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just over £30k in personal pension, started the ball rolling tsfr to SIPP - without financial advise
I am hoping that I have not made a silly error and perhaps someone can advise? I am helping my mum with her pension and as she is not needing to use the pot just now we decided to move it in with a SIPP that she has with another provider. We recently took charge of her finances as she was not happy with the financial…
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Drawdown - Income or Acc units
I have been reading a couple of books lately about Drawdown as I intend to start drawdown this summer at 56. I will have to deplete the fund to do so at a higher rate than the safe SWR until I reach SP age. One book recommends buying income units for yield, CTY and various REITS among others and if necessary using some %…
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Salary sacrifice & NI
Currently I am a 40% taxpayer and with a salary sacrifice arrangement for pension contributions . So I only gain 2% NI from this ( no contribution from employer for their NI savings . Next tax year I expect to retire around June and have no further taxable income for the rest of the tax year .So clearly will be due a tax…
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Pension Planning_Spouse with Minimal NI Contributions
Hi, Hoping for some help/wisdom please, as I am out of my depth. My spouse is a Japanese national, and has lived in the UK for circa 13 years with indefinite leave to remain. Therefore she is a UK resident for tax purposes. She will be 41 in April, and so I'm aware we are leaving things late to plan for retirement! (I wam…
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Amount needed vs Amount wanted for retirement
I've been reading this and other financial forums on and off for years, and I've appreciated what I've learned, but I find I'm sometimes taken aback by the conversations about money needed for retirement. Some of you, maybe many of you, have millions set aside or you're on track to have millions. It makes me wonder, do you…
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Tax questions on making contributions to pensions
I'm currently looking at making contributions to a pension as I've maxed out my ISA allowance and have some questions around what's the best route to do so.My company has a workplace pension that I contribute by salary sacrifice. I'm in the 40% tax bracket and I'm 38yo. Can I make contributions to my workplace pension and…
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NHS 1995 Pension scheme
Hi,My partner is a nurse who works for the NHS and is planning to retire in a year once she reaches 60. She is on the NHS '95 Pension Scheme which will be based on 20 years employment. She recently asked for a quote of what annual pension she will receive if she retired a year early. The figure received seemed to be higher…
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DB & SP recycling?
I'm 67, am in receipt of a DB company pension and state pension; I'm wondering whether I can pay the equivalent of these two incomes combined into a new SIPP, or are there other constraints?
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LGPS AVC Question
Hi, I work in local government and have two separate pensions in the LGPS. One deferred from previous employment and one with my current employer. BTW, not combining has worked well for me so far as I took a pay cut to move to a more enjoyable job in a cheaper part of the country. I pay into Prudential AVC associated with…
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High Court ruling in November 2020 regarding GMP equalisation.
I am a member of the Teachers' Pension Scheme and would like to know if I am due any additional benefits as a result of the High Court ruling in November 2020 regarding GMP equalisation. I have contacted the Teachers' Pension Scheme and their response said: "Teachers' Pensions will be taking reasonable steps to identify…
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MPAA Trigger
Hi everyone Does starting to take benefits from a DB scheme trigger MPAA Thanks in advance
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Maximum pension contribution for a low earner?
Hi So salary £20000 this year and total pension contributions, including tax relief and employer contributions = £3000. To make it easy say that salary and contributions were the same for the last 5 years, what is the maximum I can put into a pension this year?
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Spreadsheet to monitor pensions
Long time lurker here. I'm now 54 and have a DC pension I have contributed to for over 20 years, plus a couple of small others - one DC and one DB. Can someone point me in the direction of a spreadsheet where I can plug in my numbers to hopefully monitor what I could potentially receive in total when I am different ages?…
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Drawing frozen pension
I have a small civil service pension around £4000 per annum with a small lump sum, frozen 30 years ago due to be paid when I’m sixty. If I claim it now 2 years early I lose 10%. Can anyone tell me what the disadvantages are of claiming it now as opposed to leaving it. I don’t need it but my basic maths has me thinking if I…
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In laymens terms, what does Career average pension mean and am I paying more than I am saving?
Dear MSE Forumites When I checked my pensions savings for my first year of employment (Running from Sept 19 to Mar 20) from what I could tell, my saved pension was far lower than I expected, it didnt even come close to how much I have been paying in nor did this even show how much my employer had put in. What gives? Here…
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Thoughts on best way to invest in sipp
Hi everyone this is my first post and wanted some opinions. I was made redundant few months ago like many other people have been this year. Im 49yrs old and have a DB pension payable when im 55yrs old but its not a great amount. Im looking to put some of my redundancy money into a sipp 45k and then 10k each year so i can…
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has this bolted Baillie Gifford American fund
just want to see what people think of this fund, have got this in my aviva allocations of fund (not a big selection to choose from as company aviva scheme). 30 years before i retire so should be able to ride out if it falls massivly from the high of this year. my one concern is it is massivly above the bench marks but dont…
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Trivial commutation Payout
I have a small company pension from a previous uk employer. Although the pension will be a very small pension I can take it at 50yrs of age (2 months away) unfortunately they have informed I cannot take it as a trivial commutation as a one off payout because it is a little over the HMRC set limit of £30k I would be…
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Why is my pension pot still increasing?
I have two main pensions. A frozen one from a previous employer and one from my current employer. The frozen one dropped something like 18-20% during the first wave of the pandemic but is now higher than it was before. With my current employers pension, the growth went negative for a while but is now more than double what…
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Difficulty tracing old pensions
Hi, I'm having problems tracing a couple of old company pensions (my own fault not updating addresses over several moves a few years ago). I tried the free tracing service, plus actually calling both companies and have written to everyone suggested from both but no luck. If I search online all I really come across is the…
