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Pension contribution limit in a tax year
My OH has a DB occupational pension. And she is considering to a SIPP. I have gone through some of this in another thread, but have a specific question on the limit that she can add to the SIPP. There is obviously the £40K annual allowance, but her salary is lower than this (just). I believe that any contribution to the…
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Is this recycling?
In May 2022, I will receive my NHS defined benefit pension (£20k) with a lump sum of £60k. In October 18 an endowment policy of mine matured with 50k. But instead of paying off my £40k interest only mortgage, I used the endowment for some house improvements (£25k) and increased my DC pension contributions by £15k p.a. to…
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Some Thoughts on Inherited SIPPs
As far as I
understand, an inherited SIPP (ISIPP) differs from a regular self-started SIPP
in a few ways. (1) The beneficiary (inheritor) cannot
make contributions into an ISIPP. (2) There is no 25% tax free lump sum drawdown
option from an ISIPP. If the deceased died before age 75 then the whole ISIPP may
be withdrawn…
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Is Paying £2,880 Into A Pension Moral For The Better Off
There are a number of posters on this forum retired or getting there who either themselves or their partners will have retirement incomes just below £10,000, That person pays £2,880 a year into a Sipp to get the £720 tax relief. If one of the partners has no earned income. They can both do that . Let's say for this…
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Moved: Premier parking ticket solihull ice rink
This discussion has been moved.
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3.9% State pension increase means my NHS pension drops
The headline increase sounds great and also my NHS pension is due to rise by 1.7% so looking forward to a bit of extra money. But no because the tax free allowance isn't rising. Just received tax codes for new year and in fact despite the 1.7% NHS increase the actual net amount is going down. Instead of £478 going to £486…
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SIPP: Money Market Funds - Home For Short Term Cash?
We will be front-loading drawdown from two SIPPs for a period of 4 years beginning April next year. I am currently holding the approximate total sum required in cash. Given the paltry returns available on SIPP-wrapped cash, are money market funds a reasonable alternative? My research so far suggests that money market funds…
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Nnational insurance
I.'ve 35 years NI but I'm not entitled to a full pension because my company pension scheme opted out I've been told by pension office I need 40 years to claim full pension .I'm a widow gave up work to help look after my 97 year old mother in Ireland .I'm 62.3 told I can pay £60 a month to top up my pension is it woth it 9
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Mis sold FSAVC?
This discussion was created from comments split from: mis sold pension?.
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Limited company director - pensions
Hello fellow MSEs, I am hoping someone can please give me some advice, as I am really struggling to understand the information already online and find the matter very confusing. I am looking to start making pensions contributions. I have an accountant at present, but have found them extremely confusing and giving mixed…
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Inherited Pension
I can't seem to find the answer to this question anywhere so hopefully someone here can. If I inherit my parents pensions (they are not drawing them - appreciate they might need them in a while for care) what age can I start to draw them from? Do I have to wait until my state retirement, or can I take them younger? Ideally…
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RPI changes coming....CPI from 2025
Today's FT reports that there will be a 'consultation' at the time of the March Budget about the proposed changes to RPI (which will bring it pretty much in line with CPIH). However, it appears that the consultation won't be about the methodology changes, which will reduce RPI number by around 0.6%, but only on whether it…
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Cannot Take Pension Lump Sum without Retiring
Good Morning, Just wondered if anybody could give me some advice or hopefully been in the same situation. I have paid into a pension through my work (local government) for a number of years, where I have put in money and so have they. I looked on the internet about taking a 25% lump sum and taking my pension early, whilst…
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What stops provider retrospectively choosing a favourable transaction date when cashing-in?
I'm transferring my (unliquidated) pot to a lower-charging provider. The sale on the Transfer Out side has happened. It appears to have been timed at the very bottom of the recent coronovirus stockmarket dip, leaving me £25k worse off. How do I know the assets were really sold at that date? What is stopping the provide…
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Advice on income tax on DB pension.
Hi. I am slightly confused, and looking for advice please. My husband is due to take early retirement at the start of April. He is a member of a defined benefit/final salary pension scheme, and is considering not taking the tax-free lump sum, in order to receive a decent monthly income, hopefully for many years to come. Am…
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Aviva pension invested 100% in shares – bond diversification advice please
I’d be grateful for advice, please. I have a modest Aviva stakeholder pension, total value around £110k. It is 100% invested in four globally diversified share funds. This has served me well in the last 4 years given sterling’s fall and the rise in US stock valuations. Given current high equity valuations I feel I should…
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Inheritance Tax - Deceased spouse threshold allowance
*apologies if this is the wrong place for this thread but it seemed like the most appropriate section to use* Hi everyone, I am fairly confident that my assumptions are correct on this but I was hoping to get clarification to put my mind at ease regarding inheritance tax. My grandmother has a fairly large amount of cash…
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Question on Cash Lump Sum (UFPLS) pension form
My wife is going to be drawing a small cash lump sum from a pension policy. On the forms supplied there is a question about whether "total retirement savings are greater than £500,000" but it goes on to qualify the £500,000 in a variety of ways such as: - not to include (in the test against £500,000) any retirement savings…
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Sipp for US Citizen living in UK
I'd like to open a Sipp (or Stocks and Shares ISA) for my daughter who is a US (and UK) citizen. Many providers seem to exclude US citizens. Do you know of any who don't? Many thanks, Joe
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Teacher Deceased in 2010. Pension Status Unknown
My mother passed away suddenly in 2010, one year into her retirement having worked as a teacher for forty years. At the time we never looked into her pension, and my dad said to me once in passing that he had arranged to receive it. He has since said that he didn't say that (he did) and that he never followed it up. From…
