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Drawing down pension ti pay off Mortgage
I am 58 yrs old divorced woman with a £130K interest free mortgage repayable in 7yrs. Realistically l have no means of repaying. My original plan had been to sell off 2yrs before before the mortgage was due and relocate anywhere l could with the equity of about £250K. I now realise l don't want to move out of London and…
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DB Inflation protection myth ?
I have a deferred Final Salary pension which has 'lost' approx 23% over the last 10 years versus the growth that you would expect if it was fully protected against inflation (+41%). My Pension has a 5% CAP, so I understand that would not protect me well for a couple of recent years, however, that doesn't account for the…
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Tax Bill for Pensioner on Benefits
Hello Newbie here :) I have an elderly uncle (85 years old) who gets a state pension and housing benefit, he lives in local authority sheltered housing. He was very ill earlier this year and struggled to keep his place clean and social services ended up getting involved. This resulted in a £500 deep clean which was covered…
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Taking DB pension early to access tax free portion from combined DB/DC scheme
Without getting too much into speculation over forthcoming budget pension tax changes.... One of my pension schemes is a combined DB/DC scheme where the DB pension is a relatively small portion. I can take it 3 years early for an actuarial reduction of around 10.7% but this gives me access to the 25% tax free portion…
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Small pension query
This discussion was created from comments split from: Can I cash in my pension?.
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Pension drawdown and emergency code
I have a stakeholder pension and have already taken the jam; 25% tax free lump sum. I have current income from part time work of £36K gross. I want to take another lumpsum of 27K for some home improvements. My provider says it will have to apply Emergency Tax rates. As the 36 + 27 would put me into 40% tax bracket will…
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USS DB pension claiming tax free lump sum bur not the annual pension (just yet)
Due to me only finding out I have to pay CGT of my house sale, I need to make up a short fall. (I separated from my partner (not married) and moved out). My question has zero to do with speculation around the budget, I am 57. I have a USS pension (DB). If I understand the USS website, I can get £80K as a lump sum, and 25K…
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EDS to PIC to Athora
My EDS pension has been sold again to a company named Athora - has anyone heard of them ?This was done without my knowledge (I only discovered on-line)It was only sold to PIC last year
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Private pension no payout to children over 18
My M.I.L. passed away unexpectedly she was on benefits but we found out she had a private pension from decades ago. My s.i.l. sent in forms to claim but she just got back saying they don't pay out to children over 18?! My m.i.l. was never married and didnt have a partner at the time of her passing. Where will this money…
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Pension Help
Good Afternoon all. I need some advice if possible. I have a workplace pension and i currently salary sacrifice 20% of my wages into the pension. I currently have £50k in savings and i would like to transfer this to my workplace pension. I am being told there is a tax rebate on any contributions. Could someone explain how…
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Considerations of when to take DB Pension
I am targeting retiring in spring next year when I will be
57. I have a deferred DB pension with the PPF which I had fully intended to
commence payments from at the start of my retirement however I’ve started reviewing
the timing of this and would appreciate any thoughts / comments. The last PPF statement I obtained showed…
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IFA Charges
I have just been sent new contract charges and just wondered if this was about average. I am looking to get advice from them regarding my pensions. One is a company DC pension and another is a private personal pension. Lump Sum Investments and Pension Contributions / Transfers Amount invested Up to 150k - 2% of the amount…
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Vanguard Pension Tax Free Withdrawal
Has anyone managed to withdraw funds from their Vanguard SIPP without having to book an appointment with a so called Pension Advisor?
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Lump sum payment
Hi, after some help please. I am drawing a lump sum from my pension (im still working full time). Im already a 40% tax payer (public sector employee) and the amount i receive from the withdrawal will push my income for the year into the 45% tax bracket. I know i have to pay HMRC the tax on the lump sum but what happens…
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Pension transfer as part of divorce
As part of my divorce, I am due to receive £100K and need to place this into a pension. Any advice on how I choose a pension provider? What I need to consider and what I need to be aware of?
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Topping up state pension .Which years ?
I was missing 7 years , I bought two years after 2016 which brought me up to 35 years . I still needed to buy 5 more years as I was contracted out until 1991 , I was then receiving credits until 2009 . I've recently received a letter telling me I can buy years after the April 25 deadline so after another call to the future…
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Nhs pension question
What is the difference between a one off payment with no PCLS and one off payment with maximum PCLS ?
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Take 25% tax free lump sum before budget?
I have unit linked pensions with 3 insurance companies. Does it make sense to take the 25% tax free lump sums from these before the budget - just in case? If I do, I'm not sure what to do with the remaining 75%? I'm between 70 and 75. I'm not very interested in managing the investments, but I'm not sure I want an annuity.…
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Partial drawdown management
I've been drawing money out of my Standard Life money purchase pot, and have not yet reached my 25% tax free limit. But when I make a withdrawal an amount equivalent to 3 times that withdrawal is out into a separate pot for future taxable withdrawals. However that pot doesn't just hold 75% of my money at the time of…
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SIPP + Teacher's Pension? Quit Teaching?
Lots of ifs and buts here, so please bear with me! Looking for general ideas. I'm 48, have taught part time (0.5fte) for 25 years and paid into Teachers Pension during that time. When people say 'total value of pension', I can't find that figure, nor will they give me one. All they will say is, if I retire at 55 I would…
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