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What to do with tax free lump sum
I'm thinking of putting my DC pension into draw down, and I'm wondering what to do the tax free lump sum. The amount is around 130K and I'm looking for ideas about what to do with it (and hopefully grow the amount without paying too much tax). Until recently I would have left the money in the pension fund - but I'm…
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Pension Annual Allowance After Accessing Drawdown
I'm 55 yrs old and still in part time employment I earn around £42k a year, and have just cashed in a small personal pension (£80000 pot) I have taken 25% tax free cash and atm the rest is in a drawdown that I haven't touched yet, currently valued at £61k. I understand tax brackets, I would pay 40% tax on any income over…
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Retire at 51?
I’ve been working up a retirement plan but I’d value a sense check to see if it stacks up. I’m 43 and single. I have 27 years NI contributions, needing 35 years to get full state pension of £11.5k pa. I’m employed. I’m mortgage free. Current DC pension pot is £275K and cash is at £160K. I live pretty modestly spending…
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How Am I Doing?
Hi i just wanted sone insight into how I am doing with my pension savings so far. Pension annual payout requirement (at 68) : £47135 Civil Service Pension Per Annum : £8240 (index linked) NHS Pension Per Annum £2067 (index linked) State Pension Per Annum £7834 (yearly increases) Any advice would be much appreciated. Thanks
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NHS pension calculator
When using the sppa remedy calculator, we are required to input dates of hours worked eg when changing from full time to part time. I took a full year of mat leave with approximately 6 months unpaid. The sppa website isn't the easiest to understand - are these 6 months meant to go in as no hours worked? Hope someone can…
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NHS Pension 2015
Hi My wife has recently joined the NHS as a mental health nurse. We are currently looking into her pension and she is part of thr 2015 scheme. What we don't understand is I believe it is an DB scheme, but money gets deducted from her payslip for a pension. It is £207 a month. Why is that?
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Salary sacrifice out of higher tax
Can anyone please advise if my thinking is correct? Current nurse in NHS however moving to private sector, age now 46. Big salary rise to £60k Employer pay 5% and I pay 3% into their pension scheme NOW pensions, no negotiation on this apparently. They offer salary sacrifice and say they will do this into my own SIPP. Would…
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The other side of a flippant and immature mindset. First steps. Could be long.
Apologies if this is the wrong forum, but this is mostly pension related so felt it the best fit... I'm feeling more and more stressed so need to get this off my chest at the very least. My teens twenties were an overall terrible time for me. I can honestly say that. Without a life story, I got sucked into the darker side…
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When does HRMC class pension tax relief as credited?
Hi All I make the most of my £60k annual pension which includes the associated tax relief. (Edited for clarity) I get paid on the 25th of each month and the associated tax relief on my contributions usually gets credited by the Nest pension several weeks later, usually around the 12 of the following month. I also pay into…
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Increasing Sipp and not triggering recycling
First time post so apologises if I miss out any details needed. Background In April 2024 I took my DB teachers pension and continued to work until September. I received a lumpsum of £98K I opted out of the teachers pension scheme at the same time I took my pension and started a SIPP. In the past few years my own…
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DB Pension & Rules around funding Current Employment DC Pension
Hi All Hoping you can help me with my retirement planning strategy - I have an old DB pension that I could take in a couple of years time - lump sum and then monthly amount. If I am not retiring at that point, could I pay the equivalent of the monthly amount from my salary into my current DC work pension, so I retain the…
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Retire in March or April
Hi, I’m in a DB final salary scheme with attached DC scheme and allowable AVC’s . I’m currently looking at which is the better to do retire at end of tax year or start of new. I currently earn £80k and would usually have some annual allowance left. I can load my last weeks pay with some benefits such as banked and cashed…
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Anything like Guiide for Couples?
Trying to model different scenarios but as a couple with differing Sipp and DB incomes followed in 7/8 years by 2 State pensions. I know I can do them individually but jointly is preferable.
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Is my DB Pension effectively locked in against my wishes?
Greetings All. I have an old Defined Benefits (DB) Company Pension. I have been self employed now for 15 years, and my SIPP has always earnt more interest in good years, and depreciated less in bad years. I understand the fact that my DB Pension is a guaranteed income, and that my SIPP investments' past performance is no…
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S&S LISA for retirement or pension?
Hello all, Brief bit of background, I am 40, 41 next month. I have my work place pension in place with Aviva, pre covid my employer paid quite generous contributions. I took voluntary redundancy during covid due to the fact the industry I work in was on its knees. This pension is now frozen. I now work in the same industry…
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How to calculate Pension Input Amount(PIA) Premium Pension
Hi ML Forum I recently received a Remedy PSS which provides a table of PIA amounts from 2010 to 22/23. I want to check these values as I need to check my Carry Forward. So I created a spreadsheet with the Opening and Closing amounts, the Annual Adjustment and have then used the guidance to calculate the PIA. PIA = Closing…
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To buy one more SP NIC year or not
I'm 61, already retired on a DB Pension paying £12k per year. I have 1 year NIC short of a full State Pension due in 2029 (due to Contracting out). I have no plans to work again. I could pay £800.80 for the full State but I am due to receive £216.74 so will only get an extra £4.46 per week to reach the max SP. Call it…
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Claiming underpaid pension for deceased mother/widow
Over 3 years ago I filled in an online form to see if my mother who was deceased had been paid the correct amount of pension when she became a widow - as the government where investigating these underpayments. I have never heard any thing back from them about my request, the form was filled in on the government website. I…
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Taxable Income -- Personal Pension & Savings Income for 2024-2025
If Person A has no paid employment, no state pension and doesn't claim any benefits, and this tax year — 2024-2025 — they take a 'income payment' of £2,500, plus a one-off sum of £11,000 via UFPLS (which *includes* a tax-free amount of £2,750)... 1) How much more can Person A withdraw from the private pension for this tax…
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Stock sell for monthly income
Hi, I have been told by HL that I have to ho online and sell enough stock to cover my monthly drawdown amount. I thought I could just request a regular payment and they would just sell on my behalf.
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