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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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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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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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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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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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5% or RPI increases - any crystal balls?
Last year I bought an annuity and chose 5% increases over RPI. I had buyer's remorse pretty quickly - second guessing myself. So this year I am buying another annuity and have the same choice 5% or RPI. I am tempted to pick RPI this time. The starting annuity is nearly 15% higher with RPI than with 5%. How would people…
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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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Dividend reinvestments.....DRIP
I have shares held with a few different platforms and where possible have opted for dividend reinvestment plan on my holdings. I have noticed that all of them receive and process the DRIP within at least 24 hours of a dividend payment except Aviva - sometimes they can take a week or more to do this. Does anyone else have…
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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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MPAA
My wife retired from the NHS a couple of years ago and currently draws a pension.She also has a with profits pension with Royal London, after a brief spell away from the NHS, which hasn't been touched yet and no contributions have been made since 1990. It's currently worth £33000. She'd like to withdraw that money, half…
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State Pension Entitlement
Hi, I have just received my state pension letter , and it's below the forecast , which was the full state pension . I have 43 years of full NI contributions. I did retire 4 years ago after taking earlier retirement. My understanding is you need 35 full years of full qualifying contributions , however i am being told its…
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Question on HMRC Pension Recycling Rules
I am due to receive my 25% Tax Free Lump Sum in Sept 2025 for around £65K. The remainder of my pension pot will go into drawdown, As I will be remaining to work on P/T, £100.00 of my current pension pot will remain uncrystallised and I will be continuing to make payments via Salary Sacrifice and Individual Contributions.…
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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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Issues with repayment of pension contributiona
Hi, not sure if this is the correct forum category, so please advise if I should be somewhere else. I left my job in March, planning to live for a year on the pension my employers enrolled me in when it became compulsory! I arranged it so I drew the whole amount down after 6 April this year, and the pension company…
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Lump Sum Quandary
Hi, some thoughts please? I'm approaching 60 and have an old Local Government deferred pension. I'm with another LA currently and will have 21 years in that pension by the time I retire at 67. My query is, do I take a Max lump Sum now, from my deferred pension, or keep a maximum annual payout? If I take a 25% lump Sum now…
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SP errors due to NI gaps
I'm 74, married in 1970, had my children in 1971 & 74 and my work history & consequent NI contribution record from leaving school in 1969 is fragmented but almost all part-time with years out when the children were small. Divorced 1976, remarried a self-employed chap 1982 but my own work was intermittent until we emigrated…
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Pension contribution amount based on pay rise.
I currently earn £2,200 before tax, I contribute 15% of my salary and my employer contributes 7.5%. Currently this equates to £495 per month going into my pension. If I get a 5% pay rise, will this directly increase my pension by 5%? So £495 per month becomes £519.75? Or does it not work out this way?
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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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Overpaid tax on a private pension lump sum payment
Hi all, can anyone help. My hubby had a lump sum out of his private pension (already used his tax free amount) instead of the usual 20% tax we expect to pay he has been taxed on an emergency tax basis. So has been taxed quite heavily. Filled in a P55 form to claim back over 3 months ago, numerous calls to the tax office…
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Timing Issue on taking Deferred LGPS
I reach the magic age of 60 in late February next year when I can and will start to draw my LG deferred pension hopefully for many years to come I have used the on line calculator so know what I am entitled too My question is - is there any advantage in waiting for the new financial year before taking it as not sure 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: IHT on Pension Pots after April 2027 by garybaldy
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