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SIPP “Notional split”
I expect this has been asked multiple times but please bear with me seeking clarification. I have a SIPP. Let’s apply some easy numbers to it for the sake of calculation. I have £400k in my SIPP and am due to retire. I initially want £25k as a tax free lump sum. So I need to crystallise £100k to get my £25k TFLS. Am I…
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AVIVA FUNDS
I have my retirement fund with AVIVA, all of my fund prices update Monday to Friday around 6-7pm and consist mostly of shares My question is when my fund prices update does it relate to the ftse/dow share prices the day before or before that or do they relate to live prices at that time ?
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Looking to boost pension and not pay tax on savings
Im a 56 self employed carpenter and have £10800 in a people's pension. I have £20000 in ISA £53000 in cahoot savings account £15000 in RBS current account I have a further £45000 coming soon for inheritance. Im thinking of topping up my pension to get more tax free savings Is this the best option for me thanks
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Did DWP ask you to pay voluntary NIC
If you claimed your state pension after 2016, the DWP may have illegally asked you for voluntary NIC to increase your qualifying years. The DWP limit contributions in the years prior to 2016 to 30 years. This is against the Pension Act 2014, which says that 35 or more qualifying years earned prior to 2016 result in a full…
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claim tax relief on pension: impossible! I need a professional...
Dear all, I've been trying to claim tax relief on my pension contributions for month with no luck. I've followed this page: https://www.gov.uk/guidance/claim-tax-relief-on-your-private-pension-payments after having contributed some considerable extra amount to my private pension for 3 years (within the tax-free allowance…
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Private pension withdrawal for pensioner with only State Pension income: tax return / emergency tax?
My mum is 68 and has around £3,600 in a small Vanguard private pension. Her only income is: The full State Pension (which counts as taxable income) [EDIT: £11,973 per year as a single woman] Personal Independence Payment (PIP) (which does not count as taxable income) She has no other income or pensions, no pension credit,…
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Taking second AVC
I work in local government and when I turned 58 I started to pay quite large monthly sums into a cash AVC. At 60 I took flexible retirement, took my pension, and 100% of my AVC as a tax fee lump sum. I continued working ( part time) and rejoined the LGPS, and started a new AVC, into which I pay most of my new part-time…
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Late Retirement (despite financial independence)
Im hoping to retire early but seeing some people clearly working on through their later years (that arguably they dont need to do financially) has made me wonder about the psychology of those that keep working by choice into their late 60's, 70's and beyond. I recently worked for a Investment firm who's CEO (recently…
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Gifts from surplus income and the 7 year rule
I need some help to clarify my thinking please? I have been gifting from surplus income for 5 years now. If I continue to make regular gifts in the years ahead and each tax year goes beyond the 7 year IHT rule, can I ignore the gift value for that year as "gifting from income" and just treat that value as being outside the…
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Self employed pension contributions & income tax question
Hi, I'm 55 and have been self employed for the last 2 years but have not yet put anything into a pension. I have a modest final salary pension pot of about £85k from a previous job and several small pots totalling about £8k. I expect my tax liability for 25/26 to be around £3-£5k Can I take drawdown from my existing…
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Should I draw down max cash from personal pensions pots to utilise personal allowance this tax year?
Hi all, apologies in advance for long post/explanation! Hoping for some feedback and advice about my personal pension pots and whether it would be a good idea to draw down as much as possible over the next couple of years. This area is not something that I’ve paid much attention to up to now, because I also have several…
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Widow's Teachers final salary pension calculation
How is the survivor pension worked out for a widow, if her teacher husband died when reired and claiming his teacher pension, and was in the old final salary scheme. His service started in tbe eighties. What formula is used to calculate widow's tp. Thanks
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Consolidating various money purchase pensions
Hello all I'd welcome some general advice, the situation is as follows: My wife and I both have defined benefit pensions that will be our main pensions but in addition to these we both have several money purchase pension pots and I'm trying to work out what to do with these pots. We don't want/need to take annuities with…
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Would it be a good move to take the 25% TFLS?
I will be retiring at the end of March and will be just under the 40% tax band with my State and Defined Benefits pensions. I also have a DC pension with 500K in it. It has done well over the last couple of years and I am concerned about it falling significantly in the first couple of years of retirement. I am considering…
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Normal expenditute out of income Vs Carehome deprivation of assets
It is my understanding that under HMRC inheritance tax rules, if my 88 year old mum was to gift to me and my brothers her excess pension money on a regular basis (ie set up a standing order) as a means of early access to our inheritance then that would be completely legal. Further, she could backdate money sitting unspent…
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Questions on Private Pension
I’m new on this thread. I have some questions hopefully someone can help me 1. Can someone recommend a company who can trace all my pensions? I used the government sponsored pension tracing but none of my previous employers’ names were shown and I couldn’t remember my pension providers. 2. I’m happy to pay for the tracing…
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Continue contributing to pension or something else?
My combined DC pensions have recently exceeded £1m. I have 5 years left before I can start drawdown. My wife and I run a small limited company (no employees, just us) and make employer contributions monthly to both our pensions as well as a lump sum towards the company year end. My wifes DC pension is currently at around…
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Taxable state pension query
My mum is 80 and living only on her state pension which is a little higher since my dad passed away last year and is now around £1200 but she doesn’t have any other income. We’ve just had a tax bill for £600 . She wasn’t made aware she needed to pay tax on her state pension so this is quite a shock. I am going to call them…
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What's the lowest income that still permits me to pay class 2 NI?
Background… I'm retired, age 60 but 2 years NI contributions short of full state pension. I've been asked to do a small amount of self employed work that will earn me around £1k for a couple of years. I was thinking of using the opportunity to get 2 years contributions with voluntary class 2 NI. I've not been self employed…
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Taxed on SP due to late husbands SP
I receive the new SP and approx £7 per week of my late husband pension and do not pay tax, I do have a draw down private pension but not taking it and haven’t used my full 25% tax allowance yet. Today’s I’ve received a new tax code K35 which if I’m reading it correctly it says I’m due to pay tax on £362 in 26/27 which…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
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Most recent: Gaps in National insurance contributions by molerat
12 March at 10:53PM
