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Civil Service McCloud RSS for those receiving their pension
Has anyone reverse-engineered the Option 2 summary on their Civil Service RSS? As expected, mine suggests I am better off staying with my Premium benefits, however, out of interest
I am trying to reconcile the amounts shown in Option 2. Option 1 is my current Premium position and fine (of course) and Option 2 would be…
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Am I too young to start an Annuity?
I am thinking of using a portion of my SIPP (20%) to give me a base income. I am age 62 and i would be in profit if I live later than age 76. I have spoken to an IFA who mentioned that I am a bit young for an Annuity! I have also seen something like this mentioned before on the net. Without going deep into figures....is…
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Civil Service Pension - Refusal to pay pension in line with their own quotation
I retired in January this year (2024). On their 3rd attempt, I accepted the Civil Service Pension (CSP) pension quotation; £2,095/annum higher than their original quotation! I dread to think how many people have accepted a low quotation. Ten months on, and CSP are paying pension that falls short of the quotation (I'm down…
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LGPS Standard Life AVC - fund(s) choice?
I am 43, working in a school, earning £22K, and my LGPS (LPP) DB pension has a current value of around £2.5K. No idea when I'm going to retire, but I assume SPA of 67 for now. I have decided to increase my pension contribuitions via AVCs, and the provider for my county's fund is Standard Life. I now have to fill in a form…
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Found a very old, very small pension - what to do with it?
I discovered a pension I had from the 80's recently. Its worth approx £8334. I'm 58 with a decent personal pension pot from a divorce and an NHS pension. I plan to go part time at 62 and access my private pension to supplement my salary then fully retire at 65 when I will take my NHS pensions - then state pension at 67. So…
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question about carry forward rule/unused allowance
Hello, i'd like some clarification please on what counts as 'salary' in the Carry Forward Rule. I understand that you can make additional contributions to top up pensions in the last 3 tax years. But the maximum you can reach is either £60k or 100% of your salary? I salary sacrifice a large % of my salary each month, so…
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Taking a Pension Lump sum at 55 while on Universal Credit & PIP
Since it's virtually impossible to get through to my local CAB to make an appointment, I'd like to see if anyone has any knowledge here. I'm 55 in a few weeks and will become eligible to take lump sums from two pensions that I have. One of them is around £12k after the various taxes and the other is £5.4k before taxes, so…
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Pension tax relief
Having been stung last year with slipping into the 40% bracket my teacher wife is about 10k into it this year. We've made an application to buy "additional pension" in the TPS, payable via a lump sum - it's about 11k for 3 lots of £250. As we have to pay this in full I presume there's a mechanism for claiming tax relief?…
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AON Pensions
I reached pension age 19 days ago. When my pension didn't
arrive, I contacted AON, who informed me that they needed 14 working days to
calculate it. After the 14 days passed, I still hadn't received my
pension. AON now claims they need information regarding benefits from my
previous employer, which must be reimbursed by…
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Tax situation for interest paid on 'compensation' of additional pension bought in teachers pension
Dear All, Apologies if this has already been covered: I have decided to take a lump sum additional payment back out of my teachers pension (following the judicial review changes to the transitional period) in the form of compensation. Tax has been deducted by the Teachers Pensions Scheme, but there is an element of…
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Aegon gone. Website problems, again.
Has anyone else spent the last few months trying to log into Aegon's online platform for SIPPs, only to either fail to get in, or to see what looks a bit like a hacked website, or a site falling apart? Today I can't get in at all, and given that my retirement stands or falls on what Aegon is managing for me, it's all a bit…
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TPS question
My OH is a teacher, and she is retiring in April. She has applied for retirement, and has received her options. She knows which one she wants to to take. On the options statement, it says you can apply to take whichever option, online. Neither her nor myself, can see how you do this. It tells you to go to your My Pension…
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If I don’t take a tax free lump sum…
From my DC pension, can I drawdown with a tax free element? I also have a DB pension. Again, if I don’t take a tax free lump sum, can I pay lower tax on my income from it? Thanks.
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What would you do?
Hi, I am missing 1 year from my NI record (due to being 'contracted out' for many years) so my SP forecast shows £216.03 pw and max if I buy the missing 1 year as £221.20 pw. The cost if bought now is showing as £907.40. So, after income tax I would be net £4.14 pw better off from 67 years to gain approx £215 per year so…
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State and Private pensions - tax adustment question please
When the State Pension is received and added to an existing private pension, tax will become payable on the new total where currently zero tax is due.Will HMRC tell the private provider of the additional income so that they apply the appropriate tax? Is that automatic or does it require personal intervention?
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Tax free withdrawals
I intend to stop working next April 2026. I will then have 30 months of full tax threshold (£12570) available to me before my state pension kicks in. I'm considering opening a new SIP and funding £16,800 (£21000) next month and same again next March 2026. I will then withdraw the £42k at £16750 per month for 30 months.…
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Best SIIP
Hello all, i currently have my pension account with Aviva through my employer. the annual management charge is at the moment £9.4 a month and that will increase as the amount invested grows. i am thinking of transferring my work pension to a SIIP where i have also more investing options like a wider range of funds, and…
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SJP pension withdrawal timescales?
Need some advice on how long it takes SJP to get pension lump withdrawals. The last few times when I have requested withdrawals it has taken anything from 15 to 23 working days to complete. I have had to keep chasing SJP on where the request is in their process and furthermore at finalisation of the process I have to sign…
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Access number for Government Gateway
I set up my Government Gateway account years ago. And use the app nowadays. Every so often you need to enter a 5 digit number to access your account. This is currently sent to my landline number as a voice message. How do I go about changing it to my mobile number? Also it gave me the option to have the access number sent…
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That crept up on me ..
Looks like I'm in a fortunate position compared to a lot * Full NI contributions * Half a dozen private pensions including a contracted out and a final salary (NRD 60) * Approx 6k pa (less state pension deduction) from final salary scheme - which I've not drawn from yet so will be backdated 51 months lol * Approx 250k in…
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