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only 47 but being offered a cash lump sum from closing pension.
Hello All, first time on the Forum so please bear with me. I am only 47 and have recently received a letter regarding a pension i was briefly in at a former job. The pension fund is closing and i am being offered the chance to take a cash lump sum of approx £2000 (25% will be tax free) so will be taxed on around £1500. as…
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LGPS payment anomaly
I finally reached 60 years at the start of this year (Jan '25) and my deferred LGPS pension commenced payment In January this year. My contribiutions were between 1987 - 1997. All the amounts they have paid made sense (circa £620) but on reviewing my bankstatement there sems to be a one-off peak in April which is circa…
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Pension switching incentives
Lots of coverage on incentives for current account switching, but none that I've seen for pensions. I kind of get it - bank accounts are a well oiled process, don't involve long waits, differing paperwork requirements, and potentially large sums needing to move. But given that the demographic of this board is made up of a…
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Most efficient way to get £20k pa pension from following?
Hi! I've previously toyed with getting an annuity but now my head is going the way of drawdown when I'm 55 (in the next couple of years). I can live comfortably on £20k pa (increasing by c3%), so would appreciate thoughts on the best way to approach it giving the following income streams (appreciate the most efficient and…
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Should I change my gilt investments
Approaching State Retirement Age and have only recently started looking at the individual funds into which my DC pension is invested. I should have been more proactive over the last five years, but was ignorant in thinking that the recommend Lifestyle approach from my pension provider would have looked after my pension.…
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Help with Salary sacrifice and Self asssesment
Hi, so last year I filled in a self assessment and filled in the tax relief section on the SA form to claim the other 20% back through SA, filled this in due to higher child benefit charge. Back in october Hmrc changed my tax code to 1336L and they automatically closed my self assessment and said I don’t need to do one the…
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Pension complications
I’ve got a very complicated situation as I’ve discovered in the last year that I’m quite ill and the prognosis is not good. My pension arrangements had been to retire at 65. I’m 60 now but it’s almost certain I will have to retire now due to ill health. This is means a change to my plans. Obviously can’t get my state…
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Investing with my new SIPP advice
Bit of a clueless post here. I had a pension with Aviva that I have just transferred to a SIPP. There's £38,000 sitting in cash and I need to invest it. I don't know what, where and to a lesser extent, how. Can someone give me some pointers? I'm planning to add more over the next 10 years.
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Tax Free Lump Sum and 2025 Budget
Hi, Imagine the government does remove or reduce the TFLS at the budget, how would this be implemented does anyone know? Could they announce it as effective immediately? Or would that breach any rules or norms about allowing people approaching or of pension age having time to get their finances in order? Thanks, R
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aegon genuine request for id OR potential scam
I have a question regarding Aegon. I can see they are a genuine company, howver out of the blue I got a letter from them saying I had a pension with them even though I took what I thought was my full pension back in 2020. I have been in correspondence with them and they appear genuine if a bit slow to reply and now have a…
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Need Advice - Need Access to Nest Pension Funds at 50
Hey guys, looking for some advice and guidance if possible, here is my thing... I just turned 50, I am currently unemployed after being made redundant from a 20 year stint. I am working on some things but I need more time to put things together, and I am running short on funds. My question, is it possible for me to…
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Tax efficiency with a combination of DB & DC pensions and a SIPP
First post - thanks in advance for views/feedback. Is the following assumption correct?: If my income from all pensions is going to be large enough that I will always pay tax then taking a tax free PCLS from my DB pensions is the only way to get some tax efficiency from that part of my pensions? I’ve just stopped full time…
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State Pension Annual Increase
The increase to next year’s state pension has been decided ( late October) Why do DWP pay me last year’s rate in the first payment of the new tax year when they have 5 months to implement it (doable even if it has to be pro - rated). What’s worse they tell HMRC I have received all payments in the tax year at the new rate…
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Explain Gilts/Bonds to me like I am 5 years old please?
I will freely admit to knowing very little about this subject but have seen it mentioned numerous times on this board. My understanding is you buy a bond at a set price, the bond pays an annual coupon (%) and the money is repaid at the end of the term at a normal face value of £100 per bond. As an example looking at…
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Drawing more than required to use full tax band
Let's assume that I have a SIPP that can comfortably handle annual withdrawals of more than £70k - if I could ask that you just accept this assumption for now. Also assume my annual post tax income need is £50k. Finally, the SIPP is the only source of income but I have an ISA too. No state pension for another 12 years.…
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Restrictive Advice
Hi all. Ive just started talking with a Financial Adviser regarding my retirement pensions / annuities. She was recommended to me by a friend, which is usually good. Im fairly savvy having read so much on here, but I also understand that good advice can be worth more than the fees paid to a professional. When I asked if…
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Lifting Australian superannuation whilst in the UK
We are dual citizens, Aus/UK, and have our superannuation in Australia having lived and worked there for 5 years. Are there any tips on tax efficiency when taking our super back to the UK? It is liable to income tax here but we wondered if there was any relief offered. HMRC are pretty useless at answering questions on tax…
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Taking tax free allowance and buying a motorhome.
At around 58 years of age (55 just now) I'll have about £300,000 in my only pension pot. If I take the 25% tax free, £75k & spend it all on a new campervan / motorhome would this be really stupid? Yes it probably is but you only have 1 life & I want to make the most of what years I have left. I currently earn around £90k &…
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Pension - Higher or lower lump sum
I am a 60 year old women. I plan to draw on my local government pension and reduce my working hours via flexible retirement. I am single with no dependents and no mortgage. Do I take the higher lump sum or the lower one? Higher is £140.000 tax free lump sum and £ 21, 000 annual pension or Lower is £48,000 tax free lump sum…
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25% tax free twice
Say I have £300k in my works pension & I take the 25% tax free at age 58 but continue to contribute £3k a month into it for the rest of my working life (67) do I get 25% of that new portion £350k or there abouts tax free? I think I do but need to know if I'm correct or not? I fully expect to pay full tax on my remaining…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
721 discussions
6.3K comments
Most recent: Guide discussion: Voluntary national insurance contributions by JimTheseus
14 November at 10:10AM
