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What's my best option
Right here goes like it or not I have a chance to buy my council house my plan was when I was working to cash in my pension and part buy part mortgage at the age of 55 but have since had a heart attack so no longer working so chance of mortgage no longer an option but I have got an inheritance coming later in the year with…
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Need to Pay Class 2 National Insurance?
Hi all. My missus is self employed and has been paying Class 2 NI for a few years. She now has confirmation that she has the maximum contributions towards her state pension (due to start in around 18 months) so we're wondering if she can claim an exemption. I've read the government web pages and it seems that she could, as…
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Challenging SIPP charges statement
Hello, hope some of the more experienced people here can provide some feedback which would be much appreciated! In the past few months I have been reading&learning a lot from various sources (including this forum!) in regard to investments in general and investments in SIPP/workplace pension specifically. I have also…
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Extra state pension
Hi just wondering if wife can claim the 60%. wife reached retirement age 06/03/2016, I reached retirement age 06/11/2019? Not sure after reading report if I had to reach retirement age before April 2016 Many thanks Dallad
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Defined benefit Pension to private SIPP .. Financial Advice Declaration costs
Hi All, This is my first post in this forum, so would appreciate your feedback :-) I have two Defined Benefit pensions from two previous employers (both Big Banks), one 'pot'' worth a transfer value of £296K and the other £127K I cannot transfer these to my private SIPP without getting a "Financial Advice Declaration" form…
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Help with Mother-in-laws pension
Good Evening, I'm looking for some advice regarding my mother-in-laws pension. She retired a few years ago and only receives about £94.00 per week pension! I discovered that when she was self-employed through Provident as a collection agent for 18yrs+ she didn't pay national insurance contributions but paid any income tax…
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Pensions Cash Withdrawl Tax
I wonder whether anyone can clarify the situation around taking pension funds as drawdown and the effect of the 25% tax free lump sum and the annual personal allowance before income tax is paid. Let’s assume I have a pension pot of say £50000 and no other sources of taxable income in said financial year. If I withdraw all…
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Pension and Pre May 2000 Bancruptcy
Hi not sure if this should be here or in the Bankruptcy forum but I think it's more a pension related question. My bankruptcy was in March 1997 and as part of that there was a personal pension which at that time didn't amount to very much I think. It's now 23 years later and it's not done much better but as per the rules…
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Pension fund balancing?
I think that's the correct term, but can explain if needed. For education & entertainment purposes, I've been keeping a spreadsheet to watch my pension's performance. It used to be simple, with a single fund, but following a chat with my pension advisor, he's split it down / diversified it. Now it has two funds, with a…
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Missing HMRC pension
Has anyone had any success tracing missing HMRC pension, as Civil Service Pensions unable to locate pension between May 1983 and Oct 1987. Two different responses, one stating that I probably would have had a payout as less than 5 years service and second one stating that you would not have
qualified for a pension for this…
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LGPS and AVCs
Hi, I am being made redundant an I have a local government pension scheme and have some additional AVCs. The scheme says: You can take some or all of your AVC plan as a tax free lump sum, provided that: when added to any lump sum you take from your main LGPS benefits, the total tax–free lump sum does not exceed 25% of…
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LTA test at 75
Having read several threads around LTA, the general consensus seems to be to maximize growth outside the pension to avoid the 25% tax charge at 75 (I wouldn’t be taking any excess as a lump sum). I’m 57, have used approx. 94% of LTA, saving 6% for small DB which kicks in at 65 (PCLS used for property). SIPP now approx.…
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Transfer work pension to private sipp?
Hi all, I have a work DC pension which I have been paying into for a while , and the company adds an extra 9% . It has approx £100k in it at moment. The scheme itself is a bit limited with the fund choice, and fees are a bit bigger than private platform sipps. Can I transfer my work pension cash /funds to a private sipp…
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Retirement Plan
I have a pot of around £600000 at moment in pru fund. I am 55 in 3 months time. My plan is to take 25% tax free (£150000) and draw £1000 a month from it and drawdown the maximum yearly tax free (£13600) amount from my remaining pot. That would give me a monthly income of roughly £2100 a month tax free. The £1000 I am…
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Pension advice please
I have a pension with Aviva that I could cash in if I wanted to as I’m 60 in July. I was going to leave it where it is as a couple of moths ago it dropped by about 14% however on checking this morning it’s gone back up so in total only down by 5%. My choices as I understand are still leave it where it is or take a tax free…
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Women’s’ State Pension.
In 3 weeks I am due my first state pension two months before my 66th birthday. I have 37Yrs NI contributions 2 more than needed and I’ve been told I cannot get a full state pension because I retired on my teaching pension eight years ago and Lived off this no benefits ever since. I am now told they changed the law in 2016…
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Interim pension planning guidance?
Thought it best to try and improve on what I have and hope it will all come together when I do retire. But looking for a few pointers to cover the next few years. My salary is under £21k and I've just purchased a home (flat). My commute costs are under £230pm when I'm back in the office. I've 23 years until reaching…
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Definition of 'Basic' State Pension
In a recent article we are advised to check a wife's State Pension, to see if it's less the 60% of the husband's "Basic". I assume that basic means strictly the initial figure excluding any additional State Pension (i.e. SERPS)? Many thanks Dave
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Multiple pension advice.
Hi all. I seen an advert for pension bee which sounds too simple. I signed up to it but do not know my work start dates etc etc. And then I seen the costs involved so today I will cancel. My question is that I am 28 and so far had 4 full time jobs where I have paid into a pension of some sort. The trouble is I don't no…
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Opening a SIPP when already retired....???
Sorry - maybe a stupid question. Please humor me. As I have been enrolled in the Teachers Pension all my life I have not really looked into SIPP's and don't know a lot about them and how they work. I'm just trying to decide on a tax efficient way of investing/saving money when retired other than S&S/cash ISA. Is it…
