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Pensions, annuities & retirement planning
Archives for December 2018
Discussion List
How is pension taxed, and by who?
Looking to retire a bit early at the end of March (at 62 & 6 months). I understand that pension income is liable for tax, but I will have multiple income streams and don't understand how this will be taxed and by whom. There are 3 scenarios: * Next 2.5 years - take £16k drawdown a year from my DC pension pot. Top this up…
penion and tax relief
If I cash in a £30,000 plan in full how much will be taxed at 25%? I earn £30,0000 aporox. I realise that I can get a refund after an Emergency Tax Code
State Pension - when should I stop paying voluntary class 3 contributions?
I retired on my occupational pensions in November 2014 and am due to receive the state pension on 6 September 2020. As I was contracted out for almost all of my working life, I have been paying voluntary class 3 contributions since April 2015 (when the new pension arrangements came in) to increase the state pension I will…
How to cope with work in run to retirement
I've changed from planning to give up FT work when I'm 55, to 54, and now to 53 around next August. Financially it would be better to hold on till 55 but some health issues are getting worse that it doesn't make sense for me to carry on much longer. Ironically, now the point at which I can semi-retire and maybe do a bit of…
Auto enrolment when I am under the threshold
I was auto enrolled into the pension scheme at work 2 and a half years ago when I recieved the yearly bonus that took me over the threshold that month to be enrolled. I opted out straight away. I recieved a letter from work the other week to say if I earned £768 in my next pay I would be auto enrolled again. I earned £668…
Student unable to pay into pension
I recently left a job which I had a pension with and was making regular contributions for 6 months and returned to university to be a full-time student which leaves no time for a job, so my contributions have stopped. I received a letter from my pension provider that I could either carry on making private contributions…
Tax free lump sum or not?
Hi, this is my first post on here so treat me gently (and apologies if this ends up being duplicated as tried to post last night). I turned 55 this year and am planning on retiring from (stressful job). Last year I transferred from a previous company deferred DB scheme to and now have a pot of £250k in a DC pension that is…
At 55 take lump sum now and reinvest or leave as is
Hello So I turned 55 this year, I am a HRT, and through sacrificing bonuses into the pension scheme not yet losing my allowance. I plan to carry on doing this every year for the next 5 or so which is my target retirement date. However this year is my silver anniversary and would like to splash more cash than usual so I…
Paying into my pension rather than student loan??
Morning. I have some savings and I am considering paying off my remaining student loan. It's approx 7k at the moment and each month my repayment is about £130. What I am thinking is paying off my student loan and using the money that usually goes to my loan repayment and adding it to my pension repayment. I am unsure if…
Pension Newbie
Hi I currently have 4 pensions: a. Previous company workplace pension. Monthly contribution £50 b. NEST pension. Monthly contribution £100 c. Current company workplace pension. Monthly contribution £90 d. Military pension, which I have had commuted lumpsum 5 years ago and receive a monthly amount. Obviously I want to get…
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