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Pension re-cycling
Trying to get a handle on the pension re-cycling rules. Next year I will draw £32k from my sipp, 8k lump sum then the rest over 12 months. Can I invest anything back into the sipp ? The following year I will take my defined benefit pension which will give me a lump sum of £60k and annual pension of £20k. If I keep the sipp…
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Voluntary NI /SIPP/ future planning
I am retired and can claim my state pension soon. I can increase it by 5 years through voluntary NI contributions but that will be taxed at marginal rate of 40%. We don't actually need the extra state pension income for normal living. I had decided not to buy the NI contributions, but then it occurred to me that as my…
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UK Inheritance tax threshold
I think I'm right in saying that the UK inheritance tax threshold is currently £325,000. My wife and I both have share portfolios valued at around that figure. While I have a will my wife does not. I she dies I will inherit her estate. My will leaves my estate to our children. I'm concerned though, if my wife dies first I…
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Reasonably priced pension advice?
Hello I have two old pension pots that I need to do something with. From what I can make out from the paperwork they are 'worth' about £110,000. I contacted a pensions adviser last year and was pretty happy with the introductory advice but to action the advice and move the pensions etc their fee was around £3000 which…
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Voluntary NI contributions How long to show on record?
Ive just paid for a year of Voluntary NI contributions Just How long does it take to show on my record?
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Should I make the voluntary contribution?
Hi, here is my situation. The question is do I make the voluntary NI contribution? I am 38 so will reach state pension age in Oct 2050. I currently have 16 years full NI contributions so in the 30 years I have left before 2050, I have to acquire 17 more years to get a full state pension. I have the opportunity to make a…
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Am I too late to pay into a SIPP for 2019/2020 tax year?
Asking for a friend. Is it too late to use unused income tax benefits to deposit money into a SIPP for last tax year, ie 2019/2020? Tax return about to be submitted so taxable income now know and want to use up spare cash to limit of taxable income to deposit into SIPP to get tax relief benefit.Or are contributions as of…
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Whats considered a "good" employer pension? Me 5% employer 3%?
Considering new job and its 5% me and 3% from employer. Is this considered good? Also, and I know the NHS pension is way different - I contribute 9.6% to that at the moment in current job. How does this compare? Also, if I did leave would my NHS pension be frozen? (I know NHS WAS very good but they've chipped away at it…
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Paranoid about my pension, justified or not?
Hi, Over the last 18 months I have been taking a more interested / detailed look into my pensions (currently have 2). I'm 49 years of age and ideally would like to retire at the age of 60 (ideally before but I don't think that will be feasible based on my current pension stats). Until recently I've never thought of…
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pension query from a tax perspective - first timer
Hello, I have read numerous threads on here but we have never posted ourselves , some threads have been similar scenarios to ourselves and have been very helpful. I am age 55 and receiving a final salary pension as of now, i also received a tax free lump sum from the scheme. I am now paying into an employer Defined…
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With Profit Annuities
I was thinking of crystallising the funds I have in excess of LTA and using these proceeds to buy a with profits annuity. Amount is circa £150k after £50k LTA charge. I am struggling to find a list of providers for this somewhat niche product - I can only seem to find Prudential as a provider. Are there any others? How…
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Exceeding Annual Allowance with matched contributions
All, After a bit of advice. My company offers a generous Defined Contribution pension and I am now expecting to exceed my Annual Allowance. I also don't have any carry-over from the previous 3 years which I can use this year. They offer a 50% match on any additional contributions I make up to a maximum of 4% and I have…
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take out pension
i want to take my funds out of my current provider. i wrote to them saying i was planning my retirement sometime this year. they replied telling me i had to get my employers to confirm my date of retirement? i dont know this for certain at the moment but do want to withdraw my funds anyhow. do i have to discuss or tell my…
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Vanguard SIPP charges
Charges on my Vanguard SIPP will soon be due in Feb, as I have made several transactions this last few months, I am unable to work out how much will be charged. I don't hold much cash in my Sipp currently so ideally would like to add cash to the SIPP before Vanguard sell any of my holdings Does anybody remember if Vanguard…
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Best way to save tax on lump sump
Hi i have just over £38,000 in my Aviva pension which i would like to take about £ 20,000 out of it . I am 65 in March one year to go until state pension age.66 i currently have a small pension i draw on £6720 plus savings ,we are moving house and want to do different things to it so is this the best way to do this Take…
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Tax free lump sum, but not retiring - questions...
Hello all,I have 3 pensions, 2 DB and 1 DC, the 2 DB are closed. I am still contributing to the DC along with my employer. Now the question I have is as follows; I wish to take the 25% tax free lump sum at 55 out of just one of these ( the two DB is from the same employer and does provide this facility).My confusion arises…
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Early retirement, SIPP and Defined benefit pension
Some background. Hubby and I have just taken early retirement. We are in the fortunate position of having defined benefit pensions - he can claim his TPS pension in 8 months at 60 and I can claim my LGPS pension under the rule of 85 in 2 years time (at 60) plus my TPS pension at 65 - both of mine will have a very small…
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re-invest tax free lumpsum in new pension
My original company pension closed a few years ago and I started with the new scheme. Two years ago I took the pension and tax free lump sum from the orginal scheme, which lumpsum was invested. I've now retired but have not touched the smaller Standard Life new scheme pension and they say I can still put money into it, and…
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Will my wife get any of my pension?
Hi, I'm a 40 yr old man. I have a salary of £50k while my wife has a salary of £12k. I pay in around £500/month into my pension while my wife pays £150/month. In my retirement, obviously I will be getting more pension and me and my wife can make ends meet well. However, If I were to go early (to the heavens), will my wife…
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Should I consolidate my pensions?
Hi, I have about 20 years before retirement and have a number of pensions. The main 5 are with the same provider. 3 of these are from previous employers and are Group Personal Pensions, Management fees are between 0.8 - 1.2% The other 2 are Trust based pensions both from my current employer, one is not being contributed to…
