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25% Tax Free, DB crystallised and Transitional tax free Certs, 2016 Protection
Appreciate I might need formal advice on this but at this stage Im trying to establish if I do. Im lucky/worked hard successful career, invested wisely in SIPP as well as have DB pensions started 10 years ago. Took out Fixed Protection 2016 in 2018 given growth in value of invested funds in SIPP. Started taking benefits…
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Fidelity expecting a rush on TFC payments?
Spotted this on the Fidelity website: I wonder whether other SIPP providers will do something similar?
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Pension switching from Relief At Source to Salary Sacrifice
I am a higher-rate taxpayer and currently contribute to an employee pension scheme operated by my employer under the Relief at Source model. I try and maximise my pension contributions to reduce my exposure to the 40% income tax rate and to mitigate the impact of the child benefit income threshold. Each year, I complete a…
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Contracted out element
Apparently I was contracted out in 1964. I paid into a company pension for 2 years then left the company, I returned to the company 6 months later but didn't rejoin the pension scheme. I left in 1994, only now at the age of 91 do I realize that I don't get a company pension yet still have £6.38 deducted from my state…
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Consumer duty and workplace pension
Hi, Has anyone any experience or knowledge of complaining about pension scheme fees and terms and conditions under the new (2yo) consumer duties? I've seen multiple cases upheld about poor administration, but not around t&cs / fees. My situation is that I have a fairly old Aviva workplace pension with a limited choice of…
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Can a 16 year old join work pension scheme?
Hi. I’m new to the forum so I hope I’m doing this correctly. My soon to be 17 year old son has a part-time job with a well known craft supply retailer. He asked if he could join the pension scheme and they said he couldn’t. His core contract is for 12 hours per week at £12.21 per hour. He also does some extra shifts during…
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State/private pensions
Hi, When both of my parents have died what happens to their pensions do they just stop? Thanks
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Paying SIPP charges
Does anyone know if I can pay charges from a personal bank account when the SIPP is funded from a business (limited company) account ?
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Using carry forward
Hi, I’m planning to deposit my unused allowance (carry forward) from last year into my SIPP before the upcoming budget. I have a couple of questions: * Will I still receive 40% tax relief on the carried-forward contribution? * There are rumours that tax relief could be changed to a flat 30% rate in the next budget. If I…
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How long should a draw down payment take?
I've decided to crystallise all my remaining uncrystallised funds in my pension and take the tax free cash (about £120K). How long should I expect the process to take from notifying my pension provider to the cash being deposited in my bank account. This isn't my first crystallisation so all the essential details should be…
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Drawdown @ 55
Hi I am just seeking some advice regarding making a drawdown on my private pension. I reached 55 in January and I am wondering if need financial advice to draw on the pension as I think my provider states that if I drawdown the rest of the funds need transferring? Is this something people are confident to manage…
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Work Pension Contributions
I pay 5% and my employer pays 3% into my work pension. I have tried working out how the amounts are calculated using the Net Pay Arrangement and also the Relief At Source method but both ways do not give the correct amount that is going into my pension fund, it appears the amount going into my pension fund is less than it…
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Pension Sharing Order - Help.
Hi. I have been awarded a pension sharing order as part of my divorce settlement worth £600,000. I currently have no pension of any description and I need to set up a pension fund so that the amount can be credited to it. I have made an appointment with a financial advisor as advised but really I have no idea why it’s all…
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GMP Equalisation settlement
FYI for anyone interested...... Mrs Tempest started to draw her small company pension at age 60 - virtually all was GMP Had a letter today to say the equalisation exercise has been completed and her monthly pension will increase by about 20% plus a lump sum back payment.
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The inevitable pre-budget speculation on pensions
In the
run-up to last year’s budget there was forum chat about whether the expected
rise in CGT would happen overnight. The majority thought it would probably kick in the following tax year. Anyone who sold assets just before the budget on
the basis they could B&B them back if the rise was delayed, is free to have
a little…
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25% tax free lump sum from pensions
I took the maximum amount from a final salary pension ~ 16 years ago; I also have a SIPP and have recently converted part of this into a drawdown account and taken 25% of that tax free. Read this weekend that you can only take 25% TFLS from two schemes - does that mean that I can't take any tax free cash from my remaining…
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Drawing pension without income tax.
My wife has two smallish pensions. One is with Aviva and has a transfer value of £20000 and an AJ Bell SSIP with £7000. She is 65 and has effectively retired. Her state pension is due in July 2027. The Aviva pension only allows full withdrawal or transfer to another scheme. I've worked out that if she transfers the the…
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Transfer into SIPP or stay?
My wife has a pretty dormant pension plan from her previous employeer. Its very low annual charge at about £25 and its not performing badly. Over recent years 20%/annum on average and since she left to become self employeed its 100% up. Its not mega bucks at about £15k but we want to start getting the benefit of the 20%…
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Tax code - drawdown across separate pots - unforeseen consequences of higher/imbalanced income
I am reviewing my drawdown approaching 4 years into my plan. So very short timeframe in investment terms. A normal rebalancing, income setting activity. I ALSO wish to reduce the depletion rate of assets/savings outside pension with a view to using some of that differently family need and side eye to the revised 2027…
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Understanding yields
This is a follow-on on from my other recent thread, but it's a separate question so I've started a new thread - hope that's OK. Talking about 'yields', I'm not sure I fully understand them. To give an example, I've been looking at the stated historic yields of my existing funds, and the fund that has done the best for me…
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