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Generational wealth planning
I was talking to an IFA (about something unrelated) and he said that the largest portion of their work now is generational wealth planning, as so many people are now caught by IHT. I wondered what this usually involves, especially for 1m to 3m wealth, rather than the super wealthy.
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Sanity check on LGPS Prudential salary sacrifice AVC and tax free limit
I'm hoping to retire in the next year and my AVC/lump sum will be over the tax-free limit so I'd be grateful for a sanity check. Very roughly speaking, if my normal pension will be £21k I understand that the tax free limit will be roughly £21k x 20 / 3 = £140k, and if my lump sum is £30k and AVC is £120k I'll be due to pay…
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Inherited pension and LTA
If my child inherits my pension, after all inheritance tax has been paid , if money is left in that pension and not drawn, does it count towards my childs LTA for their own pension savings ?
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Future Pension Contributions
Couldn't figure out how to phrase this query in the search so thought I would just ask. I am still working and putting 3.5K into my pension every month. I thought I would take some TFLS from my pension next year (August) to help with a project. It turns out that with L&G, if I take any TFLS then my whole pension gets moved…
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Pension payout by mistake?
Not sure if this is a scam or true. I assisted a person who had lost her husband with a pension pay-out that she was unaware of and she successfully received it last year. She got a lump sum and receives a monthly income for life. They had contacted her about it as she wasn't aware of it until then, this was march 2024 and…
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Tax on inherited pension pot?
Hello I have a pot of pension savings (it is part of an employer pension scheme at the moment), which I plan to use as 'drawdown' after I retire in about a year. I'm just trying to work out what would happen if I died. The whole of my estate would transfer to my wife and I know that will not be taxed. So what is left of…
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Can (or should) I transfer into a drawdown account?
Duplicate post - please delete.
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Qualifying years national insurance
I’m lucky enough to be retiring age 56 so no more NI contributions. However I have paid 38 years in. A friend told me unless I’ve worked 35 back from state pension age so from 67 back 35 years I won’t qualify ??? I thought as long as I’ve paid 35 years no matter when I’ll get full pension thanks
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Teachers' Pension Scheme - take it now at 57 or as a deferred member at 60?
Hello all My wife is a teacher with 24 years service who is leaving teaching at the end of this term. Initially we were planning to hold off on drawing her pension until her NPA of 60 (she will be 57 this August), but we're now wondering if it would actually be better to take it now rather than as a deferred pension in…
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early retirement reduction factors CS pension scheme - different for active/deferred members?
I have a mix of Alpha and Nuvos pension - thinking of leaving the CS next year after 17 years. Checking my account and MyCSP doesn't have the retirement modeller on it any more? From memory it would be more advantageous for me to take Nuvos/Option A but I am still working things through. Are there any differences in the…
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Raising 60k on mortgage to start a SIPP
Hi all, We have 38k on our mortgage and our property is worth 325k. I have been thinking about opening a SIPP for when I’m 60, currently 39. I’m thinking about taking out 60k additional borrowing on our mortgage to start a SIPP. Does anyone have any advice on this? Any help would be greatly appreciated. Regards
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Use TFLS to pay off Mortgage now or in 5 years - how does the maths work?
My thinking is that withdrawals from my DC pension are effectively taxed at 15% (assuming I don't go over 256k of TFLS) so I would need the funds in the pension to grow 15% faster than the interest rate on the mortgage (lets call it 4% fixed) for it to be better to keep the mortgage. So if I can get a nominal return of…
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25% tax free?
I am 55, have 1 pension pot with Standard Life which currently has £200k in it. I have no intensions of retiring early at the moment, if I take out 25% (£50k) and pay off my outstanding mortgage which is around £50k, I will continue to put in £2k a month to it & say my pension pot grows to £400k or £500k will I pay tax on…
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DB Pension Terminology Query
As mentioned in another post I’m considering taking a deferred DB pension early which means a reduction of 17% with my selected start date. I have requested a quotation to start the process but there’s a few terms I don’t understand in the documents and hoping someone could fill in the gaps so I’m better informed before I…
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My pension investment strategy S&P500. Wise or foolish ?
Hi all At 53 with wanting to retire at 58 I have been in saving a large part of my salary each month into my Pensions and ISA for the past 8 years. This has resulted in me becoming frugal and not buying exotic cars and holidays as I did in my 30’s. I took the decision to take matters into my own hands and transferred all…
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Estimated income for tax code
Good morning i contribute to my pension via my salary which comes out gross. i need to update my estimated income in HMRC and wondered what do you put in? do I put my income gross before any pension deductions or do I put my income after my pension deductions?
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Gov launching pension age review
https://news.sky.com/story/government-to-conduct-early-review-into-state-pension-age-13399571 Here we go… as long as they don’t touch the upcoming in 2028 change to age 57 for SIPP access rule I don’t care what they do with the state pension age… but appreciate others might. “Government revives landmark Pensions…
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Pension plan has a financial advisor company listed
One of my pensions is an old Allied Dunbar now Zurich plan and its not been active with any new money for 20 years. I recently logged on and changed my planned retirement age and the email acknowledgement says a copy of the request has been sent to '<name> Independent Financial Services Limited' My annual statements and…
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HMRC & UFPLS
Hi Everyone A while since I last posted (although still watching/learning) I have now been retired 1 year - woohoo 65 years old been living off DB Pension and Voluntary redundancy (last financial year) DB is £8036 gross I will, within the next couple of months be with drawing my 1st UFPLS payment from Aviva of £6044 Aimed…
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Missing N.I contributions
Hi, bit of a novice question. I have gaps in my N.I contributions, whereas my wife has paid the full 35 years and is still paying 6 years on. Did I read somewhere I can transfer her overpayment to my account? Thanks in advance Stuart
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
699 discussions
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Most recent: NI Top Up Contributions: Computer Says "NO" (not needed), but mysterious reason why! by 1957DfurdPensionist
7 August at 9:46AM
