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Retirement options
I am considering retiring within the next 2 years when I am 60. When I do I will have no income. I have enough money in other savings and investments to see me through until I reach state retirement age, so i don't need to take anything from my sipp which is currently worth around £280k. As i will have no income I wondered…
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Should I combine a workplace SIPP with personal SIPP?
I currently have two SIPPs - one is my workplace DC fund with around £250K in it (Hargreaves Lansdown with annual 0.25% charge) and the other is a personal SIPP which has £170K in it (Interactive Investor with annual flat charge of £240). I am contributing to both SIPPs each month. I have increased my workplace…
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SIPP Contributions alongside NHS DB Scheme
Hey - new’ish here, love learning from all the great posts. My wife works part-time in NHS and earns £11400 a year so nil-rate band. She is a member of the NHS Pension Scheme and has been for 20years. I’m starting to look at tax efficiencies for us when we retire and lucky enough to be able to contribute to a separate SIPP…
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Is there a best time of year to retire?
Very much thinking ahead, as I'm at least 4 years away from retirement. I can but dream................. Once we're at our magic number for retirement, what factors are there to consider when deciding which month to retire? There won't be any carry forward by then as we'll have max'ed it out, so max pension contribution…
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I have no idea...
Having seen numerous items on TV regarding women being owed money from underpaid pensions, I asked my mum if her pension had been adjusted due to her being a widow. She has no idea, and neither do I, if she is being paid correctly. I have looked through the information available but cannot find the answer we require so I'm…
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Taking part of pension at 55
Hi all, I am looking at taking 25% from one of my pension pots, it’s value 67k I am married with a mortgage until 65. Are there any pitfalls I should be wary of ?
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Civil Service Pension Savings Statement
I have had a pension savings statement through for the first time and looked over the guide for it on the mycsp website however I can’t get to figures they have. Does anyone know which figures from the Annual Benefit Statement they use in the calculation?
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Please check my workings out - DC drawdown and tax
My last day in employment is Tuesday 31st August (leaving my DB deferred) and I now need to inform my DC pension provider of how much I want to drawdown. I've run my s/sheet and arrived at some numbers but I'd just like a 2nd (or more) opinion please. Taxable income from employment this year = £3,800 (I have been topping…
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ISA cash to pension pot
Hi I have read that it's possibly advantageous to put as much as you can, within contribution limits, from an ISA into a pension assuming you don't need the money until retirement. A figure of 6.25% is commonly mentioned as the benefit in doing this. Here is my calculation At pension time I withdraw 25% tax free which is…
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Emergency tax and pension
Hopefully a fairly basic question. I'm retiring at the end of February and plan to take the tax free lump sum from my DC pension before the end of the tax year. My plan is to then take circa £1k a month through the next tax year to maximise the tax free withdrawals from the pension. I'm assuming that if this is taxed under…
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Local Government Pension Scheme and transfer previous pension.
Hi everyone. I am 59 next month and have nearly 5 years membership of the Teacher's Pension Scheme. However, I have secured a new job which means I can re join the Local Government Pension Scheme. I have previously been a member of the LGPS from 2013-2016 in another role which I left for retirement. My question is 'Would…
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Contracted out Pension
I have 50 years full contributions on my national insurance record up to I received my SP Sept 2020 . I was NHS midwife working full time. I retired from NHS at 59 yrs more due to ill health. Following that I claimed grandparents contributions up until I received SP . When I retired last year I received £145.94 weekly for…
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First STATE pension payment
Hi-any help on where to progress the following appreciated :smile: Reached state pension age early july . made claim on internet -mid june (ample time ) claim went through ok. not heard anything since . First payment within one month after reaching state retirement age -i.e early august . never received any payment-and…
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Wringing the last bit out.
Do pensions in payment from a deceased spouse count towards LTA? If it makes a difference they have 2 DB’s of their own and then 2 DB’s from their spouse. Deciding if they should do the £2880 SIPP “trick” they are a higher rate tax payer could they claim the additional tax on the contributions, because they would likely…
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Work pension not providing "Relief at Source"
Hello all About six months ago I qualified for a company pension with my new employer. Both my employer and myself have been making regular contributions into the plan since then. Based on my payslips (and what I was told by my employer) I understood that the contributions were taken out of my payslips *after*…
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FSAVC
I have a family member who is terminally ill and has a FSAVC - when her life expectancy is less that 1 year, she can complete a from signed by her GP which would release the whole FSAVC pot approx £130k. my question is this - should she a) take the pot, if she does this does it get added to her overall estate and is…
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Question on Money Purchase Annual Allowance
Hi, hoping someone can clarify this for me. My wife is a higher rate tax payer. She currently saves 25% of her salary into a work DC pension. Let’s say she contributes £12,500 into her work DC pension every year. In addition she has a SIPP that has £40,000 in it. She has turned 55 and she wants to take 25% (£10,000) tax…
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Any thoughts on breakdown of DC/ISA/mortgage overpayment split?
Hello - Just wondering what changes you'd make if any in my situation. Currently popping £2k into DC pension via salary sacrifice each month. £125k in the pot so far. Also putting £500 into either mortgage overpayment or stocks and shares ISA - each month. Mortgage outstanding is £100k (roughly £170k equity) and S+S ISA is…
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Nhs pension
Hi I am 44 and planning to leave the NHS. I have been in the NHS for 20 years and have 1995 scheme and 2015 scheme membership. Despite phoning advice line I am totally confused about the implications of leaving! Any tips or further questions to ask? I think there is something to understand about the final lump sum scheme…
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Refund of NHS pension contributions
I've been paying into an NHS pension scheme for around 10 years i.e. an amount is deducted from my salary each month. Due to a change in personal circumstances I have decided to leave the NHS pension scheme, and I want to withdraw all monies I have paid into the pension so far. However, upon making enquiries with the…
