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ii SIPP in drawdown
I was after anyones experience of initiating drawdown from an Interactive Investor SIPP. I was thinking / hoping you could keep funds invested whilst in a crystallised pot, e.g. you might crystallise a few years worth of funds, then turn them into cash when closer to actually transferring to your bank monthly . I was…
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SWR vs percentage of total pot?
Thanks for all the info on a UK "SWR" which for my planning purposes I am going with 3.5% as I have a small DB pension and will have full SP in 6 years time. Someone suggested a flat percentage withdrawal each year of the total SIPP at a given time, so for example 5% of whatever the balance is on April 6th each year. Does…
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Opening pension
Hi there, new to forum so apologies if breaking any rules. I've graduated from university within the last year, and I'm looking to open a pension but I'm unsure what my best option is. For context, I have been doing temporary contract and freelance media work up until this point. I have some money saved, but no pension. I…
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Pension drawdown while still working
Hi! Looking for some advice re drawing down a small pension pot while still in employment. Currently earning £23k a year and looking at drawing down a pension pot of £40k in order to pay off debt and revamp home. I understand that the first 25% will be tax free and I will be liable for income tax on the remaining 75%. My…
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Full pension/lump sum & reduction
Hi, turning 60 this year. Final salary pension from a previous employment is payable:- Full pension = £11,151 pa Reduced pension = £8557 pa with a lump sum of £57,052 Looking at it simply (not including growth/inflation/tax) difference is £2593 p.a £57,052 divided by £2593 = 22 Therefore, I would be 82 before taking the…
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Are there any calculator websites to help calculate taking DB Pension early?
Namely the government ciivil service ones....
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Retirement advice please
Hi I’m 56 and thinking of early about retirement. I've got local gov pension worth £20,000 a year (which I can take whenever), £10,000 a year from property rental and about £200,000 in a mix of cash & S&S ISAs. No mortgages on my own house or rental and don’t need a lot to live on - couple of holidays a year etc. My plan…
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SIPP Drawdown and tax
I’m 71 and ready to start drawing income from my SIPP. To do this, I need to take a few steps. First, I must transfer funds into my drawdown pot. At this stage, I have the option to take 25% of the transferred amount as a tax-free lump sum. However, I prefer to remain fully invested and do not wish to take this lump sum.…
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Royal London
I have a small pension with Royall London that was originally taken out with Abbey National. I have already taken the 25% out of it, but as there is no online access to it I'd like to move it elsewhere. I've ready different comments with regards to RL and how where the pension came from/resides makes a difference in the…
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Help! Owed money by HMRC
Hello! I paid a lump sum into my pension at the end of the 2024/25 tax year, using redundancy money. I was banking on a rapid tax rebate from HMRC (previously they have paid my tax refunds within 7 days). It is now 14 days on and, although HMRC have written to confirm they owe me a large rebate, no money has gone into my…
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Platform recommendations for move to DIY
We are about to return to DIY’ing our investments after a number of years with an IFA. We have achieved our goals (FI) but recently been moved to another IFA within the same firm. This combined with an increase in ongoing fees and an adoption of a passive investing policy have lead me to the conclusion that we would be…
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Using annual CGT allowance GIA Accounts
Am I correct in thinking that I am not allowed to sell a fund and then buy the exact same fund immediately to realise my CGT allowance, but I can sell the fund and buy a different one that tracks the exact same index? Also - if I bought a fund on several different dates at different prices, how to I calculate the capital…
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Pension transfer issue.
Hi folk's.I have 2 pensions with phoenix life.on reaching 65 I flipped one to standard life in a safe fund which suited my needs.The second smaller one is an old pension from a long gone employer scheme which is sat and has for years at just over £10.000.I am trying in vain to get it transferred into the newly created…
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Avoiding 40% tax
Hi, my wife is looking at reducing hrs and taking her NHS pension, however, this will take her taxable earnings to £59042. This is calculated as current pensionable earnings -10% then -10.7% for pension conts and adding gross annual pension? How much of this would she need to place in a personal pension to avoid 40% tax,…
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Civil Service DB Pension
Hi all, I've applied for a new role within the Civil Service and just wanted to double check on the DB pension contribution amounts... I've seen the contribution % here: https://www.civilservicepensionscheme.org.uk/your-pension/managing-your-pension/contribution-rates/ Are these rates PA..? So for example a £50k role will…
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Retrospective Teacher Pension HELP FROM AN EXPERT NEEDED.
I’ve asked this question on the teacher group and no one seems to know the answer for sure..so trying here. We understand the recycling rules for investing within 2 years of receiving lump sum etc.. but what are the recycling rules for buying retrospective teacher pension from the year 2015-18. Do the rules apply as it’s…
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SIPP transfer: where does the money go??
I'm in the middle of a SIPP transfer which has taken six weeks so far, despite being in cash. Today I received the following words of comfort: Your current provider have advised the cash transfer was sent today, please allow 3 - 5 working days for the cash to arrive in your account. Please be assured it is expected for…
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Army Pension after Dads death
Hi, my Dad died almost 2 years ago and he was in receipt of an army pension. The pension company sent my brother and I out forms to fill in, which we did and returned. They sent more forms and asked for confirmation from our GP about our medical conditions as we are both in our 50s. The GP wrote back and told them my…
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Using Equity Release loan to buy a cash annuity?
Does it make sense to use a lump sum from an Equity release loan buy an annuity? I had been thinking of enhancing my rather low annual income using the drawdown ER process, but my brother believes that it is better to put the ER lump sum into an annuity, thereby giving a definite annual income. I need to have about £6k per…
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Royal London Pension
Hi, Looking for some advice please. I have a Royal London pension that I would like to cash in. Royal London have advised that I need to speak to Pension Wise first before I can do this. I have an appointment booked on the 11 September 2024. I called Pension Wise earlier today to ask if they have any earlier appointments.…
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715 discussions
6.2K comments
Most recent: When paying for NI Top-up, do you have to pay the years separately or in one? by jem16
13 October at 12:50PM
