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Pensions, interest and tax code; help wanted!
Over the last 12 months I have begun to receive my state pension; on top of a teachers' pension and small one from a workplace. I also receive taxable interest which is now above £10k due to current interest rates. Over the last couple of years - before the state pension - I've filled in a self-assessment tax form; and…
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Pension Input Amount for 2024/25
Another related question from me now that I have actual figures from my employer. My public sector DB pension provider has just calculated my 'Pension Input Amount' for 2024/25, which is around £32k (this includes monthly AVC contributions to them as well). My gross salary for 2024/25 will be £57k. Given these numbers,…
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Pension transfers - benefits vs rights
What's the difference? My daughter used to work for Shetland council and has a small Local Government Pension Scheme (Scotland) pension amount to transfer to a Private Pension/SIPP. Because her employment was under two years their letter stated "Your pension benefits require to be transferred to another pension scheme or…
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Do I really need an IFA to draw my pension?
I'm 62 and out of work, so not a tax payer. I have been having trouble finding some part time work and have been using up my savings to make up the shortfall in expenses. Been thinking maybe I ought to start drawing my pension. I have two separate ones with a value of about £200k. I'm very clueless about pensions and just…
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SIPP vs AVC
I'm 52, am in the LGPS and have been maximising AVCs to a linked scheme for several years. I'm well above the TFLS 25% figure (it's about 39%) at the moment. My plan is to take the maximum TFLS at the same time as starting the LGPS at or a few years before 67. With the AVC scheme being "overcooked", my plan is take the…
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IG SIPP Pension service feedback?
Does anyone using IG Sipp account? Already using IG share dealing account want to open the IG Sipp account and noticed it's managed by other company i.e Options uk personal pension LLP company, any thought how is service? understood it's cheaper comparing other provider i.e HL etc
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Argh - think I misunderstood tax on lump sums.
Hi. I have this wee pension, started when I were a lad, to which I then stopped contributing, so is now only worth around £41k. Ok, I shouldn't sneer at ~£200pm, as it'll cover energy bills and stuff, but I'd rather have the cash. I thought I understood the 25% rule, but now reckon I haven't. Could someone clarify, please?…
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Pension - Higher or lower lump sum
I am a 60 year old women. I plan to draw on my local government pension and reduce my working hours via flexible retirement. I am single with no dependents and no mortgage. Do I take the higher lump sum or the lower one? Higher is £140.000 tax free lump sum and £ 21, 000 annual pension or Lower is £48,000 tax free lump sum…
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Index linked gilts and index linked annuities: are you moving money into them, yea or nay?
There has been a dramatic switch around in the real redemption yields on index-linked gilts recently (see my chart at end of post). The return above inflation available for an index-linked gilt bought today if held to maturity is for example around 1.5%pa for the 2048 maturity, compared with around minus 2.5%pa back in…
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Guide discussion: Grandparents childcare credit
This is the place to discuss our new guide on grandparents childcare credit (known as Specified Adult Childcare credits). We'd love to hear your thoughts, personal experiences, and general feedback. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.'
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Transferring out of SIPP and unsure of PTFC calculation
Hello All, I'm currently transferring out of an Aegon policy into Fidelity and need to some info on what this means please... Email came through requesting me to confirm I'm OK with 'possible' impact on PTFC. They say that the PTFC calculation for my Enhanced Tax Free entitelment is as follows... Scheme Pret Prot LS - £12K…
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When applying for state pension, if currently married, do you need to declare a divorce?
Hi folks, We have a question please. My wife & I have both been married before. On the IPC BR1 GOV NSP 12/15 form, do we need to declare our divorces & supply divorce certificates? It seems unclear to us. MTIA.
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Obtaining my late husband's data from HMRC
What legislation/policies/procedures would I have to follow to obtain explicit data from HMRC about my late husband's National Insurance contributions/his employers details etc? Since he is deceased the GDPR (Subject Access Request) rules do not apply. I am entitled to inherit 50% on my late husband's GRB/SERPS/2nd state…
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UFPLS or FAD with Legal & General
I wonder if any members have has any experience with Legal & General around the above. I have a DC pot with then for around £230K and looking to retire in August when 55. I have obtained the max payable with my State Pension forecast. I am looking to go down the UFPLS route and crystalise £16760 per year with L&G with…
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OAP Pension . Satisfy my curiosity please .
I am 71 and well retired . Worked from 16 to 66 . At 27 joined lgps and worked their till i retired with a DB pension . I was contracted out for some years last century so my oap is the new pension but i receive less than the full oap by around 110 pounds every 4 weeks . My question is - I have been told because of the…
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DB Pension PCLS Late may incur losses
My PCLS for my DB pension (and the missing monthly payments) is nearly 2 months late into payment and counting. The provider claims that they are waiting for buy in funds to be provided by the insurer, but this has been the same update for many weeks. In about 2 months from now, if it still isn't paid, I will start to…
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Pension Investments
Hi, I have a pension pot that is heavily invested in equities , a chunk of which is US (c30% US- centric, 40% Global, 12% Diversified Asset, 17% Global Bonds) and this has taken a real hit in the last month or so thanks to Mr T's shenanigans! My question is, (and yes, I am panicking!) do I leave it invested as it is and…
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Early retirement and paying tax above LEL
If someone takes early retirement (say aged 57) and was to drawdown from their private pensions say £44,000; the first £11,000 is tax free with the remaining £33,000 taxed at 20% = £6,600 That £6,600 is above the Lower Earnings Limit (LEL), therefore would that count as 1 year towards the state pension (SP)?
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Emergency tax rate on lump-sum.
I've been looking at drawing down a lump sump from my SIPP, and have been looking at how much tax I'm likely to pay at the time of withdrawal. I was reckoning on receiving either 25% tax free/75% taxable, or at worst having to pay tax initially on 100%. However, the emergency tax rates that my provider's (Hargreaves…
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Criteria for selecting Income funds
Hi, What criteria do you use for selecting Income funds for your SIPP? I'm thinking about diverting part of my future contributions to this type of fund for the next few years to build up a cash fund to protect me from SORR. I have 5 to 8 years to go before finishing accumulation phase. Many thanks.
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
