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Sun Life don't offer regular cash withdrawals. What is my best option?
Hello, I have a pension
fund of about £55,000 with Sun Life. I want to withdraw some of that
in the current tax year as cash. I don't want to withdraw it all as
that would take me into the 40% tax bracket for this tax year. Sun Life don't offer
that facility and suggest this on their web site: Is that Legal and General…
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Government pension Query
Hi Everyone looking for advice regarding my gov pension. I am still working and plan to continue for at least another year. My gov pension is due on my 66th birthday in Dec. I know you can defer it but I would prefer to take it and reinvest it in another pension plan /scheme probably with true potential where I have a…
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Pension Recycling
First time question so pls be gentle as I am finding this Pension Recycling issue rather confusing. In tax year end Apr2018 I made gross pension contribution of £11000 , year end 2019 gross contribution of £12000 and tax year end 2020 a gross contribution of £22000. This current tax year I have crystallised £30000 and…
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Workplace pension
Can anyone enlighten me? I recently contacted my workplace pension scheme to find out how much I have paid and will get taking into consideration my employers sd well as my contributions.. the representative told me I do not receive my employers contribution as it goes into a pension pot? but could not explain what what…
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Annual Allowance - headed to exceed it, but does it really matter?
Hi, I'm heading towards retirement by around my 57th birthday in less than a year and have been sal sac earnings into the DC part of my USS (University) pension. I've knowingly been contributing greater than my £40k annual allowance, this and part of last tax year. As a consequence this tax year, I'll breach that annual…
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Transfer Defined Benefit Pension & the great suitability report ripoff
Hello everyone. I will try & keep this brief . I have a defined benefit pension and I want to move it to a SIPP that I will set up and manage. The issue I have is that because the transfer value is over £30k I have to have a transfer suitability report done. Here is the problem. Everyone I have tried so far wants to charge…
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Pension at age 55
My husband was contacted last October (2019) to say he was eligible to take his pension in December when he would be 55. We then got an email saying that due to commutations , it was ‘being held up in court’. Then 23rd September we were told commutation had been lifted and pension would be recalculated, but we’ve heard…
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Serps and company pension
I was advised to opt out of serps and put it into my final salary pension. Now I’m being told that my pension that I’m being paid will be reduced and then topped up by the serps contribution. Basically my serps is now paying a proportion of my final salary pension so I’m gaining no benefit from opting out of serps. Can…
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Civil Service pensions and the McCloud judgement
I've worked in the Civil Service for over 33 years now. My pension was originally in Classic (retire at 60) but this was scrapped in 2016 and replaced with Alpha. I have 28.5 years in Classic up to 2016. I then spent 2 years in Alpha Pension but then decided I'd be better off opting out of the civil service scheme and…
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SIPP
My situation just in case it matters - several Work Place pensions over the years from different jobs, no longer paying into any. Work as a contractor now through an umbrella company and got pension through the auto enrollment. This only gets paid into when I'm working/earning, a % of my pay gets taken out an moved to it.…
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Private Pension Advice
I've been paying into a private pension for 23 years, I always assumed that it was the sensible thing, but I've not been able to work since March due to COVID19 (Mobile Beauty Therapy) and my savings are gone having to pay it each month with nothing else coming into my bank account. I called my provider to ask if I can…
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Flexi access drawdown - what is income and what is a Lump Sum
Apologies for this basic question but i have read everything i can find but no clarity ( and it's a horrible rainy day) so.... Could anyone explain clearly in FAD what is classed as income and what is classed as a lump sum? It doesn't look like it matters if you just keep selling units to drawdown with TFLS to a…
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Why must I cash in my pension when being made redundant
I have been made redundant from my main contract and voluntarily!!!! resigned from the other (both covid related). Two separate contracts one payroll provider. As I am over 55 I am being told by my LGPS provider that I MUST take my pension/money and stop the scheme. I want to keep the money in there and find another job.…
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SIPP Flexi access drawdown and PCLS
Could anyone explain 25% Tec free PCLS in FAD? Do i get one every time I crystallise from my pot to drawdown or only once at the start our can i choose if i crystallise Tec free cash or taxable cash. I have exhausted Google so would appreciate some advice.
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SIPP Flexi access drawdown based on Vanguard Lifestrategy x% equities
Has anyone considered or done this? I loved the low cost of 0.22pc plus platform fee 0.2pc and the fact these funds are rebalanced without having to pay an ifa or diy effort. I'm thinking accumulation and sell units for income rather than natural yield from distribution.
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LGPS plus 3 DC pots confusion
I am new to the forum and have read oodles on pensions to the point I have confused myself and would really appreciate some advice please? I have 2 separate LGPS pensions, both deferred. One includes a lump sum of £69k and annual pension of £9k. This is payable at 60 which I am next year. The other has no lump sum, annual…
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Help with Ill Health Retirement
Hello all, I won't go into too much medical detail; I am looking for any help regarding IHR, my wife, worked for the civil service for 29 years and has now been dismissed, late Oct 2020. I am not looking at legal advise for a wrongful dismissal, wondering if there is a specialist IHR / Early Pension expert. She has been…
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Checking State Pension and voluntary buying Class 3 years
Hi, I am checking a SP status for a friend. While I am far from an expert, my mate knows less than nothing. In going through his forecast, I have become a bit confused. The background is that he worked his whole career in the Civil Service and retired in September 2015 at 60. From what I can tell when the SP changed in…
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Help finding a pensions advisor to transfer from LGPS to NHS
Can anyone help? I began looking into transferring a LGPS at the beginning of the year into the NHS scheme. My LGPS pension recently transferred to a new administrator, which resulted in delays (on top of Covid-19 delays) as they wanted new forms completing, then there were errors in the quotes. The pensions administrator…
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Am I contributing enough?
How much should I be contributing to my pension in an ideal scenario? I am 26 and have been contributing 5% of my salary, which is 25k, for the last year and this is employer matched. My employer will match up to 8%. Should I contribute more? I am anticipating that my salary will increase significantly in the next 10…