need confirmation.
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Pension flexibility/IFA charges
My husband has 2 pensions that were taken out about 25 years ago. One is from a SURPS opt out with no contributions being made and is not a huge sum. The other we are still making monthly contributions to and although it performed well last year it is not what was anticipated. We sought financial advice and were told we…
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401k questions
Let me start by saying that this is one of those posts in which I know so little about the subject that I am not even sure what questions to ask. I will explain the situation and would welcome any relevant input. I am an executor for a relative who died recently aged 56. He was a UK citizen and never worked in the USA.…