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Pension Investments
Hi, I have a pension pot that is heavily invested in equities , a chunk of which is US (c30% US- centric, 40% Global, 12% Diversified Asset, 17% Global Bonds) and this has taken a real hit in the last month or so thanks to Mr T's shenanigans! My question is, (and yes, I am panicking!) do I leave it invested as it is and…
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Early retirement and paying tax above LEL
If someone takes early retirement (say aged 57) and was to drawdown from their private pensions say £44,000; the first £11,000 is tax free with the remaining £33,000 taxed at 20% = £6,600 That £6,600 is above the Lower Earnings Limit (LEL), therefore would that count as 1 year towards the state pension (SP)?
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Emergency tax rate on lump-sum.
I've been looking at drawing down a lump sump from my SIPP, and have been looking at how much tax I'm likely to pay at the time of withdrawal. I was reckoning on receiving either 25% tax free/75% taxable, or at worst having to pay tax initially on 100%. However, the emergency tax rates that my provider's (Hargreaves…
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Criteria for selecting Income funds
Hi, What criteria do you use for selecting Income funds for your SIPP? I'm thinking about diverting part of my future contributions to this type of fund for the next few years to build up a cash fund to protect me from SORR. I have 5 to 8 years to go before finishing accumulation phase. Many thanks.
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Vanguard SIPP - be careful when you move assets to drawdown
Not sure how other people do this, but I move only what I need to drawdown for the year every Feb/March. With Vanguard you need to make sure to transfer what you need to move to cash. They ask you what funds you want to invest in when transferred but you have no say what they will sell if you have not enough cash and sell…
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Pension tapering rule and unused allowance help?
Hi All, I did a lot of research on the topic but still can't figure out exactly how this "tapering" works. Below some details 2022-23 tax year: Threshold income 224,000 Adjusted income 232,000 Paid into pension 8,000 2023-24 tax year: Threshold income 210,000 Adjusted income 229,000 Paid into pension 19,000 2024-25 tax…
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Local Government Pension Rule of 85
Having spent a lot of time in local government I am totally naive about my pension and rights and the 85 year thing is befuddling me, just at the point when I need to take a decision. Help! I'm 55 and I've been in three schemes in total, and they're separate still. I am now faced with leaving local government and I reckon…
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Pension Tax Relief of no value in certain scenarios?
Hi all, I'm looking for confirmation of something which seems to be a fundamental gap in the advice available online. I have searched this forum (and the wider web extensively) but to no avail. I am still working, and am fortunate in that I have 2 personal pensions, and with the state pension, my overall forecast is an…
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missing NI contributions for state pension
I am thinking of buying 3 missing years NI, at c£2400, to boost my state pension to near maximum allowed. I reach state pension age Apr 2027. I'm a little concerned the government could, potentially, introduce means testing before i reach pension age, which would impact me as i have a company pension. So £2400 would not be…
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National Insurance contributions below the threshold
Hi, Just wondering, is there a way to voluntarily pay for NI if you earn below the £12,500 threshold? Or should I just put money aside each month to pay off yearly gaps in my record? Due to my jobs being casual I can't see me ever earning over £12,500 between now and me retiring! I currently have at least 10 years so I…
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Saving on paying Tax with my Redundancy Pay
Firstly thank you for taking the time to read and the possible advice. Ok so after 33 years (Age 56) I will be made redundant and luckily my Employer is giving me a not to shabby package with 2 options for early retirement. Option C Enhanced Severance with retirement / early retirement Enhanced Severance Terms £56,080.20…
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state pension NI contributions
Hello lovely people I thought it about time I looked into a bit of pension planning and my first stop was forecast of my state pension. When I looked at my NI contributions there were 3 years (back in the 2010s) which stated they are not full years and what amount I should pay to top up. I thought hang on a min, I had a…
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Pension advice
Called the state pension helpline, cut off twice third time told will have to wait upto 8 x weeks for advice ?
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Is it really worth topping up missing years
I retired last year and was 5 years short in my NI contributions. I have £8000 in savings I get topped up with pension credit to £218 I get my council paid which saves £100 per year I'm seeing a lot of advice to top up my missing years, is it really worth using over £4.000 to pay my missing NI contributions
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Draw down pension before 2027
Dear Pension Experts, I am a 75-year-old widower with no partner. My total estate, including my private pension, is likely to exceed £500,000 when I die. Assuming I live until at least April 2027, it seems to me that my private pension may then become subject to Inheritance Tax (IHT). To reduce the potential IHT liability…
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Still issues accessing my Government Gateway
I can still receive the access code via my land line phone number. But at some point my land line will no longer work. I can also sometimes access the code number via my HMRC app. When it works the login screen covers the whole of my iPad tablet screen. When I choose the app option I get a small box at the top of my tablet…
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How to best top up gaps in NI contributions for state pension
I would like some help please working out how to get the best state pension for my wife who reaches SPA on 11 June this year. As she has no photo id we cannot use the Govt Gateway to get an idea of her pension value. We have not been able to get through to the FPC, but have followed the advice to request a callback, so…
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Another SIPP question I'm afraid
Apologies for just joining and asking for help, but here goes... I'm 75, In 2016 an IFA transfered a small pension (then about £28,000) into a SIPP. In 2019 the IFA retired and closed the office leaving me to manage the SIPP myself (now with AJ Bell). I haven't accessed this or any other pension (apart from the state…
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One off small lump sum drawdown from Private Pension affect on Universal Credit
Hi, and firstly apologies for asking a question which has been discussed before. I have read some answers but am still not confident of a definitive answer. I currently receive both Universal Credit including limited capacity for work due to long term physical illness and mental health issues. I also receive PIP. I have a…
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Superannuation early retirement
I have paid into my pension for 38 years and was hoping to retire at 60 thinking I would loose about 10% of my pension, but after getting a quote, I would actually loose 36% of what was predicted which works out at just over £10.000 per year. My yearly pension would only be £17.440. But what I’d like to know is, what if I…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
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Most recent: Voluntary NI Contributions – What to Expect After Requesting a Callback by molerat
13 August at 7:57PM
