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state pension - first part year
I'm getting very confused helping someone with their Self Assessment tax return and the state pension. Firstly, although everything seems to say the pension increased 6.4.26, it actually seems to increase the next full week, not mid week. In other words, if a pension is paid Thursday - Wednesday, the uplift is effective…
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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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Flexi Drawdown v UFPLS
Afternoon.. If my wife wishes to take £15k pa from her SIPP , does it matter if she uses flexi drawdown or UFPLS ? Is there any major benefit in using one over the other . Our initial thought was that we would use UFPLS for £15kpa (once a year but increasing with rpi), am I right in saying £3750 (25%) tax free element hits…
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Standard Life Pension - Lost group discount, now paying full fees
Hi all, I've been with my current employer for 9 years, and continued to contribute to the Group Flexible Retirement Plan with Standard Life I had been receiving a 0.45% discount this whole time and on a variety of SL Vanguard funds, but accidentally discovered the discount has recently gone and I'm paying the full 1%+…
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Using inheritance to boost retirement - please sense check my plan
Hi there, My husband and I recently inherited £550K. Some context: My husband is 51 and works as a freelance creative. He previously earned an average of £40-50K pa, but for the past 4 years he has been caring for his Mum (who died in Feb 2025, leaving us the inheritance), and his income fell. During this time his income…
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Whole salary into pension
Is this right? In the scenario below, I am aiming to get maximum tax relief with my 'post tax contribution'. Using example figures for ease. Salary: £30,000 Salary Sacrifice: £10,000 Taxed income: £20,000* Post tax contribution: £16,000 - government adds £4,000 (20% of £20k) - making a total of £20,000. So even though…
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FIRE Girls Pension Diary - Aim High & Dream Big
10 year targets are set and I'm aiming high and dreaming big. :) A bit of background. When I was young I grew up with a family of 4 children, Dad worked and Mum stayed at home. We had very little material things or new clothes and I remember I was always dreaming of how I could possibly become a millionaire. So why not…
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Legacy DB Pension Being Removed – What Are Our Options?
Hi everyone, I’m hoping to get some independent views on a situation affecting a small group of long-serving employees. Our employer closed its Defined Benefit (DB) pension scheme to new entrants many years ago, with all new employees joining a Defined Contribution (DC) scheme instead. Existing members remained in the DB…
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Early Ill Health Retirement
Hi all I’m seeking some advice on whether I would qualify for early ill health retirement and whether it would be the best option for me. I’m 46 years of age and in March 2026 was diagnosed with a stage 3 brain tumour with a prognosis of between 5 and 7 years left to live. I’ve had surgery and radiotherapy and am due to…
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Does Increasing pension contributions reduce tax.
I'm hovering around the 40% tax bracket due to full time income and personal pension currently paying £12K per year. Through my employer I am paying into a pension which I will draw at the age of 68 (15 yrs time) at present my taxable allowance is on my pension and I am paying 20% income tax on my full time income. If I go…
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LGPS pre 2014
Hopefully someone will know a definitive answer to this question before my wife contacts her LGPS administrator and looks foolish. She is looking to retire in the next school year and has just received her annual statement from peninsula pensions. She joined the scheme in 2003 and has continuous membership. Her Final…
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Is what I am doing sensible? What would you do
Age 46, partner 41 We've hit and then exceeded our 'number'. We live a relatively modest lifestyle, no debt other than £167K mortgage on house worth 500K+ Our retirement provision is: A LISA each, combined value £100K+ in 100% passive global equities Partner is in LGPS (albeit low paid and only 3 years service to date) We…
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Inheritance Tax Gift Query
I'm considering giving my son a large lump son, for example £100,000, to hopefully live seven years and remove from inheritance tax. If I die within seven years passing on my whole estate to my wife, what happens to the gift ?: a. Nothing and can then be forgotten, estate has been passed onto my wife. b. Chargeable in some…
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Lump Sum Allowance and Death Benefit Allowance Certificate queries
I have a pension managed by Phoenix Life. The pension plan was originally with NPI. The pension was made up of four identical plans (just because that's the way it was set it up originally in order to provide for future flexibility in drawing pensions). In November 2020 (for each of all four plans) I took the 25% Pension…
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MPAA questions for retiree
Hi all Retired for 3 years now (best decision I have ever made). Question regarding the MPAA allowance. I cashed in some of my DC pensions to access the 25% cash and buy a fixed term annuity for the 8 years until I reach state pension age. This is working really well while my remaining pensions remain invested and continue…
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Paying income tax when taking money out of drawdown pension
I am retired and living off small pensions and savings, and a non tax payer, due to my income being below my tax code. Not eligible for state pension until 2030. I have taken my 25% tax free sums out of my pensions in previous years. I decided to take some money out of my drawdown pension, whilst keeping my total income…
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State Pension forecast only 33 full years retirement date 4 weeks off full year
Hello Forumites I've looked at past threads (and done google searches) but can't see anything that seems to apply to my situation and I see that there are some really knowledgeable Forumites who seem to know about this stuff so I'm posting in the hope that someone can help me unravel my situation. Apologies in advance for…
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Receiving pension
Hi to you all and would love some advice please How long should it take to receive your 25 percent tax free lump sum? Ive requested the lump sum and pension provider said they are waiting on my ex companies trustees to verify everything? My old company is Colgate-Palmolive i worked for and Cartwright are the company look…
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Inheritence into a SIPP
Hiya, I've recently inherited some funds. I'm in my 50s and have been SE my whole life. I have never contributed to a pension. I understand I can put some of it into a SIPP. I'm a 20% tax payer, and my SE income is less than £60K per year. Can I put £60K into the SIPP, or can I only put whatever my SE income is for this…
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localpensionspartnership.org.uk - Who are they?
I have received an email from the lppa (as they call themselves), but am unsure whether they are an independent organisation regarding my previous local government contracts, or a private company looking to invest such in their interest (I have had brown envelopes with "official" letters about my pension previously from a…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
751 discussions
6.5K comments
Most recent: If You Have Registered For A … by supersezzie
9 August at 12:56PM
