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DRAWDOWN WITHDRAWAL AND TAX
Hi I can see that there is already a thread about this but I wanted to start my own as I have different circumstances. I hope that's ok! I transferred a pension to AJ Bell in the summer. I took a TFLS and deliberately took an extra £10. This was in the hope that it would lead HMRC to issue a helpful tax code to AJ Bell for…
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NHS pension and 2 jobs
Hi. I’m currently working part time in the NHS and earn 25k per annum. Based on my part time salary I pay 6.8% contributions. I will be starting an additional part time role that also offers the NHS pension and will earn another 25k. My question is would I also pay 6.8% in my 2nd role or would my 2 roles be added together…
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Pension Types and where to start
Hello. So having previously gained some very helpful opinions on starting our first pensions late, I am now looking to do just that. Spoken to a couple financial advisors to arrange an appointment but both so far don’t seem to want the business which I hadn’t expected! I am guessing this is because of the commission based…
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SIPP - Benefits then work query
I have been putting £2880 into a SIPP while on Benefits (ESA and was partially moved to UC recently, now on a roughly 75/25 split with UC occupying the 25%). I am intending to go back to work and most likely will be on a wage where I don't qualify for UC anymore (nor ESA). Is the allowance additive when you start working…
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Financial Advisor Charges
What are the normal % charges for initial advice and ongoing advice on a pension pot of £200k? I realise these can vary but an uncomplicated situation, where I have 6 pensions and want to consolidate, what could you expect?
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Income tax on a SIPP withdrawal
Hi, I've just made my first taxable withdrawals from a SIPP and am a bit unsure about the tax on the 2nd withdrawal. The first payment was for just under £500 and was paid gross. HMRC have adjusted my tax code to take into account the tax due @ 20% on the withdrawal. With the 2nd withdrawal of £750 it was made net and…
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State pension income for tax purposes
DWP have provide my state pension income figure for 24/25 to HMRC which is £700 more than I actually received. I received my state pension at the end of Nov 2024. Is there a formula for agreeing DWP calculation?
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Fixed term Annuity
So after a few years of watching, learning and a few posts to boot! you guys have been essential in my pension learning curve, I now have so many detailed spread sheets all connected , lots of the info supplied by you, so thanks to all! I think I'm now fairly confident & pretty settled on what I'm going to do, in circa 12…
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Class 2 NI - Under Small Profits Threshold
My OH has a small business and filed their 24/25 tax return this week. On the completed return it showed a liability for Class 2 NI of £92. My understanding is that Class 2 is optional if profits fall under SPT which is the case. Although it's always been my OH's intention to pay the optional NI contribution, I was…
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Pension Transfer / Safeguarding Guidance
Hi folks I understand pension transfer legislation has changed recently to protect some people from scams and really bad advice. I've been informed that I can't transfer my pension until I've had an appointment Moneyhelper who will talk through the charges, how it will be invested etc. This is frustrating as I'm an…
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Increased state pension for widow
Hi. Sadly my dad died recently. He was and mum is in their 90s. Mum was receiving basic state pension of £105.70 plus graduated retirement benefit of £0.18 and age addition of £0.25, totalling £106.13 a week. Dad was receiving basic state pension of £176.45 plus pre 97 additional state pension of £68.92 less COD of £42.16,…
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Has anyone had any experiences with ReAssure?
How do!. First time posting in the forum (I think) so apologies if I put this post in the wrong section. My question is this, has anyone had anything do with ReAssure? I ask because quite frankly they've been the worst company I have had to deal with and it's got to the point where I'm at my wits end. It started back in…
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Defined contribution, no drawdown allowed
I have a defined contribution, I have been in receipt of this for 11 years, I took 4k at the very start. I am informed now that I cannot drawdown or transfer to another provider that allows drawdown. Why?
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Fixed Annuity or drawdown
Hi, just when I was convinced an annuity was the way to go, drawdown has reared its head, which I know nothing about! I am trying to work if there any tax advantages on either choice. 100k AVC pot 5 year Fixed Annuity or drawdown(over 5 years)? work pension 22k tax code 1257L i like the certainty of the 5 year fixed…
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Women and the pension poverty gap
I heard an interesting discussion on Radio 4's Woman's Hour this week about how women are disadvantaged in pension provision. I'm not talking about the state pension issue but private and work pensions. The R4 summary: Over a third of women could face poverty in retirement due to a growing gender gap in private pensions,…
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Pension advice for over 50s
Hello, for one reason or another, I don't have a private pension , I will have to rely on the state pension when I retire, that would be my only income. To make matters worst, I don't own a house, I've been renting all my life and never had a job that paid well enough to save for a home. Now I'm earning bit more but is it…
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Pre
Good afternoon I got my dad sorted earlier this year with all the details to pay up additional years as it turned out he's been contracted out in the past and wasn't receiving full state pension. He's just turned 70 in May. He contacted HMRC, agreed 2007-2009 then 2010 - 2012 as they were part paid years and paid before…
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Self Employment and NI/State Pensions
My wife and I have been in a business Partnership for many years but whilst for the last 5(plus many more) my NI contributions are showing as 'Full Year' my wifes are not.....I should mention that I started recieving my State Pension in July 2025 and my wife is due hers from May 2026..is ther any reason why there should be…
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Taking my tax free lump sum and converting to a drawdown
Hello, I'm thinking about converting a SIPP I've got to a drawdown pension and taking 25% tax free, in order to pay off a mortgage. But I intend to continue to contribute to another SIPP I have with my current employer. If I've read the rules correctly, I can still do this. Plus, as long as I don't take any taxable income…
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25% tax free before budget
With the budget looming and talk of Reeves changing the 25% tax free payment from pensions, question is if I call my pension providers Monday and ask for my 25% tax free lump sum, will that still be honoured if after the budget that % changes ? Not sure how it will work, any advice, much appreciated thank you
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Most recent: State Pension Changes / Living Abroad by Eldi_Dos
2 December at 8:15PM
