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Advise on possible early retirement (Savings/Pension/Property)
Afternoon all I am looking for some saving advice. We are in the fortune position of having paid our mortgage off a couple of years ago (house would be valued currently at £150k) and by the end of this year will have around £70k in a easy access low interest savings account. We currently save in the region of £3k per month…
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Tools to plan for retirement?
Happy Monday! Given the collective knowledge and expertise on this forum, I'm really interested to know what tools/software people use to plan for their retirement (or for any other life goals)? If you use tools, what features are especially valuable? Or, what do you wish existing tools did? Full disclosure as to why I'm…
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Where would I go to get a forecast of all my pension options please?
I am currently 30 with 3 pension pots totalling about £425K and I would like to look at all of my options for the future, I have no reason to believe I won't be able to add a further £25K per annum to my pension pot for the next 10 years and *might* continue to work after that but would like to consider retiring at 60 if…
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Should I Merge two pots from the same provider?
Hey all, had a search on the forum but I can’t see anything that includes two pensions from the same provider. so I have two pots, from different jobs (different local councils) who use the same pension scheme. One pot is 2007-2017 which is a final salary pension (I left on a higher wage then I am on now) the other pension…
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Pension with GAR
I have a small pension pot with a Guaranteed Annuity Rate of 9% that I took out in the 1980s. I stopped paying in when I joined a work pension scheme and the policy was made paid up. I want to start paying extra contributions and thought this might be a good place to put it. Scottish Widows says I can do this though the…
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Can anyone explain how additional pension works in TPS?
If you were to buy the maximum, say £7000 over 20 years. I namely want to ask, Is this price fixed in now and not reviewable? So you will just pay monthly deductions for the next 20 years.... If you were to stop working before paying the full 20 years, can you do a lump sum to 'pay it off' before leaving service or what if…
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Grandmas pension
Hi all, brand new on here so hope I can find some help My grandma , who has since passed away, worked for John Player Nottingham for 25 years and on leaving expected to get a small sum each week I guess in the form of a pension (info is sketchy) when she didn’t she asked why and they replied that her records had been lost…
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Workplace Pension - Transfer Decision
Hi All Last year my company changed pension provider and stopped paying into the old one I have just had 2 annual statements and the despite Covid, the new pension is performing OK, however the old pension is not and losing money At this point, I am considering transferring the old value into the new provider. The old…
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Defer State pension.
Good morning all Am considering deferring my state pension for a couple of years and am aware that national insurance payments stop once you reach state pension age. Is that still the case if you defer taking state pension?
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What to do with old contracted out pension?
I'm 57, self employed. Over the last year or so I have attempted to get my head out of the sand and try to get a grip with my pension position. I have 4 different pensions and I'm not sure what to do with them. All are pretty small, compared to what I read most people have on this forum, but I have not been a big earner, I…
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How good are HL at doing things online for withdrawals?
Mrs Notepad is about to start making withdrawals from her small SIPP and would like to set everything up online/via post rather than having to talk to anyone over the phone - to be honest so that I can help her fill in all the paperwork and explain the terminology.The small pot size make HL's costs look reasonable and from…
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Small stakeholder Pension - Lump Sum
This might seem a strange question and that possibly nobody will be able to answer, but I'll give it a try. At the beginning of last year, my wife (Thai/British national) forwarded a letter to a pension company in the UK requesting closure of her small pension fund (under GBP10,000) having reached her required age, stating…
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Financially supporting my parents
Hi! I have graduated from uni and started working some while ago. As my income is getting more stable, I am thinking to pay/ give back/ gift (whatever it calls) some money to my parents regularly. Anyone knows if my parents will be taxed for the money? Will it contribute to and eventually be taxable for IHT? I will be…
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Tax on lump sum
My father died May last year he had a pension with Prudential which they eventually paid out to her in Nov. The lump sum was £18,600 but she only received £15000 due to tax. If there any way she is entitled to any of this back? She also received a ppi payout from Gladstone Brooks and they deducted £739 in tax so she paid…
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my pension
I am 64 i have a pension pot of £149,000 is it wort me taking it now or waiting till i am 66 ,i have left my job in the last two weeks i have enough savings to live on for the next two years
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Is an overseas pension included in my UK tax calculations ?
A friend of mine who is aproaching retirement is in receipt of a small (£1032 pa) pension from a company pension scheme which is paid into her UK bank account and was earned whilst living abroad and working for a company in Canada from 1982-92. Should this be included in her UK tax calculations. She is a UK resident for…
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From what date should a company start paying into a pension?
Hi, Can anyone advise from what date a company must start contributing into a pension? Is it from the first date of employment that they must pay (albeit the actual money may not go in until a later date) or can they elect to have you join say for example, a month after joining? TIA
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2nd Pension alongside DB pension
Hi guys, I want to know what the best types of 2nd pension I should choose running alongside my main DB teachers' pension? I am around 35, basic rate atm. The reason I want a second pension is for tax efficient purpose (probably like everyone else here). 1) Will make sure to stay in the basic rate band, when the date comes…
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NHS Additional Pension or SIPP
Hi, I recently started working for the NHS and have been looking to increase my pension contributions. I am 39 years old and have previously worked for smaller organisations with much lower pension contributions, so my pension pot is not very big at the moment. I am in the 2015 scheme, I pay higher income tax and have…
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Pension contribution & HMRC letter
Hi, I am a 40% taxpayer and I have been sending letters back and forth with HMRC. I just wanted to double check something. I have made these contributions to my private SIPP: * 2018/2019: £5,800 (net contribution to the SIPP) * 2019/2020: £4,950 (net contribution to the SIPP) HMRC has sent a letter stating I have issued to…
