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Taking flexible retirement from a LGPS while still working
Hi there, hoping to get some advice on behalf of my partner
who is a member of the West Yorkshire Pension Fund (Local Government Pension
Scheme). She’s 55 and has recently been looking to reduce her hours
from five days a week to four. When she requested this from the HR department,
she was offered the option of taking…
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Annuity Rates
I have taken some of my tax free cash to live off until my state pension kicks in 15 months time. I am thinking of supplementing that income with a 10 year fixed term annuity (using a third of my pension fund). I am doing this so i have a peace of mind with a guaranteed income for 10 years. Is it advisable to do the online…
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Scottish pension pay out help
Hi, I have recently turned 55 and not in the best of health so I've seriously been thinking about retirement. I have worked in the NHS for over 30 years and had a look at the stuff on SPPA website. I have contacted them a few times with no reply. Using their calculator the estimated pay out in 2029 would be £20,000 pension…
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Top up pension with earned income
Hello, in brief: I stopped working middle of 2024 having taken my DB pension I have a DC still running (approx value £60K) I earned approx £8k in tax year 24/25. This is after payments via salary sacrifice were made into DC pension Questions: Can I pay the £8K earned into the pension before end of 24/25 tax year? I am…
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Filling NI Gaps for self employed - does Class 2 Rate still apply for missing years from 2006?
I can't find this answer anywhere. If you were self employed and only owed Class 2 Voluntary NI contributions, so you have gaps in your record, going back to 2006, would they still be charged at this rate (i.e. approx £165 per year) to backfill them by the April deadline? HMRC is requesting £824 per missed year to plug 8…
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Is this Logical?
Hi Everyone... I would appreciate any comments, corrections, reality checks
or potential problems…. I am 65 (66 in March) I took Voluntary Redundancy 7 months ago. LGPS pension £8036 Aviva Workplace DC pension fund £149K I plan to take UFPLS monthly payments from Aviva for the
next financial year (to allow max. Tax
free…
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How do i apply for British Army pension?
Hi, I served in the British Army from 11 Feb 1991 to 30 Aug 1999 (8 years and 256 days). Also, I reached the rank of Sargeant. I was a Radiographer in the RAMC. I will be 55 next year, do you know how i can claim the Forces Pension?
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Pension tax query
Dear all, Please can you help me with my query. It appears that a number of independent financial planners/tax advisers I have approached are unsure how to answer this query. Your guidance would be very much appreciated. * Mr is deceased and passed on his pension arrangements to his wife. * Mr passed away 20th December…
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Deferred DB Pension Statements - Sanity Check
Hi So, I will be stopping work and commencing the rest of my life on 28 March, and after another post on here and comments / feedback I have been reassessing how we proceed with the different schemes / pots we have. Specifically whether to draw the DB scheme earlier than NRA (original / current plan). I have been chasing…
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Pension forecast after deferring. Is this likely to be correct?
I reached retirement age back in 2015. Annuities were so bad at the
time that I decided to defer the state pension and opt for drawdown. The drawdown will be
ending soon so phoned to get a pension forecast. The forecast came
the other day and just included figures for the state pension, the
extra pension and lump sum I…
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Drawing down Defined Benefits pension and paying into Defined contribution scheme
What are the rules / pitfalls in relation to starting to draw a defined benefit scheme whilst still continuing to work and paying into a defined contribution scheme ? Due to upcoming changes to my pension scheme (which is already deferred) where the early repayment penalty is about to increase, I would like to access the…
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Take DB pension now 3 years early?
I have a DB pension with a NRA of 60, I'm currently 57 and considering taking early retirement to use the lump sum to pay off debts. The fact I'll be taxed on the monthly pension payments doesn't bother me, it's just a bonus at the end of the day. I might be being made redundant later this year and am currently making a…
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Does pension tax relief & employer contribution really benefit me?
Hi, pensions-wise I have contributed approx. £20k to mine, with an additional £5k being added for tax relief, and £6k by my employer. Pot worth approx 40K in value apparently. My question is, don't I just get penalised anyway by them taxing the tax back off my saved amount? In my workings out, if I can only take out 25% of…
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Pension providers, costs and funds - Opinions please
I'm currently 56 and looking at retiring in about 12 months time. No mortgage or dependent children (just 3 grown up ones). I'll be taking an old small DB pension of about £6,500p.a and my wife's (54) DB pension of £11,000p.a. We'll make up the rest of our annual planned budget with savings & shares, which should cover us…
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Take a lump sum offered for tax purposes
Hi, Just doing some broad pension planning... I have multiple annuity pensions that I have accumulated over my career which will, between my wife and I inlcuding state pension (at current estimates) generate about £5k net per month, after about £800 tax is paid. I have also been trying to build up a SIPP outside of that.…
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SIPP tax relief
I’m driving myself crazy and know I’m doing something wrong in trying to figure out how SIPP tax relief works. Say for simplicity I am a 20% tax payer. If I pay tax on £10k of earnings, I would have £8k net. (Ignoring NI for simplifying example). If I contribute £8k into a SIPP, I’d receive 20% top up of £1600. Why does…
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State Pension/Forecast site changes causing confusion.
I spotted the link below and it maybe helpful to some espically as the long buy-back window is closing end of March 2025. Looks amazing they would they would make a change and apparently not test it was okay in this time period of critical importance for many people. I guess they just not bothered, it looks like a 5 A Side…
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Contracted out of SERPS but still in line to get full state pension
I know this subject has been covered loads of times but despite looking through various other threads I'm still not entirely sure about the relationship between SERPs and the new state pension! I was contracted out of SERPS for around ten years in the 80s/90s but my pension forecast on the Government Gateway says I will be…
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25% tax free allowance on foreign pension income
Dear all, Does the 25% tax free allowance only apply to UK pension income or does it apply foreign pension income as well Thanks!
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Advice for small pension
So my dad is currently 65 working full time in a job earning about 35k per year he can get his state pension in October when he turns 66 he won’t be retiring yet as he wants to carry on working after October. He has a small pension of about 16k from a previous employer he is wanting to just pull it all out as a lump sum…
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