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True Potential redress offer
My wife and I moved our pensions to True Potential back in 2021, upon the (verbal only) advice of our IFA at the time. After a couple of years, I realised that this was a mistake and eventually moved everything over to a DIY platform and happily manage this all myself now. I didn't complain at the time, just wanted to move…
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UFPLS withdrawals from a SIPP with two funds.
I'm thinking of moving two separate pensions to a well-reviewed company, who will allow regular UFPLS withdrawals without the high minimum amounts (e.g. £5k) many impose. They are fine with doing this monthly, whatever amount I want, but said I'd need to sell some pension fund units to create the cash balance, which will…
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How to claim back Tax Overpayment on Drawdown via SA
At the end of TY 2025-26 I took a lump sum out of my Pension of £30K, this used up the remainder of the standard rate tax band for the year. I was expecting this money to be fully taxed by the pension provider at 20%, but they taxed it at 40%, resulting in an overpayment of £6000. I know that I can reclaim this tax via my…
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Has anyone taken their B&CE Lump Sum Retirement Benefit (LSRB)?
Hi all, My husband has a legacy B&CE Lump Sum Retirement Benefit (LSRB) worth around £8,000, built up through employer holiday stamps between 1982 and 2001, now administered by The People’s Pension. He’s still actively contributing to his pension and we want to make sure that taking the LSRB won’t trigger the Money…
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42 Year olds diary for last min retirement planning and debt free living
I guess you get to a point in your life where you wonder what will my retirement actually be like? I am at that stage now…. This is going to be a long post!!! My plan for this diary is to update it weekly with what I have done, and keep a running total of side hustle earnings (i want to keep under the 1k limit) and the…
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LGPS & State Pension Age
I and 43m and joined LGPS in 2017 on the CARE scheme - which I understand is tied to the State Pension Age. For me, this is currently aged 68. (with the increase from 67→68 scheduled for sometime 2044-46) The current implementation of the SPA rise to 67 got me thinking about the risks around this for planning for…
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Paying £2880 into pension when retired
Jamesd wrote in another thread the following: "She can make £720 a year tax free by paying 2880 net into a pension, having it grossed up to 3600 then withdrawing it. Can only do the withdrawing part from age 55. Can only pay in for this until age 75." I have just retired at 60 and have transferred my DC pension to a new…
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Age 42, what should I invest for for retirement?
Hello, I am Age 42, what should I invest for for retirement? Should |I go for all equities or equities and some EFT's? Thankyou,
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Self Assessment: Baffled by State Pension figures
I am attempting to complete my Self Assessment for 2024/25. The State Pension figure on the online form is already filled in by the system. The figure given is £13031. I may be being stupid here but I cannot understand where that number comes from. The HMRC website only gives weekly figures for the state pension.…
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AVC-PSE-Mimimum Wage
I have been paying AVCs through payroll for the last number of years. It has been on the Gross side of my payslip as my company have been using PSE. However with the mimimum wage rising it had moved to the net side. (I think it would work out that I could pay £10 AVC and still be in PSE). I want to pay £50 or so and am…
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Paying pension contributions with savings
There's been some talk about paying into pensions vs paying off a mortgage. While this is useful, these were from 2021. The economic situation has changed - my question is similar and different. Self-employed, currently out of work in my late 50s. Is it better to keep paying into my pension with savings? I've taken a…
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Advice On What To Do With 5 Small Work Pensions.
Hello Guys. I have had a chat with Pension Wise in the past, it was ok but they advised that i speak to a financial adviser regarding what to do with my 5 work pensions. Im 56 and i retire in 11 years, im not working due to multiple health problems. I get PIP and UC. I have always grudged paying into a pension, thats why…
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Wealthify Drawdown - application process
Mrs GenX is attempting to drawdown from her Wealthify SIPP. In order to start drawdown you first have to complete a paper/pdf form and upload it back to Wealthify. The form provides options for: A) A tax free PCLS with options to drawdown later B) A lump sum now of 25% tax free and the remain 75% taxed C) A defined gross…
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SIPPs and gifting
I wish to regularly gift money to my adult children funded by withdrawals from my SIPP using UFPLS. Can these withdrawals be counted as “gifts from surplus income” according to HMRC’s gifting and inheritance tax rules? I had previously asked ChatGPT about this and it gave advice that only annuities counted as income from a…
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Pension Advisor would want £21,000 for a failed transfer
Company pension scheme suggested this chap. So far after two hour's chat I've established that: 1/ He is someone recommended by my complex company pension administrator (DC with DB underpin) because he has successfully transferred many pensions out of the scheme before whereas "other companies have had less success with…
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What does "forecast" mean here?
On the Gov pension website, it says my retirement date is 2032. It has given me an amount, but is this the amount as per this years pension amount, or is this the amount the website thinks I will get in 2032? Thanks.
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salary sacrifice to pension, and top up income from savings pot ?
Is it better to pension salary sacrifice your salary and make up your monthly income from a low interest savings to reduce income tax, or does the tax on pensions when you withdraw, cancel this out… I currently earn roughly £6200/month or gross £74,400 I already salary sacrifice ~ £200 holiday exchange, £720 / month into…
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Where to start...
Hello, I wonder if anyone can spare the time to read this and give me some advice please? I am a 52 year old woman and have spent the majority of the last 23 years caring for my family. I have worked throughout but for myself (Avon type selling) and part time as a TA in a school for 3/4 years. I have 2 very small work…
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Retiring Early - Incomplete NI Years for State Pension - Options?
Hi there, I'm retiring at 48 with a modest income (really modest, I'm a bit of a Spartan) however I'm shy about four years of NI contributions to get the full state pension at aged 68 should I actually make it that far. What can I do to top up those remaining years? I can pay them outright I suppose, but I'm sure that if…
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Underpayment of Tax on Small Pot
I just took the whole of a 6k small SIPP with AJ Bell (1.5k Tax free, 4.5k taxable), but they only charged a tax rate of about 16.36% on the taxable bit. I'm assuming this is because they don't know about my other pensions. Will HMRC automatically adjust my tax code with my largest regular pension to fix this? I should…
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: Class 2 NICS - complex case - may have been misadvised - leading to miss 2025 deadline by OtaruKumaMon
27 April at 12:42PM
