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Pension Tax Deductions?
I semi-retired last year and started taking a smaller pension this year and will be paying lower rate tax. My pension is not being taxed at source. When I take my second pension I will be paying higher rate tax. How does tax work with pensions, I would rather be taxed at source than getting a big bill at the end of the…
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Using Crystallised Pension Funds in a First Time House Purchase - tax question
I am wanting to withdraw my crystallized pension funds to purchase a home. I will be a first time buyer at the age of 63. As the pension is crystallized - I have already taken the 25% tax free over the years - is there any way that I can use the funds towards the purchase without losing a bulk of it to tax. Thank you
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National Insurance calculation
I retired from work this July and was wondering if my National Insurance contribution for this tax year (2023/24) will count as a full year for State Pension purposes even if I don’t complete anymore paid employment this tax year. I have already earn’t more than the £6396 from a single employer this year which I believe is…
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Pot allocation and management
I have DB pension index linked, and a bit over 11 years to SP age. At present we have a pot of around 250K to supplement our expenses. I estimate an average need to withdraw 8-12k per year. Its split currently in Cash Isas 25% S&S( mainly in isa but about 8K in individual shares paying £500 in dividends pa and some…
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Pension saving and advise
Hi Im 53 married and have 2 pension pots and the state pension with 32 years contributions (no reason to belive it won't get to the 35 years needed) My income from work is around £48000 pa and I have buy to lets income around £11000 pre tax/mortgage/insurance etc Pot 1 is an old pension with £13,221Pot 2 is my current work…
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State Pension Payment
My partner of 20 plus years is due to receive his State Pension next year. He doesn’t have and doesn’t want a bank account. Can his State Pension be paid into my bank account to manage household bills etc? Thanks
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LGPS impact to State Pension
Hi, One of my in-laws has said that his SP was reduced due to the way that LGPS structures NI payments - so he basically didn’t get the full qualifying SP amount. Is this still a thing? I did a bit of Googling and see various LGPS schemes mention that SP may be impacted as you pay less into NI, but details seem vague. He’s…
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Home Responsibilities Protection ( HRP)
I’m 75 and have a reduced state pension as I’m 2 years short on my NI for years April 1975 to April 1977. I’ve applied for HRP but been refused as HMRC said I’m outside the qualifying period as it was only introduced in 1978. Any other thoughts please on what I could do. I’ve already tried claiming on my husbands NI but…
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Std Life Lifestyling fund
Seen talk about life styling fund need to understand what this means to me at 61 Standard Life pension funds are Multi Asset Univ Pn3 Opportunity Universal 20% Stock Exchange pension Fund3 Opportunity Universal 80% Looking to retire next couple of years probably draw down are the above what I should be looking at or to…
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How to take tax free cash ?
How does everyone take their TF allowance from pot ? I have 260k and am approaching 65 , if I take 8-10K Per Year, with 25% TF, I will be well in to 90s before I use all the TF Cash . I would rather have more in the early years of retirement, when more active. So take all at start of drawdown and put in isa & savings . or…
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IFA fees for Pension transfer & and tax free cash for debts
I am 56 and am looking to release £17,500 tax free from my DC workplace pension to put together a small emergency fund and pay off a couple of credit cards. I am now focused and learning finance so very slim chance of me accruing more debt in future. My focus now is to reduce debt to zero and build wealth as much as I can…
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Best performing pension in the uk right now?
Hi, my pension is not performing at all well and I am paying more in fees than I am earning. What would be the best way to check whether I should move my pension? Can anybody tell me which pension companies are performing well in the uk at the moment? Is it possible to withdraw your whole pension pot and move it into a…
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Belgian Pension: trying to get e-ID card to work on the Belgian pension site
Good evening. Can anyone please give me any information on this? I live in the UK. I am just applying for the Belgian state pension and I think I am eventually going to have to use the mypension.be website. As I have Belgian citienship through marriage, I acquired the e-ID card. And I have the PUK number and the PIN…
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Pension advice
Hi Can anyone offer me any advice please? I am 56 and hope to retire in 5 years time. My husband has a good police pension, he is the same age as me. He has another job since leaving the police and is planning to retire with me in 5 years. I used to work for the LA so will get a small amount in 4 years through the…
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Poor pension performance
I have a pension pot with Aviva which has reduced in value by 25% since 2020! I have asked them for a reason and await an answer but meanwhile, can i ask: Is this typical? Where should I consider moving funds to? I am 70 and still working part time and want to draw down some funds soon for a house move.
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Pension change - USS and TPS - shine some light please
The good news is that I start a new job soon. Am nearing 55, was originally thinking of early retirement at 60 but if I like my new job, who knows, maybe I will keep going? My state pension contributions will be 'full' at age 60 too (worked abroad, hence the slightly slow completion there). The complexities kick in around…
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Should I work until I pay off the house or retire
What should we do? * My wife is 65 and will be 66 in December. She wants to retire next December * I am 59 * We only have a combined $316k in 401k ($183k my wife + $133K me) * My wife was diagnosised with Parkinson's stage 2 and wants to retire around her 67th birthday * We owe $20k on a car * And we owe $104k on our…
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Pension 3 year carry forward rule
Hi, I am trying to work out if I am entitled to 3 years of pension contributions carried forward from the past 3 years. I have an old workplace pension that I haven't contributed to in years and I haven't put in anything to any other pension in the last 3 years either, so does that mean I could put 3 years worth of…
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Why is my DB pension so poor?
I worked in the civil service 1985-1988 and have a defined benefit pension due to pay out shortly age 60. I then moved to the private sector and have a defined contribution pension that also pays out at age 60. By coincidence I have virtually identical lengths of service with both, so I would have expected the DB pension…
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Remain in workplace pension of transfer to SIPP
Hi, I am currently invested in workplace pension (Scottish Widows Master Trust Adventurous targeting flexible access). This is due to start reducing the risk profile as I head closer to retirement between 55 and 67. Looking at the options within the workplace pension there does not seem to be an option to stop the…