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Working out civil service widowers pension refund of contributions
Hi Hive Mind I am an ex civil servant who plans to retire in May 2026 aged 60. I am a deferred member of the pension scheme. From the MYCSP pension portal calculator I have a fairly good idea of my expected pension, however I have requested what my widower pension refund contributions will be (to no avail at present) I…
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SIPP S.O.S.
Always had a conservative approach to money and never invested in anything other than an ISA. I am now convinced (and was by my FA too) that at 48 and running a Ltd company a SIPP is a must. I have postponed this for too long and now I have to make a quick decision at the worst possible market condition. This current stock…
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Pension vs ISA when basic rate tax payer...
Yes I know it's been done to death BUT If you are a basic rate tax payer, maxed employer contributions, no salary sacrifice available, unlikely to be able to access means tested benefits anyway .... Surely ISA does beat pension because say you put 10k into an ISA from salary after tax. Yes you have already paid tax on that…
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Will taking some private pension now limit me in future ?
In July I will be 57 and will start taking my deferred DB pension. And unless tax rules change drastically I will always be above the personal allowance in future. But this current financial year, I have £5k unused allowance. So wondering if I should take this much (plus 25%) out of my private pension. For a tax saving of…
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Civil Service pension - help needed
This discussion was created from comments split from: Civil Service McCloud lump sum confusion.
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LGPS ill heath retirement
In November 2022 I was successful in getting my LGPS at Tier 1 due to ill health.At the same time, I applied for my pension from my previous employer which was also LGPS. Unfortunately, they turned me down fully. I was really shocked, however, I was just too poorly to even be able to fight. I am no better and never will…
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State pension clarification
Hello, Please can you help us with thinking re my wife's state pension so we can be assured it is correct? If not, is there a way to contact HMRC / DWP to confirm? Thank you in advance for your advice. My wife started to receive her state pension in 2008 so we are talkng about the old state pension (born in 1948). Her…
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Voluntary national insurance contributions- Abroad. Class 3 or 2
I'm panicking a bit here, as I have until April 5th to get the voluntary National Insurance contributions in. I'm a resident in the USA. My issue is this: I've been told by HMRC that I qualify to buy 18 years' worth of contributions, and I was given the cost based on the Class 3 rate—great! But then they added that, as I…
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Put Bonus to Pension???
Hi All, My annual salary is £51k and this March before the fiscal year ends I am going to receive a bonus of around £20k. Last year I received the same and because of tax I only received around £11k. I was tax 40%!!!! To avoid getting robbed by the taxman again, I am thinking of putting 50% of my bonus to my pension and…
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Alpha added pension and exit/VR
What happens to the outstanding monthly Alpha AP payments taken from payroll if leaving on exit/VR? Do you pay the remaining balance as lump sum and claim back retrospective tax relief? I believe AP payments cannot be refunded unless you’ve worked less than x years. For VR, I read you can use the severance pay to buy out…
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Local Government Pensions Scheme
Hi I was wondering if anyone could offer any advice on buying into LGPS. I have recently joined a LGPS (only 7 months in) and I understand that I can transfer in external pension pots within the first year. I have approx £80k in another pension pot - has anybody got any experience of doing this and whether it's worth…
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Lump Sum and Death Benefit Allowance (LSDBA)
Hi I am hoping someone can help with my understanding of this allowance. I have tried reading around but all that I can find is pension related and I am interested in life assurance. This year both mine and OH's employers have drawn our attention to the impact of this allowance with respect to our life assurance benefits…
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Can I just use Vanguard Lifestrategy funds for my retirement
Hello I appreciate that no one can give me financial advice- just really looking for a steer on whether this sounds sensible. I want to create a cashflow ladder with money for the next few years in cash, then the few years after that in low-medium risk investments, then a chunk in medium risk and the remainder higher risk.…
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Severance pay and tax
I am wondering if anyone might be able to help or point me in the right direction to get some information. I have been toying with retiring from my current job for the past 12 months. I was 60 in November and always said I would probably go then if could. I have unexpectedly just been offered severance pay of 38,000 of…
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Paying into Pension still once retired
Hi can anyone help with this query , please my wife hopes to retire end March next year (age 58.5). I hope to retire in 2 year time (3 max - I Will be age 57 if I can get out in 2 year . hopefully our pensions will be follows - my wife pot is about £330k ,some of this unfortunately is cash , rest is DC and S&S ISA. my…
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Deferred GMP and excess pension
I have a deferred DB pension from an employer I left in April 1999. I'm about to turn 60 NRA and I've received the pension illustration and it doesn't match previous statements and my own estimate, £14.4k vs £17.3k. Here's some old statements. I queried it and the difference appears to be that the excess pension will now…
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A Paupers Pension Tale (Not many nuts to dig up)
Will try and make this as short as possible and is mainly
aimed for people like me who are thinking of or have retired early with only a
small pension pot. I have read through many posts on here and there is not much
out there for people like myself so I thought I would start this thread and
update it as I go along then…
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Tax on private pension - PAYE or Self Assessment
My wife and I have a SSAS, which is now an orphan (no Principal Employer) fund and a micro (two members only) scheme. 25% of the fund was taken tax free some years ago. We have now decided to withdraw cash from the fund, which due to investments is continuing to grow year on year. We are currently basic rate tax payers and…
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can you explain what has happened with this tax deduction from pension?
I have finally arranged to take a small work pension (DC) in drawdown over 2 tax years. (that's one of the options from the scheme rather than transferring it out) It's not a lot of money but obviously I want my money in my bank account and think I've been overcharged for income tax. Now I've phoned the admins and they…
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Expat in Portugal with a SIPP
My wife is Portuguese and she still has a flat there. I read that Portugal has a flat rate of 10% tax on pension income for expats. That seems quite attractive, especially if I could empty my SIPP in one go. I can't believe this would be possible but would be interested to know if someone has some insight into the…
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