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Help to understand Pension Tax Relief
Hello MSE users, Background: I turned 30 and started a new job which uses 'Legal and General' as their pension scheme, as I suddenly felt old at 30, I thought this was the time to get serious about savings.. I've read up and figured out that I really need to allocate my money towards other funds than the legal and general…
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Pensions and child benefit
Hi all I've become an accidental landlord. Rental and salaried income now £58k approx. Already paying about £5000 p/a into a workplace pension (net pay arrangement). Allowable expenses for the property are around £1.5k p.a for this tax year so far. This still leaves me around £3k to reduce for ANI. Not sure I'll keep the…
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Thanks everyone! (I'm almost retired)
Back in August 2018, my first post on this site asked for confirmation that I probably had enough £ to retire. The general response was "Yes, get on with it." Well, time passed, as it does, and in January 2020 I asked an updated version of the same question again - with pretty much the same response. It's January 2021. As…
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Is it better to have one pension fund or keep two?
Hi I have about £40k in a pension with Zurich which was set up by a company I worked for years ago - I've continued to contribute as I have been self employed at times. I also have a NEST pension with my current employer. I want to move the Zurich pension to a more ethical fund and provider. I think the easiest thing would…
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The tax added back on lump sum payments into a pension
Just so you know the background, I'm 67 years old, and work on a self-employed basis. I have a good level of savings currently in ISA's and fixed term bonds, and am drawing my State Pension. I intend to purchase an annuity from my private pension pot of around £130K either later this year or next year. I have around £10K…
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FCA investment pathways
I believe these are coming into existence as of 1st February (i.e. in two weeks), and I wondered if anyone had a "take" on them.
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Inheriting pension - tax question
I'm not drawing on my pension (I'm 46). If I die, my pension is inherited by my beneficiaries (my children). What I don't understand is the tax situation - can they cash in the pension tax free? Thanks
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In Specie Transfer in from Zurich
Was hoping to transfer my Zurich Personal Pension pot to a Fidelity or AJ Bell SIPP, but it doesn't look like either offer any of the Zurich investments my pension savings are currently invested in ie.. Zurich Managed AP, Zurich Equity AP etc.. Would there be any particular reason they're not offered?
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Personal Pension. NEST
If someone, (aged 63), who does not have a personal pension
has started work at an employment agency and is now offered to be enrolled in
NEST. Is it advisable to join? Or bearing in mind there are no definite hours so might not
work full time, would it just be better to opt out? If opting in and after several years…
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Help!
Morning all Hope someone can help with a pension query. I retired in Jan 2020, 2 years early to care full time for my 93 year old mum. I have 47 years full National Insurance contributions so assumed I would receive the full government pension. However, the records are showing that (obviously) I have not contributed for…
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Conclusion of a Section 32 policy
I thought I'd inform the Forum of the conclusion of my S32 policy, more for information than a discussion subject. Back in 1985 I'd been with an employer for just over 7 years, pensions at that point in my life weren't very meaningful (I was about 29). I changed jobs & as I'd been with the employer for more 7 years (in…
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McCloud and LGPS
There was a recent thread on the proposed response to McCloud. Reading up on this in terms of the LGPS it looks like detailed remedy plans have already been consulted on but not yet implemented. Some of the key points I picked up on, and listing to check my understanding: 1. No one can be in be put in a worse position. 2.…
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Should you pay tax on compensation paid in this scenario?
A friend was badly advised re his pension and got a company involved trying to recover his money. He was sucessful in getting a large lump sum and his pension (or what was left of it) is still with the original compny.The money they have sent him is just companesation for the amount he lost but it is a largish sum. Should…
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Ill heath retirement at 43 .....
Hi all I am sitting here, cup of coffee in hand deep in thought as to my current and future situation. Earlier this week it was confirmed that I am to be IHR from the police after 18 great years of service. My last day is the 28th February. Unfortunately I was diagnosed with a brain tumour in 2014. I have recovered…
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Stakeholder Pension Thicko
Hi, I'm slightly confused by the pension rules for taking a lump sum at 55. Background, I have a Virgin Stakeholder pension, stopped paying into it ten years ago, it has £4500 give or take sat in it at the moment and that sum fluctuates, sometimes widely day to day (mostly losing money). I stopped working a year and a half…
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Questions on additional NI contributions to make up a 5 year shortfall
Hello, It's proving difficult to make contact with the Future Pensions Centre at the moment (not surprising really given the current Covid situation), but as I'm due to start my state pension in April this year, there are a few things I need to check - it was suggested that the combined knowledge of the this wonderful…
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Having a windfall of £100K - Best use for early retirement plans?
Not sure this is the right forum section: I will soon have a windfall of £100k (after tax) and considering my options on how best to invest/use it.My main goal is to retire as soon as possible and (although late) trying to make stops towards this.Background: I'm 38yo, currently have:- £88K in Pension- £113K in Stocks and…
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Civil Service Concord Pension contributions and leaving within a short space of time
Hello all, I wonder if someone is able to help.... I joined the Civil Service in Sep 2020 and started membership of the Concord Pension scheme as of the September payroll. I have decided that central gov isn’t for me, and will be leaving mid Feb (to go back to local Gov). I will only have made 5m contributions to the…
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Phoenix Life Discharge Form
I have two Abbey Life (now Phoenix Life) pensions, which I am transferring to an Interactive Investor SIPP.I have initiated the transfer at II's end but II are stating I need a discharge form from PL. PL say they do not have such forms. Who is right?
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