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DB pension now uses up tax free allowance - even though no tax free cash taken?
I recently started taking a DB pension from a past employer, which, on commencement, used up a percentage of what was then the Lifetime Allowance. So far, so good. My most recent letter from the scheme however now says taking that pension has also used up part of my Lump Sum Allowance, which is the total amount anyone can…
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Checking COPE
This discussion was created from comments split from: Good (and short!) explanation of COPE.
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No remaining pension Lump Sum Allowance
What happens when Lump Sum allowance has been fully used? I'm guessing that anything remaining in SIPP can be moved to drawdown without taking any lump sum, and without incurring any tax liability at the time. Just income tax as normal when taking cash out. Am I correct?
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Vanguard SIPP Transfer (Out) Experiences
I just wondered what other forum members experiences' were with transferring out of Vanguard? My transfer was initiated at the end of February. An in specie transfer of current investment from Vanguard to Interactive Investor. Having read some feedback on other forums such as Citywire, I kind of expected the turbulent…
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Widowers pension and carers allowance
I’d like to know what effect having a carer can have on a widowers pension. I was told at the time of my father passing that if my mum has a carer it will affect the amount of pension she receives. I always thought this was unfair that money would be deducted from my mums pension if somebody else is claiming carers…
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Transferring DC pot from Aviva to Scottish Widows to avoid IFA fee?
Hi I'm looking to potentially get an annuity with SW as they currently offer the best rate (it won't be at the moment, I'm just planning ahead). My DC pot is currently with Aviva. I understand that SW won't deal directly with someone unless they're an existing customer, and therefore I'd have to engage with an IFA (whom…
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Advice needed LGPS, AVCs and APCs
Hello Forumites, I have a LGPS pension, and have been paying in since 2001. I set up an AVC with £50 per month and a APC with £50 per month. I am 48, and recently went part time - to 30 hours per week. I am a bit confused to whether I should increase the monthly amounts to the AVC and/or the APC to build up my pension and…
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ReAssure pot(s) - "Wealth Plan" and "Wealth Plan (COPPS component)"
Hi all - Firstly I intend to give "ReAssure" a bell on this but just wanted to gather some feedback so as not too sound too daft or fobbed off when ringing them... Background - I started a pension with ReAssure (I THINK it was General Portfolio originally and then something else before ReAssure) around 35 years ago. I only…
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Good (and short!) explanation of COPE
There are lots of queries about COPE cropping up regularly. This is one of the better, not to mention shorter, explanations I could find which might help: https://www.wypf.org.uk/pensioner/all-about-my-pension/contracted-out-pension-equivalent-cope-amount/
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How many years qualify
If the year on the Government we site says 'Full Year' does that mean that the year is a full qualifying year and counts as one of my 35 years?
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Portfolio Indecision, Much needed Help please
As part of IHT
planning , I opened a small SIPP but now the IHT rule changes has scuppered
that as it could incur a 60% tax to the beneficiaries. This SIPP is surplus to requirements.
I suppose, at some point I should be gradually drawing down to give away (maybe
in 6yrs). Meanwhile, the
SIPP has 30% in cash (2% interest)…
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Final salary v CARE pension
I have 2
small pensions with the LPFA and have been asked whether I want to combine the older
final salary pension with the more recent CARE pension. I am coming up for retirement in April 2025. I have
responded to the LPFA as follows: Please send me the valuation of what my full pension would look like if: 1. I
keep the 2…
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Teacher's Pension - working beyond 60
Hello. I am a teacher and about to turn 60! I have some years in the final salary scheme and also in the career average scheme. I am still working full-time, but have not been in a TPS school since 2014. Recently, I secured a post in a TPS school for September, which is full-time. Will I be able to contribute either to the…
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Moving SIPP provider now
Guidance Please! prior to the recent “tariff troubles” I was about to switch from Aberdeen Standard Life to a new provider to achieve better results at lower cost. in view of the fact that my pot has just dropped by £15,000 would now be a good or a bad time to switch provider?? your thoughts please thanks
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So confused about what records I need to keep now I am accessing DB and DC pensions
I have been receiving a couple of DB pensions for the last few years. Just recently, I, for the first time, took out money from one of my DC pension schemes. I am so confused about what records I have to keep. I'm told I need to take a note of each crystallisation event, but what numbers am I looking for? The various…
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Annuity like investments from pension
If you wanted to replicate an annuity using a portion of your SIPP funds, to lock in a fixed rate for life when rates are high, but you were under 55, what's the closest way you could you do it without falling foul of the rules of using SIPP funds as leverage under age 55?
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Post 'liberation day' SIPP decisions
The US taking decisions unbecoming of a world reserve currency creating doubt and distrust, macro uncertainties, tariff on / tariff off , US China / trade war etc etc. What SIPP choices to make ? Bitcoin (via MSTR) and gold as safe havens ?! Stick with global trackers? Abandon US tech? Or just keep calm and carry on ....?!
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Civil Service pension surviving partner pension start date?
I am 7 years older than my wife, I have retired early and currently 58 years old. Planning ahead, if I were to die at say 62 in four years time (hopefully not but I do feel peaky) when would she start getting money from my pension? Would it be straightaway or does she have to wait until her normal pension age of 68 before…
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Classic Pension Deferred Lumps Sum interest rate??
Hi, would appreciate some help from anyone who has access to the scheme rules. So I am 62. Just drawing my pension. My pension has been I think correctly calculated by adding to my original pension the appropriate multiplier for CPi inflation.. The lump sum which was calculated when I was 60, does not accrue the multiplier…
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Deferred pension classic civil service told no inflation applies for 11 years!
I was very kindly given 100 percent of my ex husbands pension, by him. it was calculated as a pension credit or 13k p an and and 40k lump sum in 2014. I was told twice in writing and once verbally that it attracts inflation pension increase u till I claim it. I asked for a few pension statments over the years and it showed…
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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
