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Can a 16 year old join work pension scheme?
Hi. I’m new to the forum so I hope I’m doing this correctly. My soon to be 17 year old son has a part-time job with a well known craft supply retailer. He asked if he could join the pension scheme and they said he couldn’t. His core contract is for 12 hours per week at £12.21 per hour. He also does some extra shifts during…
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State/private pensions
Hi, When both of my parents have died what happens to their pensions do they just stop? Thanks
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Paying SIPP charges
Does anyone know if I can pay charges from a personal bank account when the SIPP is funded from a business (limited company) account ?
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Using carry forward
Hi, I’m planning to deposit my unused allowance (carry forward) from last year into my SIPP before the upcoming budget. I have a couple of questions: * Will I still receive 40% tax relief on the carried-forward contribution? * There are rumours that tax relief could be changed to a flat 30% rate in the next budget. If I…
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How long should a draw down payment take?
I've decided to crystallise all my remaining uncrystallised funds in my pension and take the tax free cash (about £120K). How long should I expect the process to take from notifying my pension provider to the cash being deposited in my bank account. This isn't my first crystallisation so all the essential details should be…
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Drawdown @ 55
Hi I am just seeking some advice regarding making a drawdown on my private pension. I reached 55 in January and I am wondering if need financial advice to draw on the pension as I think my provider states that if I drawdown the rest of the funds need transferring? Is this something people are confident to manage…
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Work Pension Contributions
I pay 5% and my employer pays 3% into my work pension. I have tried working out how the amounts are calculated using the Net Pay Arrangement and also the Relief At Source method but both ways do not give the correct amount that is going into my pension fund, it appears the amount going into my pension fund is less than it…
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Pension Sharing Order - Help.
Hi. I have been awarded a pension sharing order as part of my divorce settlement worth £600,000. I currently have no pension of any description and I need to set up a pension fund so that the amount can be credited to it. I have made an appointment with a financial advisor as advised but really I have no idea why it’s all…
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GMP Equalisation settlement
FYI for anyone interested...... Mrs Tempest started to draw her small company pension at age 60 - virtually all was GMP Had a letter today to say the equalisation exercise has been completed and her monthly pension will increase by about 20% plus a lump sum back payment.
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The inevitable pre-budget speculation on pensions
In the
run-up to last year’s budget there was forum chat about whether the expected
rise in CGT would happen overnight. The majority thought it would probably kick in the following tax year. Anyone who sold assets just before the budget on
the basis they could B&B them back if the rise was delayed, is free to have
a little…
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25% tax free lump sum from pensions
I took the maximum amount from a final salary pension ~ 16 years ago; I also have a SIPP and have recently converted part of this into a drawdown account and taken 25% of that tax free. Read this weekend that you can only take 25% TFLS from two schemes - does that mean that I can't take any tax free cash from my remaining…
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Drawing pension without income tax.
My wife has two smallish pensions. One is with Aviva and has a transfer value of £20000 and an AJ Bell SSIP with £7000. She is 65 and has effectively retired. Her state pension is due in July 2027. The Aviva pension only allows full withdrawal or transfer to another scheme. I've worked out that if she transfers the the…
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Transfer into SIPP or stay?
My wife has a pretty dormant pension plan from her previous employeer. Its very low annual charge at about £25 and its not performing badly. Over recent years 20%/annum on average and since she left to become self employeed its 100% up. Its not mega bucks at about £15k but we want to start getting the benefit of the 20%…
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Tax code - drawdown across separate pots - unforeseen consequences of higher/imbalanced income
I am reviewing my drawdown approaching 4 years into my plan. So very short timeframe in investment terms. A normal rebalancing, income setting activity. I ALSO wish to reduce the depletion rate of assets/savings outside pension with a view to using some of that differently family need and side eye to the revised 2027…
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Understanding yields
This is a follow-on on from my other recent thread, but it's a separate question so I've started a new thread - hope that's OK. Talking about 'yields', I'm not sure I fully understand them. To give an example, I've been looking at the stated historic yields of my existing funds, and the fund that has done the best for me…
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Brokers Commission Question
I have retired from work this July at 67, I have worked an extra year, and have been contemplating taking out an annuity. I have had a few quotes a couple of weeks ago from HL and Money Helper, Money Helper quotes were highest. Searching through annuity information online, I have found a couple of conflicting answers…
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LGPS AVCs, worth the higher fees & lack of fund choice for the tax free lump sum on exit?
Hello, I think I've decided to start saving into my LGPS AVC option with the Prudential instead of into my SIPP, because my pension scheme allows me to take that AVC pot tax free when I retire. But I'd love to sense check this with someone else, please? In a nutshell: since I can take all of it tax free when I retire, it…
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In specie Sipp transfer
I’ve requested a transfer from Charles Stanley direct to AJ Bell, it contains crystallised and uncrystallised funds - there are only two investments, HSBC ftse All world index inc. and Royal London Short term money market fund inc. plus a few hundred in cash - CSD charge £180 + £10 per investment for the transfer out but…
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Teachers' Pensions
I seem to have hit a brick wall and wondered if anybody has any advice to give. I realise that many retired teachers are in a similar position. I retired from teaching in September 2023. My pension is affected by the transitional/ remedial arrangements that all public service pensions are. The lump sum that had been…
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Options for preserving PCLS
I want to help my daughter buy a flat, using my 25% PCLS. I'm 58. This is a DC pension. This money is needed in the next 1-2 years. My pension total has just achieved the target value for the required PCLS. I'm worried about an imminent market crash that could set me back a long time. So the options I'm considering to…
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: Guide discussion: Voluntary national insurance contributions by JimTheseus
14 November at 10:10AM
