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Lgps small pension help
I have a tiny deferred pension with lgps worth around £2500 and am trying to have the whole lot paid under the small pot rules but lgps say I can’t because I also have another deferred pension with them and am currently paying in to another. Is this right or am I right? Anyones help much appreciated…
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civil service pension
Helloreally need some help my partner retires in maywe have had the pension quotes from civil service and it says choose A or B for the remedy periodwe have read a lot about that, but still on the modeller B has the highest lump sum at £51000 ? and higher pension so do we believe the figures on the first page? also is…
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Retirements and Pension advice
Hi All First post, long-time lurker. Need advice on what I should do… 60 years old and
transitioning into my third act, have worked in financial services all my
career. Have the following assets. Home (House, worth about £1.3M, no mortgage) Old DB Pension about £24k per year currently, can take it
now or up to official…
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Carrying Forwards a Pension Allowance
Hi Im aware that I can use the previous 3 tax years pension allowance, however am I able to roll back a previous tax years pension contributions in order to create more space. For example, if I exceed the Pension allowance for 24/25 and there is not enough left in the 3 previous tax years, can I roll back the 23/24…
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USS - Newbie needing help!
Hi Everyone, there seems to be some great advice on here...and great explanations on the pension minefield. I really can't get my head around it! Anyway, I am taking VS at the end of April. My severance pay is 15 months' salary, and the taxable element is £81,359.47. I am planning to pay this into the Investment builder…
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HL Slow / Busy This Year
Last year HL received UFPLS application 7 Mar, cash in bank 15 Mar, previous years similar timescale.This year received application 7 Mar, received e-mail today, 20th Mar, "We will now process your application"
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Contributions to SIPP v ISA when close to retirement
Hello, I'm sure I must be missing something obvious here but.... e.g. 8k into a SIPP grossed up to 10k (so 2k 'free') but when you come to drawing it out if your SP and other pensions use up your tax free allowances then you pay 20% tax getting it out (2K). So does it make any difference whether you contribute to your SIPP…
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Final Approach
Wheels down, flaps at 80% etc etc. Date now in with employer for 31 May. Aiming for total taxable income of 27491 in 25/26 (top of Scottish 20% band). Wages will be about 7900 over Apr/May. Am asking for LGPS pension of 630 month to be activated immediately but not expecting this to kick in until July/August as it has a…
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NI voluntary contributions
hi can you still make class 2 contibutions if your already getting a state pension [ gaps] ?
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Reclaiming possible overpayment of voluntary NI contributions
Think I messed up; On the 17th February 2025 I paid Option 2 of 4 options; £206.05 which would have taken my state pension up to £209.66 a week, with a view to paying the remaining £887.60 this month when a short term savings account I had matured. Because of the backlog my payment has not been registered so the only way I…
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Enhanced Annuity Rates
This is a bit specific. I almost certainly won't be taking out an annuity in the near future but I like to keep all my options costed on my spreadsheet and run through them occasionally. I've been trying to get some ballpark figures for the time being and am using the money helper site. I do have some pre-existing…
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Pension Contributions Refunded In The Next Tax Year
Hello. I started a job in Feb 2024 and opted out the company pension, but not before I had deductions from my salary in Feb and March. They were done as sacrifices so it reduced my income before tax. The contributions were refunded in April in the new tax year and counted as extra income there. Now I realise that the…
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Tax rebate on pension contributions - employer's contributions?
I'd like to confirm my understanding before I approach HMRC about my tax rebate. I live in Scotland and my income is into the 42% tax bracket. I sacrificed my bonus to my pension this year and, due to the NI savings for my employer, they contribute an extra 10%. The pension fund will automatically claim 20% on my behalf. I…
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Scottish Widows - why need to use an 'intermediary'?
Hello.I have two small pensions which I wish to transfer and amalgamate into one, and turn it into an annuity. Scottish Widows (who I'm not currently with) provides one of the best current annuities, so I wished to explore this.On their website, they say such a transfer would require an 'intermediary'. I've just…
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Calculating Annual Allowance for NHS 1995 and 2015
Hi.. anybody know how to calculate annual allowance for somebody who is in 1995 and 2015 nhs pensions? I'm informed that both have to be calculated but how do I do that? I know how to do an individual one and there's a great calculator here Defined Benefit Pension input amount tool but how do i combine 2? And how do i…
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Lost opportunity to receive deferred DB pension benefits
I am currently assisting the widow of an ex-work colleague in attempting to resolve an issue with one of his three defined benefit occupational pensions. He held a deferred pension for a period of approximately 35 years since leaving service of his first employer, with a normal retirement date of mid-2019 on reaching 65…
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Taking tax-free lump sum from pension at age 55 - from one or all pots?
Under advice, I have been consolidating various workplace pensions ahead of turning 55 in April, when I plan to take 25% tax free. I have been left with two pension pots. Do I need to take 25% of each pot, or does HMRC take both into account so I can take 25% of the TOTAL amount just from one pot and leave the other as it…
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Paying more into a pension to reduce annual salary
Hi, I’ve just moved into the 40% tax bracket as other interest from savings combined with my salary has increased. can anyone clarify in simple terms,if I pay more into my private pension or nhs pension will it be taken from my salary hence reducing my taxable income. I hold a nhs and private pension which one is…
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HMRC Now received advanced notification of DB pension streams
Just to mention because it comes up as a topic around tax codes quite frequently here. It seems that HMRC now received advanced notification of DB pensions being put into payment. My DB pension first payment is due on 1st April, and HMRC have just sent me a (correct) tax code for the income which will fall in 24/25.…
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Salary sacrifice contributions
Hi. I’m looking to add to my SIPP before the end of the tax year. I’m trying to work out how much I’ve paid in to my pensions so far. I understand I can only pay in up to my earnings of £34k. I pay £100 a month to SIPP and £184 from my salary to my pension. I have also been paying into to my AVC (varying amounts from £650…
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