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Managed sipp to independent sipp
I am coming up to 65, I have a sipp with Standard Life which
is ‘managed’ and incurs their fees amounting to over 1% pa, my question is and ignoring whether any particular investment
decision is good or not, at the age that I am and with the intention to
soon start drawing down on my sipp would it be unwise (stupid!) to…
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Finding pensions
Bit of a strange one, is there anywhere I can find a full list of all employers or search for pensions? I have had over 15 different jobs and cannot remember start dates or end dates and I know most of them had pensions but I have moved 6 times and lost lots of paperwork along the way.
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Change in State Pension Awards.
I have just received a new statement from DWP reducing my state pension by £250 a month. Contacted them and informed that 10 years ago they calculated incorrectly and that for past 18 months have been reviewing others.Out of the blue and a big hit on my finances.Have others experienced this?
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Pension Top up query
Hi all - embarrassingly simple query regarding pension top up. If I add a lump sum to my pension pot, I will get tax relief. However, when I take my pension I will get taxed on it (basic rate) So the question is, am I up on the deal? The sums seem to suggest I would be eg; I have £8000. Pay that into pension, it gets…
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Carry forward allowance - confused about the process!
Hi All. I'm going to max out my pension contributions at £40,000 this year due to a surprise back payment from my employer (nice!). Usually I would put my annual bonus into my pension which, due to this extra payment, would take me over the £40,000 allowance - but I understand I'm still able to do this using unused…
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Overseas pension arrears payment - which tax year?
My late husband was in receipt of an Irish pension due to having lived and worked there for a number of years. We since moved and settled in the UK, where I still live now. After his death in July 2019 I became eligible for a Widows Pension from Ireland. There were numerous delays in setting this up, and finally they have…
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LGPS - Protected Pension Age?
Hi there I've noticed that there are a lot of clued up people on here, so I was wondering if someone might be able to answer a question I have about the Local Government Pension Scheme? I'm a 50 year old Local Government Officer, who joined the LGPS in 1994. My employer (like most councils) is struggling financially at the…
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Commuter Towns for London. Bedfordshire.
Hi, Currently myself and OH live in East London and are looking at buying a flat or house in a commuter town around London. We were initially looking at Hertfordshire but have been looking at Bedfordshire area as seems you get more for your money. Budget is around £325k max. Ideally looking for a 2-3 bed house. Have looked…
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Drawdown and flexi access help
Hi, I would like to:* take a 25% tax free lump sum from my DC pension when I'm 55 * Move the remainder into a flexi drawdown pot which I won't touch so as not to trigger MPAA * Continue to pay into my DC pension geting my full tax relief Is that pie in the sky or possible? E.g. when I take the lump sum and move the rest to…
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Earning 130k is it no brainer to max pens cont?
If earning in the region of 130k incl bonus is it a no brainer to maximise pension contributions given that you lose £1 of personal allowance for every £2 earned over £100k?? Once maximised pension contributions are there any other tax efficient investments? TIA
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Lump sum or take small pension?
Hello, my wife has has an AVC mature in March. It is valued at around £27k, she has been given the choice of taking it all as a lump sum, 25% lump sum annually for 4 years or around £380 a year pension. Which is going to be the best option to take?? She is edging towards taking the lump sum and putting it into premium…
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DB pension goes into PPF questions
My OH company folded and along with it the old DB pension which is going into the PPF. They were transfered into a DC scheme in 2009 as the DB scheme was stopped. Hes also got his own private pension with The Pru.. He has another 8 years to go before getting to 65 which is the age on which the DB scheme was using as NR…
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Self Employed Pensions (and tax) query - is this ok to do - Genuinely unsure
Afternoon all, genuinely unsure if this is ok to do. Wife, part time self employed, is a low earner and turnover probably about £12.5k pa , various expenses that are allowed and this normally brings profit down to say £8.5k. I am aware from a pensions viewpoint this means she can only pay into the pension £6800 , this…
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HL SIPP into drawdown, ideas for small investment?
Originally posted on mazibee's thread in Savings: mazibee I'm a beginner and don't have any advice, but just wanted to say I've enjoyed reading this thread about investing £20K when so many are discussing ten times that, and much, much more. I presently have £38K in an HL SIPP which has been held as cash since opening in…
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Pensions tax relief near the higher rate tax threshold
I'm trying to understand how tax relief works when the taxpayer is near the threshold for higher rate tax, in particular the reliefs that go away when you become a 'higher rate taxpayer'. Suppose the threshold is £50,000. The taxpayer earns £50,500 and wants to put £1000 in a pension. As I understand it:* With salary…
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Understanding my Contracted Out 'COPE' figure
HiI've got a question around the state pension and "Contracted Out Pension Equivalent" (COPE). I can see from logging in to my Govt Gateway account that if I keep making contributions for another 6 years (i've got about 20 years to go to state pension age) I'll receive around £175 state pension per week. As I was…
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Defined contribution pensions, partial transfer with Aviva - the segments affair
Hello, Hubby has got two pension pots. The underlying funds/shares within the pensions are the same (you can see it's the same share breakdown), just branded differently from two employers. They are boring company pensions (current company + old), with no extra benefits (started post 2010). Both with Aviva. Point is, old…
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Transferring out of Defined Benefit pension
My pension scheme is offering a generous CETV if I transfer out, approx £800k in lieu of £14k pa income from 55. Personal circumstances make this appealing to me, and initial discussions with a FCA registered Pension Transfer Advisor support my thinking that it may well be the most sensible option. NOTE: whilst I…
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Deciding which pot to draw from
Are there any general rules on which pot to draw from first?Between us we have two SIPPs (£92k in global trackers, £19k in active funds) and two Aviva Personal Pensions (£145k and £32k) where about a third of the value of each is in terminal bonuses. We will start drawdown in the coming financial year, and want to draw £8k…
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Question regarding total pension pot value
Hi, Just a quick question regarding private pensions, is it true that your total pension pot should ideally be 10x your current annual salary? If this is not achievable can you comfortably retire for less?
