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Carry Forward Pension Allowance
Hi Everyone I'm a little confused by the 3 year carry forward rule for Pension allowances. Here is my situation: * In 2019, I earned £10,230 and I did not make any payment into my SIPP, but a total of £496.09 (inc tax relief) was paid into my Nest pension. * In 2020, I will not have any earnings and I have not made any…
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NHS Pension scheme 1995 scheme retire at 50? Now in 2015 scheme
I am a nearly 48 years old Mental Health Nurse. I have been in the NHS Pension scheme since 1995. My pension has automatically gone over to the 2015 scheme. I had been hoping to retire early at 50, as I understood I could with the 1995 scheme. Is it now the case that the earliest I could take my pension would be at age…
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INHERITANCE TAX AND PENSION
How long does it take for the Pension people to contact you when you are Executor of your parents Estate.? I am doing her (my mothers) Inheritance Tax and you cannot get hold of anyone from Pensions to complete the form. I know they are short staffed at the moment but does it take weeks or months are its holding up probate
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Moving 10% of personal allowance to spouse in retirement, benefits and possible drawback.
Consider the situation where husband and wife are both retired, no income from employment. Husband can transfer 10% of personal allowance to wife. Husband has taken his 25% TFLS and can draw down £11250pa tax free. Wife now has an effective personal allowance of £13889, which if she combines with UFPLS, allows her to draw…
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Should I pay Voluntary Contributions
Hi everyone, Was hoping to get some advice on voluntary contributions. I have six years unpaid on my national insurance record because I was still in education and didn't work during that time. It would cost me just under £800 per year to meet the full yearly contributions. I'm not sure if it's worth doing this as I don't…
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Migrating from personal pension account to SIPP (charges, limitation and other caveats)
hi experts I have a couple of personal pension pots which I would like to move to SIPP. With my current pension provider I am paying 0.50% for the management fee/year. The combined current pension pots value is around 175k. The key reason for the moving the pension will be to reduce the management fee and I was looking for…
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Pension when workplace went bankrupt in the 80s
At the time, my husband was told that his pension was lost because his firm went bankrupt in 1984. Does anyone know if this was definitely the case in those days please? Many thanks
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Pension fees - who's managing my pot?
Wonder if anyone can guide me, Got 2 pensions with SW. First is easy and is my current work place pension paid in by both work and myself each month, small and fairly insignificant for now. I have another with SW (that fact is just a coincidence) around 200k+ and is my main pension pot, this is the accumulation of me…
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LGPS AVC is it part of DB pension
Been paying most of the wife's salary into her pension for most of the past few years. She earns just over the tax limit so she has paid any taxable income into her LGPS AVC, marriage allowance given to me, with the rest, £8k-> £10k, into her SIPP. She intends taking her LGPS pension together with her AVC in a few years…
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Specified Adult Childcare credits
Is it best to apply each year for these credits or leave it until my state pension is due and claim once? I should be able to apply for these tax years, 19-20, 20-21 and 21-22. I will receive my state pension August 2023. Will I be able to claim for 22-23? I have been looking after grandchildren since April 19 so I can…
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Taking a Tfls from Sipp but not the full 25%
I may need to take @£15k from my Sipp in December when I hit 55, I’m in the process of transferring my Aegon pension of £50k into said Sipp of £45k as Aegon retiready don’t have a drawdown option (or an annuity option for that matter 🤔) I’ve read conflicting information about Crystalisation / UPFLS etc. I want to take the…
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Pension drawdown question
Hi all, just retired , woohoo, looking to access one of my pensions with Aegon , I have asked them about drawdown and they have come back with two options that seem very similar. A drawdown product , and a UFPLS . Can someone explain the benefits or pitfalls of these products ? And which one is the best option. I have…
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Tax liability for widow on husbands pension?
This is asking for a friend. Her husband died around 10 years ago, he would now be 55, his widow is now 48. She has recently been contacted by a pension company to discover her husband had a forgotten pension with a value around £85k. What’s the tax implications for her on that, she’s on very low income around £12pa?
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Switch pension but with same provider (Standard Life)
Hi all,So on doing some digging for alternatives to my SL stakeholder I have found a couple of Standard Life AMPP options with lower fees and similar or better performance. On contacting standard life about this by email, after a week I received a complete non-reply about speaking to a financial advisor about switching…
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One for the experts( you know who you are!)
So there is lots of talk about ‘derisking’ before you retire. Just wondered exactly what allocation would you move to and how many years before retiring?It’s a bit of a moot point for me as I have an NHS DB, but DH has a SIPP , just wondering if we are on the right lines. We are quite risk averse, currently in Defensive…
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Hill top finance/pensions.
just putting a few things in order here for when I retire in 6 yrs time. I've been advised by a finance company (hill top finance) to transfer my whole private pension from a annuity into a draw down pension. just wondering if any of you have heard of or had dealings with hill top finance. any help or advice appreciated.
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Moving out of SIPP before retirement - possible?
I have a SIPP with HL. Vast majority of the time, the money in there is just held as cash as 1. times are so uncertain that any investment in shares / ETFs / funds is so high risk at the moment and 2. I don't really have the acumen to invest my pension sensibly or the money to spend on financial advice. So my question is -…
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Understanding Pension Revaluation Orders
These are the latest rates for non GMP as at 31/12/2019 The last column only appears from 2009 which I guess is when the revaluation changed from RPI to CPI if the scheme rules were worded to allow for it. Two questions ... (1) Because CPI is lower than RPI I would expect the figures in the last column (CPI) to be lower…
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Frozen Pension - tracking my investment question
I have a frozen pension with Mercer and i never hear from them on the performance of my investment. This pension has been frozen with them since the 1990s. I have no idea how much is in the pot. Is there a regulatory requirement for a pension company to provide an annual summary of the investment along with the projected…
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Interactive Investor SIPP
Does anyone have an ii SIPP, and can they vouch for it being a decent platform? What is the online platform like - as I cant see it without joining? I will be transferring circa £190k into the SIPP - as a drawdown pot - and will be continuing to pay £1000/month into the SIPP as regular monthly savings into approx 4 funds.…
