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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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25% tax free twice
Say I have £300k in my works pension & I take the 25% tax free at age 58 but continue to contribute £3k a month into it for the rest of my working life (67) do I get 25% of that new portion £350k or there abouts tax free? I think I do but need to know if I'm correct or not? I fully expect to pay full tax on my remaining…
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LGPS Trivial Commutation Help Wanted
Hello, everyone has always been so helpful on here in the past and so posting a request for a friend. They are 59 and worked for a few years in a school and so have a Deferred LGPS pension with a transferable value of just under £24,000. They decided to request the full amount as a lump sum under the trivial commutation…
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Pension Drawdown
Hi all I've got a small pension pot of £36k with Reassure now. I'm 62 and am planning on withdrawing as much as I can from the pot over the next few years without paying any tax. My current income is only £1500 per year, so I have £11k of unused tax allowance to play with before I hit the income tax threshold of £12.5K. I…
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Pension Trust maintenance period
I have a smallish pension with SEI Master Trust, last year I took a 25% tax free lump sum using their online portal, it was a piece of cake and I received the funds within 2 weeks. This year I decided I tried to withdraw it all as I have now retired. I have been given the run around for about 6 weeks, firstly they couldn't…
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Taking 25% tax free from a SIPP
I have read through on my SIPP website the steps to take and think I understand most of it. I want to take out 25% cash of the value of my SIPP. I have invested in 3 shares and was thinking of selling one of those to get the amount I wanted. But from reading the steps it looks like I have to sell/crystallise all of my 3…
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Pension
OK here goes. I am now living in Bulgaria and have done for the last 4 years. I have recently reached the pension age of 66 so I get my state pension. I have a private pension (which I have not contributed to for over 10 years) and a few months ago I informed said pension company I now resided abroad. Sent proof that I…
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SSAS Pension Problem
Briefly, I have a SSAS which was started years ago. I am now retired and the my company does not exist any more. There is a factory in the pension and virtually no cash. The rent gets paid in monthly and amounts withdrawn to live on. The pension company does nothing, the little cash is in the bank they specify, and they…
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Retirement plan and options
Hi there. New to this forum so apologies if I don’t get the format right. I’m looking for some advice. My wife and I are both 56 and looking to retire in 2 years when the kids finish university . We have a couple of DB schemes which I calculate will pay out £60K a year after reductions and tax. We have £200K in cash ISAs…
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True Potential - Miss-Selling?
Hey Lovelies, I was with True Potential for quite some time until around 2020 - never heard a word from them apart from an annual statement - no advice offered etc. I was transferred to them when my local IFA became part of them in some way. I've been contacted today by a firm called Pacific Legal in Glasgow saying that…
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Fixed Term Annuity v Gilt Ladder
Happy Sunday Using money helper website £225K buys 10 years fixed term income at £28K. Using gilt ladder £28K per year costs £226K. Am I right in thinking annuity carries no risk (apart from inflation), gilts have some risk but benefit from more favorable tax treatment? Also, appreciate a fixed term annuity would trigger…
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NHS Pension & leaving the NHS.
Basically wondering what happens to your NHS pension should you leave. Not to opt out, not to retire but to leave - to work for a different employer. I understand that many workplace pension schemes work the same. Work for this local employer, that one, the one man band down the road & you're being enrolled in to something…
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St James Place & Financial Ombudsman Decision
Hi, Wondering what to do and if anybody has been through the same and found a good solution. In short, my pension was moved to SJP 10 years ago. The advisor we new personally, and we understood we were being looked after. After selling my company and taking early retirement, I reviewed my pension and the performance was…
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CS Alpha - early reduction factors
I've been looking at what I think are the reduction factors for taking Alpha early: Factors Guidance Hub | CSPS_GB My NPA / SPA is currently 67. I have also been buying EPA -2, but not for the whole duration of Alpha, so I will have two parts with different nominal retirement dates (age 65 and 67) but which must be taken…
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Claiming higher rate relief for additional contribution using online form
Greetings, I made a one off contribution of £60k from my bank account to my workplace pension, HMRC advised I can write to claim higher rate relief but they also said I could try their online tool which has been mentioned recently on the forum. Has anyone used the online form for a one off payment to a workplace scheme and…
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Adding funds to a pension after taking tax free cash
About a year ago I took some of the 25% tax free cash from one of my pensions. I took 10% - The pot was £60k and I drew £6k which I used to pay off a loan and credit cards. The pension pot has almost now returned to the same level. currently £59,250. Can I now pay in some savings? I have managed to save up £3,000. I have…
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DB pension forecast - what assumptions to ask for when requesting a forecast
By way of background once a year I request my DB pension forecast
from a workplace (private sector) I left in c.2008. They are willing to forecast up to five years’
away (i.e. if I request the forecast in November 2025 they will forecast my
pension as though I commence drawing it in November 2030). The DB pension comprises…
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25% Tax Free Question from a SIPP
I believe once you have crystallized your pot and taken the full 25% tax-free any investment gains on the remaining 75% will not be eligible for further 25% tax-free, correct ? Alternatively, what happens if you take a regular “salary” from your pot with 25% tax-free and the remaining 75% taxable, assume 3% safe withdrawal…
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Management co may have lost pension records
Hi all. I have 18 years' contributions, originally in the civil service, and then sold-out to a private company under TUPE. After I left, there were a couple of further ownership changes. Having never received a statement of benefits, I attempted to contact them last year and eventually got someone to reply earlier this…
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Annuities and IHT
Is anyone looking at annuities which leaves a balance on death to a spouse and potentially avoids IHT ?
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
735 discussions
6.4K comments
Most recent: State Pension Forecast and Buying Years by DRS1
20 February at 8:13PM
