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Helping parents with will. Need to revise Trust. Advice please
A while ago, before inheritance tax rules changed significantly, my parents had wills made up (each was a mirror of the other) putting their estate into a trust of some sort. I think the trust comes into effect at death, The basic idea being to save on inheritance tax. Under the new rules where IHT can be shared between…
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Lifetime trusts and wills
Apologies if this is in the wrong place - please move/advise if so I am looking to set up a property lifetime trust, a mirror will and a disabled discretionary trust. Was wondering if anyone can explain the differences between using solicitors and a firm of paralegals? Any other suggestions/info much appreciated
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Lump Sum into Sipp and Tax Refund
I'm thinking of putting a lump sum into my SIPP and claiming the tax relief as a 40% higher band payer. However, if I put in £20k, I don't want to wait until next year's tax return to claim the additional relief. But, if I claim it back now, I assume I don't have to declare this payment when I fill out next year's tax…
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Should I take 25% tax free cash lump sum?
Should I transfer whole private pension worth £150k to a SIPP or take 25%tax free cash lump sum now? For the sack of comparison take the situation below. I will invest the money in equity unit trusts expecting a 7% per annum return for either solution. Which will give me the biggest amount on my 75th birthday, I am 59 now?…
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Havn't got a clue !!
Hello all I have had a read through a few of the threads on here but i am still none the wiser where pensions are concerned 30 years ago i set up a pension through my then current employer who used Prudential I was made redundant a couple of years later and i never made any more payments into it and to be completely honest…
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Pensions - Do these loopholes still exist?
I found this interesting item re pensions loopholes but it was written in 2014. Do these loopholes still apply for 2018? Has anyone come across a more up to date version which is as easy to understand?…
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BT Pension at 56
I'm 56 years old I left BT in 2004 and have a Section B final salary pension and lump sum waiting for me at 60. Current estimate is an annual sum of £11,700 + Lump sum I work full time at the moment and have been paying into a works pension (Saul) for the last 7 years with a retirement age of 65. (Pension and lump sum) I…
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Pension as cash?
Hi all, I have been enrolled in the NEST pension by my employer. Being 63 years of age, I do not expect to get much from it, but was thinking of using it purely as an investment vehicle for a few years, due to the performance of the funds so far.? Now I am already receiving a small pension (defined benefit) from the…
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2 x Local Government Pensions
For a short time my wife was employed by two local authorities. As a result, she has two small pensions. She is looking to withdraw both under the 'De Minnimis' rules, eg take all the cash based on the current value, rather than wait for two pensions that would probably pay less than £100/YEAR between them! However, the…
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NI Query
I'm sure I've read the answer to this somewhere in the Forum but can't find it again. How much do I have to earn in a year for my NI contributions to cover me for the tax year? If I don't earn enough can I pay voluntary contributions. Any info would be gratefully received
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Another State pension Query
Deleted, missed an important bit of tinfo :embarasse
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pension
hi I have a private pension which is due to mature in June I have been a non UK tax payer for approx. 14 years but have been receiving tax relief contributions from HMRC I only realised this 6/12 months ago and my PFA has asked about how will affect me but no seems to know Does anyone have any suggestions
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opting out Question
Hi. Hope you guys can help. I contracted out of serps from 1987 with Sun life of Canada till 2002, After which I was advised to come back into the state pension. I am 55 yrs old now, so can I take the 25% lump sum from that pot ? Many thanks
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Found old pension - what to do with it
Hi I'm self employed and run my own business. I recently discovered two old pension funds from about 20 years ago when I was an employee. I'm 42 with at least 25 years to retirement - although if I could do so earlier I would. One has about 15K in it and one about 2K. I think if I remember one was my company pension and…
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Best way to invest lump sum?
Hi all I have a lump sum of 300k to invest. I have already maxed out my Isa for the year and I have put all the money into a sipp that I can while still getting tax relief. Assuming that I'm going to be buying equities, I'm trying to figure out is it better to 1. Buy the equities with no tax shelter at all. 2. Put the…
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Pension or savings confusion (help!!)
Hi, I am 55 I have two small pension funds. I also have a sum of money to invest. Do I save or add to a pension fund?? I am really worried about my financial future. I pay very little into the Peoples Pension at present, I am a seasonal worker, I do normally have a regular fairly good income. My mortgage is paid. I am…
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Personal pension advice
Hi I'm after some general personal pension advice. I was in a workplace pension with Aegon until a couple of years ago when I left to work for myself. I kept contributing to the Aegon pension but following advice from an IFA I moved it from a lifestyle univeral fund into about a dozen separate funds. These funds have…
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Barclays, Selftrade, iWeb for S&S ISAs
We are happy with our SIPP provider (HL). We want to consider a different provider for our S&S ISAs. The tables in Monevator have encouraged me to consider three: Barclays, Selftrade, iWeb. I see that the first two have had a panning on the internet for the quality of their software. Has anyone here any recent experience…
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SAYE Shares into SIPP
I have been part of my works Sharesave and SAYE for over 15 years now as a way of lowering my tax bill. I don't really need this cash at the moment, and I wondered if I could do an "in Specie" transfer of some of these shares to my personal SIPP. These shares are bought before tax and NI and I have found lots of…
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Help on Self assessment and drawdown
Hi Folks, Filling in my self assessment online as usual but last year I took a drawdown payment from my private pension of 20k. Where do I declare the drawdown on the online system? I had to go online to claim back the additional tax as the Pension company treated the payment with an emergency tax code. I have this all in…
