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Claiming back higher rate
Just hoping for a simple answer. I have both a DB pension and a private pension. Last year I was able to advise HMRC of my contributions via phone. This year they want a statement. I usually pay in gradually then near the end of the tax year I top it up with a lump sum so I don't end up paying any higher rate tax. I don't…
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No Tax Free Sum. Was it ever available?
My husband took his final salary pension in 2001 at age 50 as part of his redundancy with no penalty. He paid into a SIPP until age 63 when he retired. The Sipp was left untouched until now as he turns 75 this year. He has now been told he is not entitled to any tax free cash as the revalued pension exceeds the lifetime…
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Putting bonus in Pension
Hello Forumites, I am on higher tax bracket and for the last few years, I have been putting 100% of any work bonus in Pension pot. My thinking was that 100% of bonus in Pension is better than 60% in hand now. Is there anything I am missing like paying tax when withdrawing or value of money reducing etc. Advise welcome.
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Annuities as part of pension planning
Hi, with 18 months to go before I can start accessing my SIPP I have started to consider using an RPI linked annuity with part of the available money to cover annual spending. I should probably say I would be the more conservative end of the investing spectrum with loss avoidance and minimising volatility as a priority.…
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lsa
hi newby here . i have a small pension pot to withdraw £5,900.. i withdrew £4,700 from a small pot october last year is this £4,700 the amount i need to take off my lump sum allowance sorry im a little confused and is the lsa still £26500,00 many thanks for any help
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Retired with Side Hustle
I'm 66 and retired (with full state pension and small occuational pension) and am not fit for work generally as I'm awaiting a major operation (long wait!) but we had a major roofing problem so we're in debt so I have a few side hustles which have exceeded the £1000 limit for earning bits and bobs. My question is, I…
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Phoenix Life Stopped Paying Monthly Pension
Hi, my partner's father is 86 years old and currently lives in the Dordogne in France. He receives a monthly pension of £800 from Phoenix Life on the 27th of each month. The last payment they made to him was 27th January and they have failed to pay on the 27th February and 27th March. He barely has enough money to pay his…
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Unclaimed Pensions
My mother in law recently passed away. My wife is now the sole family survivor and is acting as administrator for her mothers estate. (there was no will) It seems that her mother was not claiming the private pensions from her late husband who died 10 years ago aged 61. Her husband had three private pension schemes none of…
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Paying income tax when taking money out of drawdown pension
I am retired and living off small pensions and savings, and a non tax payer, due to my income being below my tax code. Not eligible for state pension until 2030. I have taken my 25% tax free sums out of my pensions in previous years. I decided to take some money out of my drawdown pension, whilst keeping my total income…
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Missing years.. Dodgy employer
Hi. I recently saw a post relating to checking your state pension and any gaps. Thought I'd check mine out. To my suprise I have a handful of missing or incomplete years (even though I've worked since leaving school at 16). I won't probably need these years filled, I'm early 40s and only need another 10 years for full…
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Asset rich, cash poor…
I’ve never been particularly money minded or materialistic, but always debt free. But I’ve hit a crunch. My partner and I have had the privilege of inheriting his parental home. We would love to refurbish it, it needs a new boiler, windows, kitchen and bathroom. Nothing fancy needed, but nothing done to it since the 70s…
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Anyone heard of myfptools for retirement forecasting - is it legit?
I'd like to use a free or low cost online tool for retirement forecasting. Is this one legit? Good? https://myfptools.co.uk/savings-model Or does anyone have any alternatives they'd recommend? Thanks!
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Opting out of serps
Help needed. Back in 1990 i opted out of SERPS when i was 18 i appreciate this scheme has since ended back in 2012 and I've automatically been enrolled. I'm now 53 and i was looking into my pension situation i can see my opted out pension with the company who took the funds and that is expected to be about £4500 per year…
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Invitation Code for new State Pension Claim
Hi, anyone else having trouble trying to obtain an Invitation Code to initiate a claim for State Pension? As advised to do so by the Pension Service, and being within 3 months of her due date, my partner went online, only to see a repeated message that the service was not working: 'Sorry, there is a problem with the…
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Taking tax free lump sum from SIPP
My husband has a SIPP, currently valued at approximately £215K. He has never needed to draw any money from the SIPP, and it's general purpose is to leave the funds invested for him to use if I die first, or for me to inherit if he dies first. However, he is 75 later this year, and our thoughts are turning towards taking…
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CIVIL SERVICE CLASSIC PENSION - WORKING RULES
Hi forum. I have a deferred Civil Service Classic pension that I can access in 3 years time when aged 60. My question please; are there any rules about on-going employment if I were to continue to work beyond 60 whilst accessing the CS pension. I am currently employed via an umbrella company, working in social care for a…
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Conflicting Pensions Advice
What a nightmare, and i don't know what to do next!? I have a £122K pension pot that is still growing annually. I have a £13K pension pot that's frozen. I'm up-to-date with my state pension, with just 3yrs to complete over 4yrs. I'm 63yrs old, self-employed, but my business is buggered thanks to the smartphone! With no…
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USS - to TFLS or not, and tax implications
Hi all, I'm just pondering my USS pension (all DB). I can take TFLS, or not, and get a higher monthly amount. The max TFLS is 25% of the pot. My question - which bizarrely I cannot find an answer to on the USS website - is, if I choose *not* to have any TFLS, are the monthly payments taxed at 75% (i.e. the equivalent to a…
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Anyone else having problems with Civil Service Pensions ?
I have just gone through the registration process for the new site (which I only discovered because I had tried to log in to the old one) and was told that my account could not be set up because I had done something wrong and needed to contact them...... No contact us email or any other way is provided. Anybody…
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Most efficient way of taking my DC/SIPP whilst already taking my DB (before the tax man gets it)!
I retired at 55 (now nearly 60) and my DB is £33k PA (did not take any cash free). I will get full state pension in 7.5 years (I've checked), unless things change! I also have a work DC with £107k (untouched) & a SIPP with £53k (untouched). I planned on leaving my DC & SIPP for the wife and kids (previously outside estate…
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