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State Pendion confusion
Martin's discussion today about Aoril 2026 pension increase refers to the maximum full state pension of £230.25 pw. I'm paid 4-weekly and get £961.40. Multiplying this by 13 gives £12,498pa, which is £240.35 pw. My HMRC app confirms my pension as £12,498 - can anyone explain the reason i get more than the maximum?
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Looking to Protect My 25% Tax-Free Lump Sum
Hi everyone, I’m hoping to get some views on a pension strategy I’m considering, especially with rumours swirling about possible changes to the 25% tax-free lump sum in the next Budget. I’ve got a defined contribution pension through my employer, and I’m able to transfer out up to 95% of it without affecting the employer…
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Higher rate relief calculations
I recently informed HMRC via the online chat of my SIPP payments for 2024/2025 and wonder if anyone can check / confirm their calculations are correct? In addition to the screenshots, my gross salary is £65,547 + approx £1200 in O/T, I pay 10% ish towards my work pension. My SIPP contributions for 2024/25 were £3040 net,…
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If I start taking a DB pension does it trigger MPAA????
I have two pensions for my retirement that I have not taken any income from: 1. A deferred DB scheme worth about £25k per annum. 2. A DC scheme I am currently contributing to from my employment worth about £650k. I have already contributed £11k into this DC pot this tax year. I am retiring shortly and wish to start taking…
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Autumn Budget 2024: Pensions subject to Inheritance Tax from April 2027 – but most still won't pay
Pensions will be subject to Inheritance Tax (IHT) from April 2027, the Chancellor has announced, though the vast majority of estates will still not pay IHT despite the changes. Read the full story: Autumn Budget 2024: Pensions subject to Inheritance Tax from April 2027 – but most still won't pay it If you haven't…
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Underpaid pension?
Any ideas please? I retired in 2020 at the age of 66. I have been aware for some time that I am not getting the full pension amount (currently about £90 every 4 weeks less than full rate). I do not understand why. I have 33 years full pension until 2008 and then I became self employed. I have a whole year- 2008/09- with no…
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Should I put an inhertiance into pension pot?
After a bit of inheritance/pension advice if I may: I’m in my mid 40s and just inherited about £100K that I don’t
particularly “need.” I don’t have any debts, cars or mortgage to pay, kids too
young to need significant lump sums at this stage in life., maybe in 10 years. I’ve been self-employed for a while and don’t have a…
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Married tax allowance and state pension?
Hi, for 5 or so years before I retired I gave my unused tax to hubby as I didn't work. I have now been retired for 4 years and he still benefits from this. But now with the pension increases I am getting closer to the tax threshold . I only have the state pension but I did manage to purchase some back years which really…
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Carry forward's calculation
Hi all, Intending to use my carry forwards allowances this year and I would be grateful if someone knowledgeable would be willing to double check my calculations: Current annual salary £82.6k; Bonus £14k; 25-26 Available Annual Allowance: £108,938: 25-26 Pension payments to date: Salary Sacrifice £8,156; Bonus Sacrifice…
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Taxation over £100,000
If you receive a previous employment defined benefit pension at age 65 which takes you over the £100,000 income taxation limit can you bring yourself back below this limit by using your AVCs in your current employment defined contribution scheme until retirement at 67.
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Frequency of changing invested funds
Hi all, I have two workplace pensions with Aviva. One is a leavers pension from my old company and the other from my current company with ongoing contributions. I'm not keen on the range of possible investments with Aviva so have arranged a transfer of both accounts to an AJ Bell SIPP (which I also use for my stocks and…
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Civil Service Modeller and Paper Quote
Hi all – I’m due to take partial retirement at 55 this November (Civil Service, nuvos + alpha mix) and I’ve had three different sets of figures that don’t match up. There’s almost a £50k difference in the lump sums between my paper quote pack and the online modeller.Has anyone else had such a big gap? And in the end, which…
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Life Plans-Pensions, Work and Health issues
Hello, I have never posted before and just wondered if anyone can be give me advice re: Pensions, Work and Health issues. These are my circumtances: -I had quite a difficult upbringing due to trauma and have had physical and mental health issues from age 17. I had Saturday/holiday jobs from age 14, but from 17 things were…
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When did you feel financially secure?
Ok so I'm 49. Recently had an unexpected windfall and paid off the mortgage. I thought I would feel different, but nothing. I have probably about 7-10 years left at work. I don't really enjoy my job but it's secure and trying to match my current wage at nearly 50 is unlikely. Pension currently growing nicely with about…
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GMP or COPE
Hi, I'm sorry if this sounds naive, but is COPE the same as GMP? I recently retired. I bought back as many of my missing National Insurance (NI) years as I could (thank you to the forum). My State Pension is £223 per week. HMRC wrote to me saying my Contracted-out Pension Equivalent (COPE) estimate was £39.98 per week.…
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True potential costs and performance
I think with the power of hindsight I was just being lazy when I invested with TP, a minefield for the newbie with little understanding or ind advice, £250k investment has cost me £12k over 3 years which seems expensive to me. Is it relatively easy to transfer this lump sum to another fund and reduce costs increasing…
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International retirement savings fund - tax implications of withdrawing lump sum - help needed!
While working abroad several years ago my employer set up a retirement savings fund with Zurich International for me. I am now back in the UK and have been asked what I want to do with this fund and I could really do with the lump sum however I don't understand the tax implications of withdrawing the funds. For reference,…
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Workplace pension opt in or out
I'm a 61 yr old retired police Inspector but I work as an Exam Invigilator earning less than £3k a year on a casual employment contract. My Council employer has auto enrolled me in the workplace pension and I feel that I need to opt out as the benefits over the next (max) 5 years are small compared to my existing pension…
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UK Gilts (eg TR32) vs Bond Funds for Retirement Portfolio Balance (7-Year Horizon, Retiring at 57)
Hi all,I’m looking for insights on structuring the bond portion of my retirement portfolio, specifically whether to hold individual UK gilts like the 1% Treasury Gilt 2032 (TR32) to maturity or opt for bond funds with a similar duration. Here’s some context to help frame the discussion: Background:* Age and Retirement…
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Standard Life Pension
Anyone any ideas on best investments for a standard life pension in drawdown? Don’t really want to transfer as it’s free to enter drawdown and charges are discounted (as it’s a group pension). Not one for taking significant risks.
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
727 discussions
6.3K comments
Most recent: Voluntary NI contributions cut off 2025 by Silvertabby
19 December at 7:04PM
