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Claiming State Pension and Salary Sacrifice
I will be 66 this year and able to claim the state Pension. However, I am in full time employment paying tax at 40% band and intend to continue working for the next 2 years. The options seem to be claim the State pension or defer for the 2 years. I was thinking of claiming the State pension and increasing payments into my…
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Pension dropping suddenly
Hello Hubby panicking. His pension with aviva has tanked since early Dec. It had 124k in it and dropped to 122k in a week. He has 5 investments all equal 20% and all high risk funds. He's almost 48 and we decided to do this as his pension wasn't growing at all. He's panicking and saying he should change investments. I have…
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How to plan for retirement with tiny pension pot
I was always very sceptical about pensions after the Mr Maxwells well documented disaster many moons ago... so I bought my own home which is now mortgage free. I am 65 this year and have been living off my savings for the past year which will last me until I receive my state pension next year. I have a very small private…
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Cash in pension up to basic rate limit
Hi all. Bear with me as my thinking may be bizarre or actually alright :lol: . I took out of my pension pot earlier this year the 25% tax free amount. I receive a military pension of XXX amount per year. When we enter the new tax year, is it reasonable I could calculate how much to withdraw from my private pension pot,…
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Adding to pension pot to avoid 40% tax
Multiple issues going on here, but basically I keep confusing myself on when/where the 40% threshold is. With interest, rental and PAYE income, I'm desperately trying to avoid 40% income tax, and am trying to keep below it by adding to my pension pot. I'd really appreciate someone more familiar with these income streams…
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LTA April 2024
I've taken a DB pension prior to 2024 in my mid 60's however I did not take any lump cash at the time. My understanding at the time that I could take 25% of the total pensions (DB and DC) value tax free it was just under the LTA? The LTA rules at the time considered both lump sums and income. Say at taking my DB pension :-…
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SIPP, self- assessment and interest on cash
I opened a SIPP for the first time in this current tax year. I have chosen to hold only cash presently on which I earn interest every month. I am a basic rate taxpayer and over the state pension age now. I have a couple of questions. Firstly do I have to enter this on an HMRC self-assessment form? Secondly, do I have to…
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Transfer in to Company Pension
Hello everyone! I have company DB Pension which I am currently paying into but I also have some funds from a private pension now residing with PensionBee. My company has a suspension on transferring funds into the company pot. My question is is this suspension legal?
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Confused about HL SIPP Interest earned
Perhaps someone with a Hargreaves Lansdown SIPP can help here. A recent thread encouraged me to look at the wife's cash only SIPP (in drawdown) and the interest payments relating to it. I've gone into the account and I can see regular interest payments and wondered where they were actually going - not the nominated bank…
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Pension Allowance Carryover
Hi, TL;DR question: When carrying over 60k, so I have to use ALL of the current years 60k allowance before borrowing from previous years, or can I use 30k from this year, 20k from last year etc? Full info: I recently learned about the 60% UK tax trap, which I have been caught in for the past 3 years. I've previously been…
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State pension forecast too high?
i become eligible for my state pension in March 2025. Both my online and written forecasts state that i will receive £264.47 even allowing for the rise in April this is around £30 per week higher than the normal state pension payment. Why is it so high, i have checked it multiple times over the past year and it has not…
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Just discovered I have an old pension - not sure what to do now?
Hi there, I have searched through the forums and can't seem to find advice that fits my question? I was 60 in June this year and I was contacted in July/Aug via the DWP because Phoenix Life (who purchased Britannic Assurance) wanted to get in touch. I had taken a pension out many years ago (in 1990) and this was frozen and…
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Interactive Invester SIPP transfer
I’ve been dithering about transferring a 250k stakeholder pension held with Standard Life for a year or so. Charges are 0.8%. No charge to leave and no guarantees I’d be throwing away. I understand that this will have to be transferred as cash, as the SL funds are in house ones. I like the charging structure at II, and…
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Can’t be bothered with work any more
Age 45 Got 890k in my dc pension 40k in a Lisa 10k in a cash isa 40k in a s&s isa my missus (age 40) has 190k in a dc pension + Lisa , plus she work local government so is building a CARE pension That’s more than enough for our retirement, I’m pretty miserable in my job, while it’s well paid I almost don’t need the money…
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Implications of incorrect tax relief on salary sacrifice payments
The company I worked for had a salary sacrifice arrangement for pension contributions. For some reason last July, they processed the payment as 'relief at source' so I received tax relief on my pension contribution for that month (as did the rest of the staff) that I should not have done. This was raised with payroll and…
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State pension forecast, does this mean what I think it does?
My wife's just left her job. She has 4 years to go to get to pension age and doesn't intend to carry on working. Her forecast on the gov site give her weekly/monthly forecast and says, 'You cannot improve your forecast any more.'Does that mean that she doesn't have to carry on paying NI through voluntary contributions, or…
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Tax Free Lump Sum without affecting existing pension
I have an existing company pension that they pay into every month, the current amount is around £370k. I'm now aged 55. I want to take £30k as a tax free lump sum, this is obviously not the full 25% I'm allowed but I just want to take the £30k and for my employer to continue to make monthly contributions and effectively…
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What happens if my workplace pension pot loses value without going bust?
Hi, I've always read that workplace pensions are protected by the Facts, but I've always had a doubt: what happens if they lose money (say for example 80% if value considering all contributions made by me, that would end up being much more considering the appreciation over time) without actually going out if business?…
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USS Flexible retirement confusion
Hi all, I’m hoping
for a bit of a critical eye over some of my pension calculations to see if I’m
missing something vital that may come back and bite me on the bum later on. I’ve been
working at Universities (and a member of USS) since 1995. In that time it’s
mostly been full time but there have been a few gaps and a…
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Advice on what to do with two separate pensions
Having worked in two diffrent jobs i have two pensions one with Peoples Pension and one with Aviva ,I am currently not working due to ill health, not sure whether to put the money from Aviva into peoples pension has this is the one with the most money in,
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
398 discussions
4.1K comments
Most recent: NI Shortfall of almost 8k - Disabled and on ESA/PIP by Northern_Wanderer
19 January at 5:39PM
