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Defined benefit or defined contribution pension? Confused!
I am due to start a new job at the beginning of January and have been given the choice of 2 pension schemes which I need to decide on before starting; I know very little about pensions and have never been given the choice of schemes in a job before, so I am quite confused about which would be best for me. Tried to…
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Lump Sum Payments
Hello, Sorry, not much of an expert on finances or pensions, but I am due to retire in a few months. I currently have 3 different pensions, all based on current or previous employment. Having been in housing tied to my employment for the last 30 years, I am looking to buy a house which means maximising my capital. So my…
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Can’t be bothered with work any more
Age 45 Got 890k in my dc pension 40k in a Lisa 10k in a cash isa 40k in a s&s isa my missus (age 40) has 190k in a dc pension + Lisa , plus she work local government so is building a CARE pension That’s more than enough for our retirement, I’m pretty miserable in my job, while it’s well paid I almost don’t need the money…
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Pensions- consolidate or not
Hoping someone can give me some ideas of what is best to do, and how to best go about tackling pension/retirement planning please. Any comments very gratefully received Currently I am aged 34 and have: Scottish widows private pension-set this up when 19, contributions scale in line with inflation each year. £59k here…
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Paying into a SIPP when reliant on UC - any advice?
Randomly started thinking about pensions today. I am 50 and reliant on UC for health issues. I sincerely doubt I will return to work so am pondering if I should try and pay into a private pension/SIPP of some sort now to help bolster any state pension I qualify for. Would £25 paid in a month + some fees be worth it? Or…
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Consolidating multiple pensions- do I need to pay for advice?
Hello, having had a portfolio career- I have multiple pensions from a variety of providers including Teachers Pension and Nest, as well as Scottish Widows and Standard Life, amongst others. Would it be to may advantage to consolidate these and if so, am I best paying for advice?
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CSPS: Using Scheme Pays to pay a tax charge; what to think about?
Hi all, This is my first pos. I've got a tax charge on my civil service pension CSPS for this year of £3000, which I can either pay from my own funds or use the Scheme Pays to pay it. I'm keen to check that I'm thinking properly about it all before making a decision and finding it very hard to get anything resembling…
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Merged: Another question about directors' pensions and the "wholly and exclusively" …
This discussion has been merged.
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Merged: 57 or 60? – sanity check
This discussion has been merged.
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Two USS paths, cannot decide
I am in USS and 56, essentially I have a choice. 1. Stay until 60, 3 days per week, and get USS pension of 31k + x3 TFLS at 60. Will have IB/DC's of 500k. 2. Go now and take 24k USS + x3 TFLS. Will have 500k IB/DC at 60, if I leave invested. All todays money. The extra USS under path 1 is essentially due to staying and not…
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Mid-life musings
I've started this thread for me to try to gain a bit of clarity on what I am aiming for pension wise and whether we're heading in the right direction. I'm not sure my thread fully fits here as I / we really are working towards being mortgage free, financially independent, being prepared for retirement and hopefully pulling…
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Maximising Higher Rate Tax Relief When Opening First SIPP
I have a DC workplace pension with Scottish Widows which is matched by my employer at 7% which I have been paying into since 2004. I'm now 54 and want to pay in a lump sum in this financial year but I'm think of opening a SIPP rather than adding to workplace scheme. I want to maximise higher rate tax relief which I believe…
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Gilts - pricing
Been looking on Bell at the gilt offerings they have. Quick Q - I am assuming the prices for older gilts issues are all dirty and include the accrued interest?
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Big problem with P55 and expected future DB pension payments
Not sure if anybody else has fallen into this rabbit hole using P55 but sharing as a warning & would be good to hear any similar experiences. I took £42,500 out of my flexible drawdown pension in October 2025 (it was all taxable as I already took tax free lump from the entire pension value a few years ago). I haven't taken…
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USS Global Equity Fund performance compared to Vanguard FTSE Global All Cap Index Fund
Hi, For the past 3 years Ive been paying a much larger monthly amount into my USS Global Equity Fund than I have into my SIPP FTSE Global All Cap Index Fund. How has the USS Global Equity Fund performed in that time compared to the Vanguard FTSE Global All Cap Index Fund? Perhaps I should be better paying the much larger…
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Tax on small LGPS pension
I took my deferred / reduced LGPS from Dec with an increased lump sum. They said they will pay it monthly and my tax code updated today to 1257LX. Currently no other income except interest on UK savings , total annual income below 17500 & I'm putting the max allowed each year into SIPP from savings. My understanding is I…
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Believe I've over paid into a SIPP.
A while back I saw a FA about some money me and my husband had. I mentioned that I had various pensions with differing amounts in, many from years of temporry work and a couple larger ones. The FA recommended opening a SIPP and she collated all my pensions from the various providers and put in into this but also £16k from…
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How to partially annuitise from a drawdown fund
I’m 72 and have recently retired. I was previously paying into my employer's DC pension scheme with Scottish Widows (SW). I’m now looking to take an income from my pension savings. Annuity rates are attractive, but I would like to hold back some of my savings, at least until I am 75, while my children will have the…
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Is the PCLS Rate likely or unlikely to be changed?
Given that successive
governments have repeatedly leaked potential changes to policies to the press,
to basically do ‘market research’ on whether the change would cause uproar. And given
that the last few years the press have all jumped on the potential changes to
the PCLS just before each budget. Just for
fun…. Do…
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Problems finding out total charges on pension
Why is it so difficult to find out what your total charges are. I have several pensions and as a year end review I am trying to find out what total charges I am being charged. As an example, I have an old SERPs with Royal London, I rang them up and they said a standard 1% charge is applied, but in looking at my statement…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
731 discussions
6.4K comments
Most recent: Voluntary National Insurance contributions by pinnks
15 January at 11:27PM
