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Is a 'tax-free' lump sum classed as taxable income?
I recently passed the age of 65, and decided to carry on working for a few years more. My pension scheme allowed me to take my pension as well, and I took a 'tax-free' lump sum. HMRC have now added that lump-sum to my annual taxable income for this tax year, with the result that the total is over the limit for receiving…
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Opting out of SERPS
Hi, New to this forum. Around 20+ years ago I was convinced by a financial advisor to not take up the company pension with the company I worked for at the time. He convinced me to opt out of SERPS and take out a personal pension with CIS . I did not pay into this policy for very long - maybe a couple of years. It is worth…
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Best SIPP for passive investor?
Edited this twice already to refine the question, sorry. I appreciate that as a result of RDR, many SIPP providers are moving from charging a flat fee to charging a percentage fee. Currently I hold just one fund within my Hargreaves Lansdown SIPP, this is Vanguard Lifestrategy 100% equity accumulation. HL are changing…
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Second State Pension - more than one employment
I have a query about the second state pension. I have 3 jobs. Does the government add up my salaries from each of these and then apply the calculation using my total annual salary, or do they do some calculations based on each one separately? In one of my jobs I don't earn enough to qualify for the second state pension,…
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Starting a pension and confused?
Hello, I am a bit late to the game but want to start paying into a pension, however, I'm shortly going on maternity leave and may not be returning. All the information I am reading on pensions concerns pre-taxed payments via payroll, which of course, if I don't return to work is not an option, and we will be paying in…
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Pension, work / state?
I am 35 and still haven't managed to start a pension due to lack of spare wages. I have also been trying to save to get on the property ladder, which i am almost there now. My question is, If i start a work pension do i still get a state pension when i retire? if i do then is the state pension less because i will have a…
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can't transfer without a financial advisor
Hi all, Wish this board had a sticky for asking quick questions I'm looking to transfer some money from a SIPP to a personal pension, its not a lot of money £7,500 in vanguard LS ... i know it isn't the best place to keep it but i quite liked the idea of having vanguard in a pension wrapper, as its for the long term etc.…
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Maximum Occupational Scheme Benefits
I am an active member of a final salary pension scheme with my employer. I was thinking of taking out a SIPP to "top up" my pension, reduce my income tax bill and possibly facilitate early retirement. My understanding is that the maximum pension you can receive from an occupational pension is 2/3 of the final salary. I…
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HL charges
Just received a letter from HL about the new Vantage Service charging structure from 1/3/2014. Very disappointed to read that "new FCA rules means we must apply the same Vantage charge for all funds. Therefore, we are removing the existing flat £1 and £2 per month platform fee currently applied to a number of index…
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Tax return and pension
Hello, I'm part-time self-employed and I've private pension. Can I deduct the full amount that I've paid into my pension from my gross income or how does it work?
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Tier 2 Teachers Pension Been Refused
Hi I am turning 48 this month. I have recently applied for my teachers pension ill health retirement. I had my GP complete the medical section and ensured she filled in every last detail and stated that I would not be able to take any paid work in the future. I have today received a decision from teachers pension stating…
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NEST Top-up
I am in NEST, with about 20 years to go until I retire. They have a nice pension calculator - but although it gives the option to allow for a one-off extra payment, they don't give the option to add a monthly planned top-up payment in the calculations. So, my question is: If I was to top up the contribution by £50 per…
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Typical annual management charge for pension?
I have just been made redundant so my group personal pension policy has now come over to me and been made paid up. I was worried that the AMC would be high on an individual policy but the provider says it's 0.56% pa which sounds quite low to me. I have googled and am struggling to find information on typical AMCs and also…
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Understanding NHS Pensions and Ill HEalth Retirement
HI I left the NHS in 2002 due to being unable to do my job any more due to health issues, and left my pension of 17 yrs in the scheme. I then retrained and have worked as a teacher in a local college until now. My health has recently deteriorated and I am now thinking of retiuring from eaching on health grounds. I recently…
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Death sum ??
Hi can anyone advise please, my father rang last night stating he had read his personal (private) pension statement and in the small print reads "nothing payable upon death" He thought he would be leaving me and my sister something !! I am going round to try and decipher this but has anyone any thoughts please ??? :A
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Anybody using X-O Liberty SIPP in drawdown?
With only about 18 months to go before I start to draw an income from my SIPP, I thought I had it sorted. Currently with HL (only for my SIPP) and with investments in low cost trackers, the fees were low and the drawdown costs looked attractive. With the new ‘clean’ pricing the drawdown costs still do look good but the…
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EU Directive in last year of working - 5 days down to 3 and the Govt pays the diff
Has anyone heard of an EU Directive whereby in the last year before retirement instead of working say 5 days a week you can actually go down to 3 days and the Govt will make up the 2 day difference?
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HMRC pension contributions
Hi I'm confused, as I understand it if you're in the 20% bracket, any pension contributions are tax free, making HMRCs contribution 20%. And the same goes for the 40% bracket. Is that correct? The website listentotaxman.com details it differently.
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salary sacrifice pension or ISA?
I've read through the long running Pension vs ISA debate, but does being able to salary sacrifice significantly tilt the table? I have a choice this year of contributing up to 20% via salary sacrifice (up from a previous limit of 10%), with company offering no matched contribution but adding 10% of my contribution ie most…
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alternative to holding cash
hi all i have a sipp, and hold about 10% of the fund in cash as a "prudent safety measure".. this cash earns me 0. whats the next best way to hold it safely?? so that i can earn just 2% say, to beat inflation. A