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Calculating SIPP Contribution
Just trying to work out how much my other half would need to pay into a SIPP to get her out of the 40% tax bracket this tax year. Two sources of income with 25/26 tax codes and taxable pay for each as below: Taxable Salary of £19,920 taxed at BR Pension Income of £34,040 taxed at 342L Total income = £53,960 plus some…
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If you turn 55 in the next couple of years but not 57 by April 2028
I’ve just been reading up about the change in when you can start taking your pension, which I’m sure most will know is changing from 55 to 57 on 6th April 2028. I’m one of those people that will turn 55 years old within the next two years but won’t be 57 on 6th April 2028. So as I understand it, I can access and start…
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Pension lump sum contribution
Hi member of SMART salary sacrifice scheme with my current employer with salary of around 28k and on call allowance of 5k. I wish to make max lump sum contribution to my old employee scheme . What is the max I can put into this and take advantage of tax relief contribution? , do I need to allow for my salary sacrifice…
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Accessing PRU AVC (With Profits & MVR)
Hi I am looking to retire in two and a half years’ time (at age 60). I work in the public sector and am in two work place pension schemes. I will be taking my Final Salary pension at age 60. Will get approx. £15,000 PA & Tax-Free Lump sum approx £45,000. The lump sum and pension combined should give me a comfortable income…
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Additional Pension Payments
I am retired and I have a Personal Pension with Scottish Widows which I understand I can add to it each year £2880.00 with tax relief £3600.00. Im 57 years old and I thought I had a D/D in place to do this annually and it appears I haven't so for the last tax years (24/25 and 25/26) I have made no additional payments. I…
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Transfer of NZ Kiwisaver to UK.
I have a private pension plan in New Zealand and am migrating back to the UK soon. I can withdraw the savings from the plan after being out of New Zealand for a year and intend to transfer the money into a UK pension plan before buying an annuity. Would the amount transferred be subject to taxation in the UK? Thanks
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Taking 25% tax free lump sum from DC AND DB pension. Is this possible?
Hi I'm around 1 year away from retirement. I plan to utilise UFPLS to withdraw money from my one DC pension pot. I also have a DB pension, which is a 'frozen' pot from a previous final salary scheme, where I plan to utilise an annuity for guaranteed income. My question is; given that I plan to use UFPLS for my DC pension,…
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LGPS Redundancy - Local authority
Hi, I started my LA on 3rd July 2000 and being made redundant aged 59 on 30 June 26. How many weeks redunduncy pay do I receive? My LA says 29 weeks but online im reading 30 weeks! Thanks
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Increase pension contributions and live off salary and savings.
Reading a comment on another thread just got me thinking. I am a 40% taxpayer this year and, all being well, will be a 40% taxpayer until I retire in 3-5 (hopefully not more) years. For 2026-27 and 2028-29, it looks like I can contribute 24% of my salary via salary sacrifice to remain in the 20% tax bracket, when factoring…
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SIPP contribution needed?
Having salary sacrified throughout the year, I am now down to gross salary of 112k and cannot put do any further pension contributions. I plan to put some money into a SIPP to get me under 100k. Will a bank payment of 10k from myself be enough in view of 20% claim back or should I pay 12k from bank account into SIPP?
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LGPS - AVC or APC?
I'm 53 and would like to retire a few years early. My current salary is £43k. I've been paying into LGPS since 2003, with a break just short of 5 years when I moved into the private sector. Jic it makes any difference, I've linked my old LGPS pot to my new to benefit from pay increases. I'm not sure of the longevity of my…
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I asked ChatGPT to simplify and sort out my investments
I have been looking at sorting out the isa/pension investments for me and my OH as they are currently across 3 providers (Vanguard - OH, interactive investor (me) and L&G (me) (ex-employer master trust in drawdown). Total approx £1m and not really used for day to day as decent DB in play. My allocation for the last 5 years…
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Teachers Pension - Retirement Planning
Hello all, I am looking for some pension advice for my Teachers Pension and am not sure where to go. I have had some very brief discussions with the pension service but it was both too broad and went a bit over my head, and I believe I can't get advice from Pension Wise because they offer their free appointment for defined…
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Unused SIPP allowance from 2022/2023 tax year
Hi, I have a SIPP with II and I can see that I haven't used any of the allowance for 22/23. Is my understanding correct that I can use 22/23 as long as I make the contributions before the 5th of April as it is within the 3 years? I've never used carry over before so I'm unsure as to how II handle it or the process for…
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LGPS - checking pension contributions
Hi, I saw a post on Martin's FB page about checking that all your pension contributions have been allocated to your pot. Do I need to do this for LGPS, and if so, how do I go about doing that? I can't see a monthly break down on the portal - is it a case of going through the annual statements? Thank you!
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NHS Pension Extra Contributions - HRT
A friend of mine who works in the NHS and is a Higher Rate taxpayer has asked me about making extra pension contributions for tax reasons. I assume she means tax relief, particularly any amount that she pays 40% tax on. I have had a quick look at the website and it looks like there are 3 choices, very similar to the Civil…
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Tax Free Lump sum
I have. Private pension from when I contracted out of SERPs. I am 55 and have a civil service pension. I work full time and will continue to work for 7 years. I earn over £40K. I have checked my state pension and have paid enough NI to receive full state pension. I would like to take 25% tax free lump sum from private…
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Is it worth keeping a Stakeholder Pension
hi I did have 6 different pensions from various employers etc I have since transferred 3 into vanguard, so left with 3 now Main pot Royal London and a Vanguard sipp ( although no truly a sipp), but i also have a RL stakeholder pension value less than £200, is there any benefit in keeping this?
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Pension Drawdown in the new Tax Year
I know I am over thinking this, but not sure what to do in the current market? I an in my early 70's and normally drawdown a sum from my DC pension to take me just below the 40% tax bracket at the start of a new tax year. Currently have a full state pension and a small fixed DB pension. The drawdown would be 5% of my…
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Timescale to move from SIPP to drawdown AC with Hargreaves Lansdown?
Has anyone submitted an application to HL recently to move money from their SIPP account to their drawdown account? I am trying to get an estimate of the timescale it is taking. I made an application on 6th Nov, got a confirmation email saying 20 working days. That has now passed and I have messaged and called them for an…
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