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Any benefits to contributing to workplace pension past former LTA value?
Hi Everyone, As per the title, is it worth continuing to pay into a workplace pension, via salary sacrifice, if the value of one's pensions has reached the former LTA? I am currently a higher rate tax payer and expect this to continue in retirement. This means that while I would get 40% tax relief on the way in for future…
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What happens if you straddle pension age increase?
On 6th April 28 minimum pension age increases to 57. My DOB is Oct 71. If I start accessing a DC pension from Oct 26 (age 55) can I continue? Or on 6th April 28 (age 56) will there be limits on how I can access my pension? What are the guidelines? I'm thinking I would be able to access crystallised funds in a drawdown…
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DB Lump Sum - Future Planning
I am currently 53 and plan to retire at around 57-58 if my financial plans are met, as this will fall in with the retirement of my slightly older wife. I am fortunate to know what I need based on current spending patterns, and have the luxury of having a DB pension. With that in question, and based on the knowns of today.…
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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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Need a fixed fee IFA for sipp drawdown advice
Hi, I’m in the fortunate position of having a sipp which will provide the 25% tax free max LTA amount. I would like to pay a fix fee to an IFA, who can give me the pros and cons of how manage a drawdown strategy ,taking into account my specific circumstances. Can anyone recommend an IFA they have used ? I spoke to a couple…
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UFPLS withdrawals from a SIPP with two funds.
I'm thinking of moving two separate pensions to a well-reviewed company, who will allow regular UFPLS withdrawals without the high minimum amounts (e.g. £5k) many impose. They are fine with doing this monthly, whatever amount I want, but said I'd need to sell some pension fund units to create the cash balance, which will…
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How to claim back Tax Overpayment on Drawdown via SA
At the end of TY 2025-26 I took a lump sum out of my Pension of £30K, this used up the remainder of the standard rate tax band for the year. I was expecting this money to be fully taxed by the pension provider at 20%, but they taxed it at 40%, resulting in an overpayment of £6000. I know that I can reclaim this tax via my…
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Has anyone taken their B&CE Lump Sum Retirement Benefit (LSRB)?
Hi all, My husband has a legacy B&CE Lump Sum Retirement Benefit (LSRB) worth around £8,000, built up through employer holiday stamps between 1982 and 2001, now administered by The People’s Pension. He’s still actively contributing to his pension and we want to make sure that taking the LSRB won’t trigger the Money…
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42 Year olds diary for last min retirement planning and debt free living
I guess you get to a point in your life where you wonder what will my retirement actually be like? I am at that stage now…. This is going to be a long post!!! My plan for this diary is to update it weekly with what I have done, and keep a running total of side hustle earnings (i want to keep under the 1k limit) and the…
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Age 42, what should I invest for for retirement?
Hello, I am Age 42, what should I invest for for retirement? Should |I go for all equities or equities and some EFT's? Thankyou,
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AVC-PSE-Mimimum Wage
I have been paying AVCs through payroll for the last number of years. It has been on the Gross side of my payslip as my company have been using PSE. However with the mimimum wage rising it had moved to the net side. (I think it would work out that I could pay £10 AVC and still be in PSE). I want to pay £50 or so and am…
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Paying pension contributions with savings
There's been some talk about paying into pensions vs paying off a mortgage. While this is useful, these were from 2021. The economic situation has changed - my question is similar and different. Self-employed, currently out of work in my late 50s. Is it better to keep paying into my pension with savings? I've taken a…
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Advice On What To Do With 5 Small Work Pensions.
Hello Guys. I have had a chat with Pension Wise in the past, it was ok but they advised that i speak to a financial adviser regarding what to do with my 5 work pensions. Im 56 and i retire in 11 years, im not working due to multiple health problems. I get PIP and UC. I have always grudged paying into a pension, thats why…
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Wealthify Drawdown - application process
Mrs GenX is attempting to drawdown from her Wealthify SIPP. In order to start drawdown you first have to complete a paper/pdf form and upload it back to Wealthify. The form provides options for: A) A tax free PCLS with options to drawdown later B) A lump sum now of 25% tax free and the remain 75% taxed C) A defined gross…
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SIPPs and gifting
I wish to regularly gift money to my adult children funded by withdrawals from my SIPP using UFPLS. Can these withdrawals be counted as “gifts from surplus income” according to HMRC’s gifting and inheritance tax rules? I had previously asked ChatGPT about this and it gave advice that only annuities counted as income from a…
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Pension Advisor would want £21,000 for a failed transfer
Company pension scheme suggested this chap. So far after two hour's chat I've established that: 1/ He is someone recommended by my complex company pension administrator (DC with DB underpin) because he has successfully transferred many pensions out of the scheme before whereas "other companies have had less success with…
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What does "forecast" mean here?
On the Gov pension website, it says my retirement date is 2032. It has given me an amount, but is this the amount as per this years pension amount, or is this the amount the website thinks I will get in 2032? Thanks.
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salary sacrifice to pension, and top up income from savings pot ?
Is it better to pension salary sacrifice your salary and make up your monthly income from a low interest savings to reduce income tax, or does the tax on pensions when you withdraw, cancel this out… I currently earn roughly £6200/month or gross £74,400 I already salary sacrifice ~ £200 holiday exchange, £720 / month into…
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Where to start...
Hello, I wonder if anyone can spare the time to read this and give me some advice please? I am a 52 year old woman and have spent the majority of the last 23 years caring for my family. I have worked throughout but for myself (Avon type selling) and part time as a TA in a school for 3/4 years. I have 2 very small work…
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Retiring Early - Incomplete NI Years for State Pension - Options?
Hi there, I'm retiring at 48 with a modest income (really modest, I'm a bit of a Spartan) however I'm shy about four years of NI contributions to get the full state pension at aged 68 should I actually make it that far. What can I do to top up those remaining years? I can pay them outright I suppose, but I'm sure that if…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
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Most recent: NI years are now full, existing OAP, when should I expect my monthly payments to reflect this? by Dazed_and_C0nfused
22 May at 1:38PM
