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TPS vs LGPS
Hi everyone are there any pension geeks out there who know the ins and outs of the Teachers Pension Scheme vs the Local Government Pension Scheme? I work at Sheffield Hallam University and the management are proposing moving most of us academic staff out of the TPS and into the LGPS. Are we going to better or worse off in…
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Defined Benefit pension transfer advice
I have a Defined Benefit Cash Balance Scheme pension with a transfer value of c.£70k. I would like to transfer this to an existing SIPP. In order to do so, I need a suitably qualified advisor who can sign a Pension Transfer Advice Declaration for me. All of the advisors that I have approached either aren't suitable…
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Salary Sacrifice after taking state pension
I am 66 next year and am entitled to the full state pension. I want to continue working part-time for a year and want to stop paying tax of on my non ISA savings by utilising the starting rate for savers. I will be getting about 2.5K in interest. As I see it I have 2 options. Pay the majority of wages into my work's…
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Over annual allowance
I contribute to my employers pension scheme via salary sacrifice. For the last few years I’ve been fully utilising the £60k annual allowance so have very little carry over available. I’ve just realised that my final paycheque for this tax year will take me over my permitted annual allowance by about £2k. Although my…
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Civil Service McCloud lump sum confusion
Myself and my wife have been planning for retirement (I'm USS and she's Civil Service). She has been subject to the McCloud remedy but we have been going round in circles as to what this means, and the Civil Service pension modeller is not helping. The first issue is the lump sum (I tacked this onto the end of someone…
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Nest Pension - anyone have experience of taking money?
I'm looking to start taking money out of Nest, but I'm getting conflicting advice from them. On the one hand they have said "If you have £3000 or more in your pot you can take some cash out and keep saving with Nest. You can do this once every calendar month. Up to 25% of each withdrawal will be tax-free, and the rest will…
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Pension while recuperating abroad.
A relative who is visisting family in France unfortunately has had a fall and broken their hip, they have been told it could be between 3 and 10 months before they are able to return home. How will this effect their state pension and do they need to inform any government departments?
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Transfer of SIPP to self managed fund
I consolidated a few DC pensions a few years ago under the advice of my FA. Having done the Rebel Finance School course, I now want to leave my FA and transfer to a self managed SIPP. I'm 60, don't need to start withdrawing for a few more years unless I need to access the lump sum. How do I go about finding out which fund…
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Please could I check if you think this makes sense
Hello. This is my first time on here and I wondered if I could ask for some views please. For the past 8 years I have saved to ISA’s and not a pension. I will be stopping work at the end of April and wondered if it might be worth me opening a SIPP and paying in this year’s salary. I will earn £29K this year but will be…
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Prudential Investment Bond
Hi, I'm trying to help my mother-in-law out with her finances as her husband is in a care home and at the moment she is self-funding. She has a Prudential with-profits investment bond with added life insurance. It was taken out in 2001 with £63,000 and has 20 policies. It has grown over the years and is now worth about…
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Equity Release for Centenarians!
I’m hoping to find someone who can advise, preferably from experience rather than theory. My mother lis 100 years old, and living in her mortgage-free bungalow with the help of live-in care, following a couple of falls and hospitalisations last year. She is generally healthy and happy with her situation. My brother and I…
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CS Alpha - early reduction factors
I've been looking at what I think are the reduction factors for taking Alpha early: Factors Guidance Hub | CSPS_GB My NPA / SPA is currently 67. I have also been buying EPA -2, but not for the whole duration of Alpha, so I will have two parts with different nominal retirement dates (age 65 and 67) but which must be taken…
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Retirement Planning
The 'Savings & investments' board have suggested to post here and have edited this post. I am nervous about investing but need to get on with it. I have 12 years till SP age, an old work pension worth about £100,000 and a separate pot of savings to last till 12/2030 with no debt. My current spend all in is about £30,000 pa…
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Fixed term annunity or drawdown
I am 59 and looking to retire at the end of May when I turn 60. I have a DB scheme which I intend to cash in early foregoing the lump sum in favour of a higher monthly income. I also have a DC pension with Aviva of £148000. My intention was to buy a fixed term annunity with £100k (with a lump sum of £35000 on maturity)…
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Self Assessment / pension / tax calculating
Hi, I've searched for something like this for a few days now but nothing quite fits. Basically as you can't use the Gov.UK website to run a simulation of a self employed return prior to the end of the current tax year what I'm looking for is some kind of simulator or calculator that allows you to input profits, interest…
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Annual Allowance and Salary
Question about the amounts I can put into a pension and annual allowance. I know I am limited to my annual paid salary. So… If I earn, say, £57,000 and am in defined benefits scheme. My pension grows by £2000 in a year and there is no automatic lump sum and CPI for the sake of argument is nil. So my pension input amount is…
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ILG ladder query
Below shows ILG ladder costs and GRY for 100K withdrawal each year for 5 years as a means of preserving wealth until SP kicks in. I understand the assumed inflation rate is 3% - and is currently 3.2%. The first 2 gilts show a negative GRY in real terms - I assume at 3% inflation. Q then - Assuming the above is correct, and…
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First time doing the £2880 question
I was about to add the £2880 to my pension. I retired Sept 24 and have had no taxable income since. I have taken my personal allowance from my drawdown fund this tax year (still have an accumulation fund there too). I have not taken anything else from the drawdown, only the tax free. I know that adding the sum can only be…
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£2880 pay from drawdown
Hello again, Retired, under 75yr, with only income from SP and DB ( plus savings). Does it make any sense to withdraw funds from my drawdown ac and pay into my pension account( subject to £2800 limit)? Money taken from drawdown would be taxed at 21% or thereabouts (Scotland). Payment is usually made from savings. Any…
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Tax relief for self-employed non-tax payer
Hi, I’d be grateful for advice regarding the level of tax relief on private pensions for a self-employed person who doesn’t earn enough to pay income tax. My only personal income is from a small online business I run alone, and which will make approximately £7,000 after expenses in 2025-26 (I live with a partner who is the…
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Most recent: Proof of Class 3 Validity - Working Abroad by pinnks
8 April at 10:19AM
