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Small Teachers Pension £17 pa
Hi I returned to teaching, a few days a year, after early retirement. I've just had a note from the Teachers Pension scheme to ask what I want to do with my 2nd pension. It works out to be a lump sum of £23 and then £17 pa. What are the possible solutions for this small pension ? I'm a non tax payer and have a HL sipp (the…
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How do you get tax relief ?Confused.
Could someone clarify please, as am confused! I am a low earner, (about 6k) but have income from savings and a small buy to let property, a total of about 20k. Next year i will pay about 3k in tax . If I open a sipp and put in 3k , does that mean i wont have to pay tax? And how do i get the ‘normal’ tax relief on the sipp…
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Sipp...fscs threshold linked to savings?
I would be grateful for advice on the following please. Firstly...if i have a sipp with money within placed into deposit accounts ( lets say 85k into company a, 85 k into company b etc), and then in my ‘normal’ bank accounts, I have 20k in company a, have I gone over the fscs limit? Also ,if this money was in a ssas under…
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Which would you do?
I have some AVC’s (£224k) that are associated with my DB pension. I am considering giving up the tax free extraction benefits of the association in order to get to a more flexible position and to provide a pension pot that could be inherited outside my estate. Basically the choices are... 1. Take £146k tax free (due to the…
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Freelancing in Retirement
At the age of 62, I’ll be retiring from full-time employment next week but plan on doing some freelance work to ease the transition into full retirement. My plans are at an early stage but registering as self-employed with the HMRC seems to be a necessary first step. If you’ve taken a similar step when retiring what advice…
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PCLS Sloooooooow
all sorted now ��
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Transfer private pension into LGPS
I'm starting a new job in the summer working for the local authority and with it comes the LGPS. I have built up two private pension pots over the last 20 years, each worth around £100k today. I'm 47 and after asking a question about AVCs with Prudential (which is something the LGPS offer), a helpful member on here advised…
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DWP stopping my pension ?
I received a letter this morning from the Department of Work & Pensions to inform me they are stopping my State Pension as from 4th June 2019, no explanation, they just say they are stopping it because they cannot contact me ! I have had no e-mail or any other correspondance or phone call from them. Can they do this ? The…
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DB to DC transfer - difficult decision
Apologies for the long post in advance. I've recently received an un-solicited CETV quote for one of my defined benefit pensions & it's made me re-consider my approach to pension planning. I would appreciate any thoughts (or pointing out anything I've missed) Me - age 54. Plan to retire at 60. 40% tax payer. Wife age 49.…
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Financing new car purchases when retired and in drawdown
I'm just wondering how others in retirement finance large purchases in retirement, for example when you need to change your car. I've always kept cars for a good number of years and when I've bought a new (or nearly new) car, I've paid for it by cash from savings. However since joining this forum many investors and IFAs…
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New SIPP - 45k Pot to invest
Hello, I have an old work place pension pot of 45k that I'm thinking of moving to a SIPP and investing in a number of funds in different sectors/regions. I'm thinking of investing in about 8 or 9 different funds (roughly 5k per fund). Is that a good strategy or should I be aiming for less? Thanks!
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Prudential Pension Process - Cash In
First of all the good news! My business has been struggling lately then I discovered a lapsed pension from 30 years ago! Ok, it's not a life changing amount of money, but it will really help me turn the corner re my business. So my plan is to cash this in in it's entirety. Now long speeches about entitlements and legal…
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Pension Plan Thoughts
Hi All, Been looking at my pension on and off for a while and due to a recent post by @ExitStrategy, I've decided to posy my situation to get feedback etc on it and what i should be doing or if should be paying more in so welcome any feedback, Goal ideally, would be a pension of 25k per year. Current State 42 years old…
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NHS pension query
I'm attempting to work how my wifes NHS pension will be calculated and have 2 queries at this stage. Just taking into consideration the 1995 section for now some of the guidance suggests "your final pensionable pay is the last pay reported to us", but elsewhere "average of the best 3 conscecutive years in the last 10". Can…
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0.2% charges on deferred pension.
Hi folks, just enquiring whether I can better this. Any views welcome. I am 57 and have a deferred DC pension (pot currently £150k) which is from the time I worked for Direct Line. It's managed by Fidelity and I have just left it on the default (lifestrategy) basis. I also have a DB pension we can happily live off starting…
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SERPS - where did my money go?
When I was 17 in 1984 I worked for Local Government and was contracted out by them automatically apparently. I didn't get the memo. I moved jobs and houses a fair bit and had another three employers, BT, Newcastle University, and Newcastle Polytechnic which later became Northumbria University and then in 1990 apparently my…
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need some to explain something to me please
hi sorry if this sounds stupid , I am retiring late (past my retirement age of 65) I have been told by a friend that I could be due enhancements and an uplift to my pension due to my age and working past my retirement age. he tried to expplain it to me but hes not the best and explaining things so it left me a tad…
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How do I get out of Phoenix?
As dunstonh pointed out in another thread, Phoenix only handle legacy funds. I have some of my pension invested in a low performing fund. I am 67yr and don't want to draw the money yet. I want to move it to give better fund choices and maybe lower the fees. Oh, and a more responsive provider. But Phoenix are not making it…
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Australian pension scheme - eligible for carry forward?
I set up a UK pension in 2017/18 and have been paying in 8k per year since then. Due to an inheritance I'm able to put the maximum 40k in this year via a director's loan to my company and use up any allowable carry forward from any previous years. This will be an additional 32k for each of the previous 2 years that I've…
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Hargreaves Lansdown or another better option?
I am nearly 64 and I have 2 small pensions pots worth about 40K. Which I want to use to fund my lifestyle till I get to 66. My plan was to transfer to HL Take 25% tax free. Keep 75% in cash fund to draw down over the next 2 years until I get my state pension at 66 My only current income is £1K a year from a very small PPF…
