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When to cancel transfer of married allowance?
My wife has transferred 10% of her income tax allowance to me (marriage allowance). She has only had very limited income for a number of years and didnt use all of her allowance. Next April (in new 2026/2027 tax year) she will start to take her DB pension and will be paying basic rate tax. So she will stop the marriage…
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Flexible Drawdown Pension Transfer
I was wondering if, a flexible drawdown pension (specifically a dependent's drawdown pension) can be transferred to a different provider without there being any implications to the tax free status of it? I'm going with a particular provider to invest my late partner's pension but their fees are higher compared to the…
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LGPS Best of last 3 years
Hi, Hope you are all keeping well! Does overtime (not contractual) count as a ‘best of the last 3 years’ calculation for LGPS final salary scheme? thanks
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Aegon account registration issue
Hi All, I've been trying to register to my pension account with Aegon Scottish Equitable so I can make additional contribution or make amendments, but so far its been almost 3 weeks and the verification code that was sent thru my annual letter wasnt accepting and the one recently received about 2 weeks ago doesnt work…
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Pension savers turn to Facebook for information and advice
https://www.thisismoney.co.uk/money/pensions/article-15366635/Retirement-savers-turn-FACEBOOK-pension-information-advice-complex.html Title of the thread speaks for itself. Needless to say an appalling state of affairs, but we all have to concede pensions are about as complex as it gets in the retail investing sector. For…
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Nmpa pension transfer
Hi I requested a transfer from scottish widows to nest, but they have asked me if I am happy to lose the nmpa which means I can get the money at 55 instead of 57. Is it worth leaving it to keep the 55 age ?
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Consolidating pension pots - can I only transfer these as cash?
Turning 57 next year and probably hanging up my spurs by 60 and belatedly looking at my pension pots. Following various business sales etc in the last 8 years I've gone from one pot to 4 (including my current employer's scheme). Whilst none of the scheme rates are bad, per se, none of them are capped so I'm getting…
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ILGs and inheritance
Sorry, another question with ILGs. Obviously from a planning perspective, ILGs are best held to maturity. If I held ILGs and died before maturity, can these ILGs be passed to my benefactors as ILGs or do they have to be sold (at whatever price on the sell day) before passing the cash on? They will be in an ISA if that…
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State Pension Advice Please (small but annoying issue)
Hi All I am 65 (66 end of March) I have just received my State Pension Amount Letter. The letter say I will receive a pension of £921. The letter claims the reduction is due to being Contracte Out. For the last 5 years, on the run up to retirement, I have checked the HMRC pension forcast which has always said I will get…
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Lost pension
Hi, i really hope someone can help me with this. I had a pension with M.E.B. (Midlands Electricity Board - although i was with E.M.E.B.) back in the 80s between 1982 and late 88/early 89. Ive been through the government website amd it lead me to a company but they say they sold the pension pot in 1990 and have no records…
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Age to take my personal pension
I recently received my pension statement and am after some advice. I’m 51 years old and in addition to my stakeholder personal pension, which is the one I have this question about, I also have a workplace pension and I’d say I have a good understanding of general finances. I have a retirement date set of 2039 when I’ll be…
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Interactive Investor 25% tax free
Good afternoon, I'm looking to take the 25% tax free available from my II Sipp. I've got as far as Step 10 on the form, which asks: Step 10. Taking a lump sum payment will count towards your Lump Sum Allowance (LSA) and Lump sum and Death Benefit Allowance (LSDBA). Please select whether you have taken any tax-free lump…
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RPI - linked annuity
I am considering buying an RPI-linked annuity with part of my pension fund. I am at early stage but wonder whether the RPI reference point is for the life of the annuity or, like linkers, will change to CPI in the future? I have also heard that the RPI increase may be subject to a cap. Presumably this all depends on the…
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Bucketing strategy/ Risk ladder
I'm very close to retirement and am adopting a bucketing strategy, or risk ladder as I prefer to call it. I have two years' net income in cash, one year's in an ETF with mostly bonds, one year's in an ETF with some bonds and the rest in 100 equity (MSCI World tracker). It is this alll equity pot that I will draw income…
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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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HMRC recycling & tax efficiency
Well as the username suggests I’m starting a new chapter and coming to terms with the HMRC minefield whilst trying to be tax efficient. As a background I’m 42 and left the forces after 22 years with the majority on the 75 pension scheme. I’ve taken maximum commutation to reduce the tax burden so I’m receiving a £65k tax…
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ROYAL MAIL PENSION QUOTE AT 55 DONT UNDERSTAND
Hi i had my pension quote from royal mail im in section C - my understanding is that theses are the figures if i decide to take my pension at 55 My RMPP pension shows the following Option 1 regular income £1503 pa tax free cash none tax free cash from cash balance none leftover benefits from cash balance none Option 1A…
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USS - General discussion
I am taking early retirement ( 55) from USS and will have a DB annual pension of £23k and a separate £9k pa widows pension but my dilemma is I will need an additional £17k pa for the next 4 years to cover short term additional expenditure (supporting children through uni, maintain current standard of living) and I need…
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Retention Bonus to be sacrificed to my pension
I'm 58 and am being made redundant next April, Can i sacrifice some of my Retention bonus into my pension? I'm already drawing from my DB pension with my previous company, so believe I'm limited to contributing £10k a year to my pension?
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Which way to tackle drawdown, turning 55, during first tax year ?
Basically, by this time next year, I'll have turned 55. My plan is to crystallise my pension pot, take my 25% TFLS* and then move into DD So, my dilemma is how best to do DD during the 26/27 tax year, to maximise my PA (12570) and not pay emergency tax, up front, if it can be avoided. As I see it, I think I have 4 options,…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
727 discussions
6.3K comments
Most recent: Voluntary NI contributions cut off 2025 by Silvertabby
19 December at 7:04PM
