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SIPP or drawdown SIPP
We are looking to transfer a small DC pension my wife has currently with Aviva. I did much the same thing with my own small DC pension a few years ago but wanted to check the procedures:I intend to transfer it to HL (where mine is)When I transferred mine, I transferred it before I was 55 into a SIPP, and then when I…
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Have I really missed out on two years' DWP pension payments?
I've just been told by someone who is - supposedly an "expert" that I could have claimed my pension almost two years earlier than I did - seriously is this true? Married woman, born 1943, paid full NI stamps from the age of 18 to 23, then I paid the "married woman" stamp from then until I retired in 2005. I did have the…
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State Pension - NHS Contracting Out
I am due to retire in a few months and it has come as a complete shock that I have been a paying lower rate of National Insurance as the NHS contracted out of NI contributions. Apparently I will be receiving a lower state pension because I have not paid full contributions even though I have been in full time employment for…
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Pension payout delays
My father passed away in February and left a sum of money in an investment type pension, as executor I provided the grant of probate 6 weeks ago now and still haven’t been paid out. Being an investment type it obviously fluctuates with the market, it dropped 12k at the start of COVID and has slowly started to improve. Now…
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Higher Rate Tax Relief on Epmployer's pension contributions
I have a simple question to which I cannot find a simple answer to online. I am a higher rate taxpayer. I need to claim back higher rate tax relief for contributions to my SIPP for the past four years. I have separate work pension with Standard Life. Can I claim higher rate tax relief on my employer's contributions to my…
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Am I missing something ? DB pension transer to SIPP
Hello Folks, Long time reader, first time posting. I am looking to transfer my wifes small DB pension from Natwest into her SIPP where it can be invested in ETF's and the like. Please can I ask some financially minded people you read the following and tell me if I am missing anything; Wife is 45 - planning to take pensions…
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“money earners” in retirement
There are a few of you here who have already retired, perhaps early. A number of us are perhaps heading that way: some may be thinking “one more year to be build a safe buffer” - OMY syndrome is definitely a thing. Retirement isn’t about working, I know.....but I’m curious about the possible ways one could earn some…
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Pension whilst on furlough
my daughter recently started a new pension whilst on furlough. She has since lost her job but thinks it’s ok to still pay into it. My understanding is she needs to have a job to make contributions and with things as they are not sure how easily she will find a new one. It was only a part time job anyway whilst at uni.…
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Salary Sacrifice and NI payments
I have been paying AVC's for a few years, where I get tax relief at source. I heard, work, are going start a Salary Sacrifice scheme for AVC contributions, where you can reinvest the saved NI., sounds good. However using the calculator on their site, illustrate the savings, I entered £200 for shared cost additional…
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The £40,000 annual allowance, and the £1M cap
Hi guys, Would be great if I can get some help :) My pension is TPS, I can increase my contribution by either "Additional Pension" or "Faster Accrual". I did some research, and am still deciding which is the best way to do it. My feeling is that the calculation is not that straight forward for TPS pension. Now assuming I…
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How many funds in a SIPP?
Hello, I have just transferred out my pension to a new provider and am in the process of selecting funds to invest in a SIPP. I understand that if I choose too many funds, the pot will be overly diversified. How many funds should I select for a pot worth approximately £91K? Many thanks for any advice.
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Fidelity DC pension transfer to Alpha Civil Service
Hi any response kindly received I have received a transfer value from Fidelity to transfer to Alpha Civil Service I am 63 come November and intend to retire at 66 Fidelity transfer figure is currently £26,843 and Alpha transfer in for that would get me additional £1653 p.a. In Alpha at state pension age TBH it is less than…
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Tax due on State Pension
Trying to help my wife complete her tax return for 2019-20. I thought that the SP would be automatically "filled in" but nothing on tax account. The problem I have is that she deferred for over 3 years then took it part way thru the year. I've calculated it as the number of days between the date of entitlement and the 5th…
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Modest DC pension transfer options....
I have a DC/hybrid pension, with a CETV of around £75k I also have a DB final salary pension also, which will pay around £5k p/a if I retire now (55), or around £6k p/a if I wait until age 60. Only modest sums I know. But I am considering transferring the DC/hybrid to either a fixed term annuity, or a drawdown plan, and…
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Should I make up the shortfalls in my National Inusrance?
I am 30 and 6 years of full contributions and 8 years where I did not contribute enough. 3 of the 6 I was at school and not working. I have never worked in the UK. I am returning back to the UK after 12 years abroad, I don't know if I will work, I doubt it. I checked to pay my missing years and it will cost me about £6400…
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State Pension
My state pension is due, but i do not have a fixed address, i have a c/o address and a bank account. Can i still claim my pension. Got 48 full years contributions
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Pension transfer to mortgage
Hi if I was to transfer some money from my pension to reduce my mortgage would this affect my ESA benefit? many thanks
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Recent DB Transfer: Ongoing Fees for Dedicated IM and FA
Hi, I recently completed a transfer of my DB pension which now sits in a SIPP with InvestAcc with the monies being invested by a Quilter Cheviot Dedicated Investment Manager. This income and growth portfolio approach was a recommendation from my FA who works for a company that is an appointed representative of Quilter…
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Carry fprward 40k allowance + Salary Sacrifice
Hello. I am planning to make larger than normal contributions to my pension this year (20/21) to reduce my tax offset and I wish to also use the Carry forward scheme to contribute more than the 40k limit per year. In the last 3 prior tax years, I've made contributions of around 20k, but this year I have a very low…
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SIPP Funding best option
Hi, I am thinking of opening a SIPP and I have a question about
the most tax efficient way of funding it. I would want to make regular, say monthly contributions. Here is my situation: 1- I am the director of my UK Ltd company but do
not draw any salary or dividends from it. 2- I am as well self employed with income that…
