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HMRC Online State Pension Calculator
Can anyone advise how accurate this calculator is ? My indicated pension is about £9 less than the maximum State pension per week. I'm ok with that having been contracted out for most of my working life and come to the conclusion that paying nearly £3000 to make up the difference is not worthwhile for me. I have 44 years…
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Pensions Planning
This discussion was created from comments split from: Pensions Planning: The NUMBER.
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Drawdown Pensions
I will be moving my pension to a drawdown pension as my concerns are my defined benefit scheme only pays 50% on my death and does not pass to my children if both pass away. Why do I have to pay for a financial advisor to say that I am in a position to move my pension when it is my pension.
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Retirement Living Standards
I'm seeing some press reports - in the Independent for example - that the retirement living standards have been updated, but I can't find the new report, it may not be available yet. I know we've collectively disagreed with these standards in the past, but I'd still like to read it. As far as I can make out there have been…
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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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DW & P Telephone No. 0800 731 0469
Has anyone ever got the Option 3 'Calling about your state pension' to work? I have been trying for weeks at various times of the day and the line just goes dead after about 40 seconds.
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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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Close to LSA and likely higher rate in retirement -- am I overlooking anything?
I'm a USS member. At present the USS benefit modeller suggests that at my planned retirement age in around 7 years time I would be able to take an income of £37k and lump sum of £250k. The modeller gives figures in 2026 terms (subject to a lot of assumptions of course.) What the modeller does not model is the changes to…
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Relationship between pension income, savings interest and capital gain
Hi All, I am trying to discover the impact of a significant capital gain on my pension income and savings interest taxation for planning purposes. I have a personal pension (so I can vary income drawn) and cash in the bank earning £5,500 pa. Historically I have kept my pension income at my personal allowance of £12,570 and…
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Genuine mistake?
Hi, I recently applied to make a withdrawal of £3000 from a drawdown account. Unfortunately, the provider’s confirmation letter was put in my junk folder, so my first knowledge of the transaction was when payment was made, but the payment was incorrect, the provider had transferred the full balance of the account, nearly…
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Seeking retroactive higher tax rate refunds through SIPP contributions
Good afternoon, I would like to understand if I can pay into my SIPP in order to reclaim tax I've paid in the higher rate tax bracket over the past few years. I've been with my current employer for 10 years and I currently earn £66k. I've always been enrolled on a workplace pension scheme but have not invested towards my…
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Can this be correct regarding 25% tax free withdrawal?
I have two DC funds and a DB pension I haven't touched. My DB pension was closed to further accrual some years ago. I'm still working. I've made enquiries about taking out my 25% tax LFS. I have been told the following: £1,073,100 x 25% = £268,275. This is known as the Lump Sum Allowance or LSA. This is the maximum…
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National Insurance
Hello... apologies if I've got this in the wrong place. My wife ( 61) just retired early and will be receiving a NHS pension of £17500 per year. She also will be receiving approx £2000 annually as "bank shift" working income. So a total of £19500 I have transferred my marriage allowance to her so anything over £14100 is…
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Government Pensions Dashboard
Early UI for those that are interested. Interestingly it's identified 2 legacy pension schemes that i have no details of…
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Private pension as source of main income for HMRC
Hi All, a quick question regarding my preserved armed forces pension. I receive around £600 a month but am then taxed at 20% due to my state pension using up my allowance. My question is, is it possible to get HMRC to class my RAF pension as my main source of income and make it part of the £12,570 allowance? Therefore,…
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Inherent annual incorrect reporting of State Pension by DWP to HMRC
Each year, HMRC rely on the annual state pension figure reported to them by DWP for tax purposes.. State pension payments are always in arrears so the first payment on or after 6th April is always less than subsequent payments because a proportion of it always includes an element at the previous year's rate (most…
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Financial adviser for a DB transfer
Afternoon. I'm looking for recommendations for a financial adviser to sign off on a final salary transfer to a sipp. I've try the government's unbiased. Co.uk but all I get is spam. TIA
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Inheriting basic state pension - SERPS?
A widower friend of mine has just asked me a question & I have no idea of the answer! His wife died 20 years ago when she was 59, he is now 80. So he is a basic state pensioner & she would have been at aged 60. Someone has told him he can inherit part of her state pension. Does anyone know if this is true? Thank you.
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pension over-contribution repayment?
Hello, I understand that if you have overpayed into a Sipp by the end of the year you then have to pay a charge. Could anyone explain what this charge is and how it is collected? Using the example below (all values after tax relief added): A's salary is 40K, giving him a total of 40K he can personally contribute. He…
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Quick question re: annuity quote
I just had a quick question in relation to accepting an annuity quote. If you accept an annuity quote, can you before it starts, make an amendment to it? For eg can you change the guaranteed period from 5 to 10 years? Obviously the income would be reduced but would the insurance company allow it or would you have to do a…
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: If You Have Registered For A … by MicKeat
4 July at 4:15PM
