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State Pension. Protected Payment ?
I've just received the confirmation letter that my state pension is rising from £175.20 to £179.60. All good. But it also informs me that I am getting an extra 'protected payment' of £21. I was baffled by this so I checked the pension website and was even more baffled. Something about my starting point being higher than…
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Can I retrospectively claim higher rate from the last FY?
Hi all, Due to my salary sacrifice pension, my taxable annual salary has dropped under the £50k threshold and puts me in the normal 20% tax bracket. However, during FY 2019-2020 I received a bonus which meant my total income for that FY was above £50k. In addition to my workplace salary sacrifice scheme, I also contributed…
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Downside to not having an income?
Hi, I wonder if you can help me, in case I’ve forgotten anything? I’m planning on leaving work at 58 then living on capital for a couple of years before drawing a defined benefit pension at 60 - I could take that now, but it would be reduced because of taking it early. I’ve squirrelled enough in a SIPP while paying higher…
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AVCWise
This company is being offered as beneficial the those holding existing AVCs in LGPS. I’m not clear what the advantages of using them are, something to do with shared cost AVC? Does anyone have any experience of them? Thanks
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Disabled person : Pension Tax Relief Amount?
What is the amount with tax relief that a disabled person on benefits, can pay into a pension? Thanks
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Fidelity Pension tax relief
Hi all, I have a pension through my employer, held with Fidelity and invested across a couple of funds. I contribute monthly and so does my employer - both are deducted gross of tax from my payslip. Late March 2020, I wanted to add to my pension upto my allowance limits and given the dip in the market, as I though it would…
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Old DB Barclays Pension
Hello, I would appreciate some advice as I am confused. I have a Barclays Pension DB (1964 scheme) the transfer value is 53976.25 and the pension would be paid annually is £348.78. Does this seem a bit low would I be better transferring it to SIP? I am 52 and I get the pension at 60. Thanks a lot in advance
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Ltd Co Pension - what is my best course of action?
I'm a Director of two Ltd Co.'s - one based on my professional work and one a company owning property. I work very part-time and bring in £40K in my professional Ltd Co and £30K profit in the property company. I am in my early 50's and want to maximise the tax advantages of paying a Director's pension. I pay myself the…
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Do I just need the nudge to dig those squirrelled nuts ?
Warning, long winded post follows !! I am going back to work on Thursday after 3 months off and
not particularly looking forward to it. Half my working time pre covid was
spent overseas, but with ships going nowhere, that looks likely to be very much
curtailed at the least. Unlike many
posting on here, that’s the part of…
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Scottish Widows Guarantied annuity rate
I have a pension with Scottish widows from the 80's. I have around £40,000 in now. I called to get a current valuation and when I asked, they told me there was a GAR on it. Now I presume should have asked what % that was? I will tomorrow. But since I came off phone, I had a search and have seen these gar's can be up to 10%…
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Avoiding LTA at second BCE (75)
Hi, We are having a discussion with our IFA later on tonight about avoiding BCE at age 75 with a large pot.If disinclined to pay higher rate tax then are there any other avoidance strategies to be considered apart from1) Retire earlier2) Spend part of pot on an annuity (if appropriate to the situation not just for tax…
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Am I subscribed to the wrong pension through my employer? Advice wanted!
Hey Folks!, Hope everyone is keeping safe during lockdown! :smiley: I recently came across a few articles that are talking about auto enrolment and salary sacrifice pension structures (i'm not aware of which one i'm on) and it got me thinking, when work place pensions were introduced were you made aware of what pension…
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PPF and DB Schemes
Saw mention on another thread on here about concerns PPF levies have on DB schemes. Would be interested in more on this.
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Entitlement when seperated
I’ve been separated since 2016 and don’t plan on divorcing, it was my decision not to claim anything from his private pension due to him being a good friend. He has been supportive in so many ways when I became very sick, and knowing how hard he worked I couldn’t live with myself ruining his retirement. I did want to ask a…
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state pension increase
have just received my state pension letter about general increases in benefits. whilst the basic state pension has gone up 2.5% the rest, ie post 97 additional state pension, Extra basic state pension (due to deferring) Extra additional state pension and the graduated retirement benefit do not seem to have been increased…
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Yearly minimum wage for pension purposes
Hi i wish to salary sacrifice down to the minimum wage but what is the yearly minimum wage figure ?
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Can I retire? Check my retirement numbers.
I'm toying with the idea of retiring early. I'm not able to claim my state or private pension for a long time. Mine and my partners income separate to the day job is as follows. This is what we would get if we retired now: * Profit after taxes from investment property = £18,900 pa * Profit after taxes from passive income…
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Aviva Pension Fund choices
Hi All I have a pension with Aviva through work and I'm very much in the accumulation phase of pension building. I just checked what I'm invested in and it's Aviva pension mixed investment (40-85 shares) S6. Looking at the aims of the fund and its performance it feels a little conservative for someone with maybe 20 years…
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Drawdown
It turns out I have enough tax allowance to drawdown from my SIPP this tax year. If I request this now I know I won't receive it till late April so will it not be counted in the current year?
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Pension scheme deficit: How much to worry?
I’d very much appreciate thoughts on whether/how to take account of risk to existing pension when planning for the future. I am a member of USS and have been for a good chunk of my working life. It’s well known that the scheme is in serious deficit, exactly how bad is contentious but it’s clearly not in a good way. I’m not…
