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Salary sacrifice and maxing pension contributions
Question does the employers % contribution count towards your own monthly pension allowance? For example someone earning £30k pa £2.5k per month Employer contributes 15% through salary sacrifice to pension The Employee contributes 25% So 30% to pension £750 Remaining gross salary £1,750 After tax and national insurance…
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What and how much cash?
Having read about pension management, there's definately a view to have some money in cash to protect against the market. I'm looking at the interest rates on cash ISA, winnings on premium bonds and they don't seem that high? It feels like by leaving too money cash, it's going to very quickly devalue. Have a missed some of…
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p55 pension lump sum tax
Please can anyone help, I took a lump sum from my pension, and have been taxed at 40%, I completed the P55 in June, and it is still showing no progress. Has anyone else had the same problem, if so, do you have a contact number or any help how I can chase this up. Thank you
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SIPP vs occupational pension?
I decided to consolidate a number of past employer money-purchase pension funds into my current employer’s scheme in order to make a 25% tax free withdrawal on reaching 55. I had completed 3 of 4 funds when my current scheme administrator advised they had mistakenly informed me I could not have withdrawn 25% on reaching 55…
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Average age of death
Just reading about the £1,000 per week for a care home and a poster thinking about downsizing by the age of 80.Down-sizing at 80 sounded quite optimistic to me."From 2017 to 2019 healthy life expectancy (HLE) at birth in the UK for males was 62.9 years, showing no significant change since 2014 to 2016; however, HLE for…
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Mis-sold Pension?
Looking for advice on following including anyone who could help if appropriate. I started work in the 1980's and the company I was working for ran a non contributory pension that I was in, a family associate became a financial advisor and persuaded me to come out of that and get a contributory pension that he organised.…
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DB v DC
Hopefully this is a basic question for you knowledgeable lot! I am currently looking at applying for a new job and am trying to work out the best approach with regards to comparing my current DC pension with the DB scheme offered by the new role. Current pension Workplace DC scheme, e’er contribution 16%, my salary…
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Reducing volatility risk prior to retirement
I'm not a regular reader of the pension forum but did look through a few pages but couldn't find that this had been questioned recently. I couldn't think what to search for so apologies if this is asked every other week. I'm 52 and aim to retire in around 10 years time (as soon as I think that I'm financially able). I have…
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gmpf early retirement penaltiess
Just hit 55 if retired now would get 9k and a lump sum but i believe penalties would reduce this by nearly half but if hang on till retirement would get 16k a year.... going to hang on as long as possible but im thinking if i get to 60 im a carer any gueses how near to this 16 k i would be and how much the penalties would…
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Funding a SIPP with a pension
Hi, my wife receives a NHS pension just below her PA and hence pays no tax or NI. Can she use this income to fund a SIPP and receive tax relief of 20% or she limited to £2880 as a non-earner? Also, if she can invest 80% of her pension ‘income’ will any tax relief she receives be considered income and thus push her above…
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How much to keep in rainy day savings during retirement?
DH & I will retire soon on a joint pre tax pension of about £46,000 and are looking at moving to a more expensive area to be nearer our kids. Our income will go up again when state pensions kick in in another 6 years. (Yes, I know, those are good amounts to be retiring on, we did both work our socks off in stressful…
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Additional savings to NHS pension or Stakeholder pension
I’m increasing my work hours and would like to pay more into my pension. I’m aiming to retire at 60 so would want to pay into my 1995 Scottish NHS pension. I believe I can buy certain amounts of pension rather than years. Alternatively I can increase my very small stakeholder pension. Is there any value in doing one over…
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Pension vs ISA stick thread link plz?
Hello, Looks like main sticky threads been updated and does not contain the link to Pension vs ISA (very informative) thread, if you have the link, can you please share? Google results have thrown show many threads, its link finding a needle in a haystack :) Thanks!
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One drawdown plan or two?
I currently have several DC pension pots with different providers. Would it be better to consolidate all of these into one plan with a provider that allows drawdown, or for security reasons is it worth considering having two drawdown plans with different providers? By security I mean the risk of someone hacking or scamming.
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Taking money from your pension pot
I am due to retire in March 2024 and I should have 7k - 8k in my work place Aviva pension pot by then . It is not much but it is still better than nothing My question is can I take all that money in one go when I retire all do I have to take it in small parts ? Also do the amount of savings that you have when you retire…
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interactive investor vs iweb + share LISA options
hi Looking to transfer an old workplace pension (£450K) currently with scottish widows and my missus pension (£110K ) currently with HL to either Interactive investor or iweb I also have a share ISA with charles stanley (£35K) i would look to transfer as well Cost wise very little between the 2, website I think i prefer II…
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Living abroad/top up state pension
I have a very confusing situation. I'm 60 next week, I stopped paying social security in the UK when I was 40 and moved to Spain. Here I pay into the system but it won't amount to much when I retire, I'm self employed. My UK pension will be worth 109 pounds a week when I'm 67. I have two private pensions that at the moment…
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DC Pot is 'big enough' but can't see how to lock in the value in real terms?
The markets are high, my pot is big enough to support my annual income number to age 99 if I could fix it in real terms. Made up numbers example: age 55, pot size £0.5m, 44 year time horizon of which 12 are before SPA Replace state pension until it is available: 12x9.4k = 112.8k subtract from 500k gives £387.2k Remaining…
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Drawing DB Pension and Contributing to a Workplace Pension.
Hi folks,My old man (late 50's) decided to retire last year with a DB pension paying him around 13,000 a year. This has been his only source of income so he was paying almost nothing in tax.A couple of weeks ago he made a U turn and decided to return to work (different employer, same salary). From what I've read, the DB…
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Salary Sacrifice for pension NI benefits
Dear MSE, I am 65 and had to retire early at 60 due to health issues. I had made a total of 39 year NI contributions so expected I would have a full state pension at 66. Not the case. I was in a corporate pension that opted out of SERPS - this helped my corporate pension funds BUT the DWP & HMRC stated this impacted my 39…
