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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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When to retire NHS
This is of very little import really as the amounts are very small, and we've had a lot of posts about the optimum retiring date, however the scheme information on the SPPA website doesn't go into this level of detail. I retired and took a part-time post with the NHS and started an NHS pension. I'm now thinking about…
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strategy for withdrawing pension / reinvesting
I'm in the early stages of early retirement with my husband (ages 56, 57). At age 67 we will get the full SP plus about £2k p.a. DB pensions. I have a £940k DC pension, mostly in a SIPP, plus a £690 k ISA pot and about £160k in a GIA. My husband has a £1,280k SIPP, so he would have breached the old lifetime allowance…
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Tax on DC Pension
Hi, I'm hoping to move my works DC Pension next Oct and withdraw it as I will be 55 and I'm wondering how much tax I will pay. My total pay is £50,000 so will I get 25% tax free and then pay 40% tax on the rest? I have a normal works Pension, which Im going to take at 60.
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Tax on overseas pension
I’m about to start taking a db pension I earned while working for the States of Guernsey many years ago. HMRC regard this as an overseas pension and both the annual income and the compulsory lump sum will be taxable. I also still work part time in England on PAYE. How will HMRC gather the tax from my pension? Will they…
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Interesting report about retirement lifestyle (Quilter Retirement Lifestyle Report 2025)
I just came across the report about the attitudes and health of retired people. It is interesting to see that spending is far more realistic compared to the Retirement Living Standards: from PLSA or as they call themselves now, Pensions UK. It suggests that the average retiree spends £22,141 annually, with holidays,…
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Newbie pensioner here
Hello. I have recently retired and currently receive a state pension and a small amount from a private pension. I will also be receiving (when they stop dragging their heels!) a LG employers pension (worked in a school for 29 years). I have been on the Government website to ask about tax payments I should have to make but…
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LGPS Regulation 10
A ex retired colleague has suggested I might be legible for regulation 10 when I ask for my retirement figures in about 12 months time. A bit of background, about 5 years ago the department was restructured where some people ended up with lower salaries, my basic stayed the same. However standby was cut by £50 per week,…
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Retiring after self employment
I have reached state pension age and I am still working as a self employed carer in England. I need to retire soon, work is getting harder to do as my mobility is getting worse and worse, i am hoping to retire November or December. When I retire i will need have my state pension and pension credits. I plan on moving to…
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Mechanics of tax rebate for SIPP contributions
Dear all, I was wondering if anyone could explain the mechanics of how I get the tax relief cash on SIPP contributions. From being self-employed (where I could just use pension contributions as a taxable expense) to being employed, from what I gather, a provider (Hargreaves Landsdown in my case) will add a basic rate…
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State pension award
There's often a lot of stick for DWP, but I'm impressed with their speed and efficiency of my state pension. I received the invitation to claim letter on the 8th August. Applied online same day. Today, 16th August, received the state pension amount letter. £34 payable on my 66th birthday, then exactly £952 every four weeks…
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Pension Guaranteed Annuity Rate
Hello, I have a couple of (old) UK based company pensions managed by Ageon and Rothsay. They quote projected annual annuity amounts in my annual statements which seem alright - even based on an "average" market performance, although one seems much higher than the other. One is £6300 p.a. with a current transfer value of…
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Pension situation sense check
Hi all Would greatly appreciate a sense check on situation and plan for early retirement. Me - late 40s with: * DB pensions currently worth £6500 a year at retirement age, increases annually with inflation. * Current contributions to DB pension will add approx £1100 a year income to it, increasing with inflation. * Three…
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Question on adding £2880 to a SIPP
Hi, In this tax year I have so far paid £1000 in to my SIPP, which at the time was covered by earned income to get the tax relief. As I now no longer have any relevant earned income, can I still add £2880 this tax year, or do I have to remove £1000 from this total, i.e. I can now only pay in a further £1880? Hope that…
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Best use of wifes SIPP
Hi FolksI am retiring at my DB Scheme,s NRA of 63 in Feb.Will then have a combined DB income of £50k and a TFLS of over £200k.I have been taking an old DB for the last 18months and using it for AVC contributions, hence the large TFLS. If I die, my wife gets 2/3 of my present scheme and 1/2 of my old scheme.My wife is…
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Pension position for overseas tax resident
I am a UK citizen, resident and tax-resident in Japan. I hold a pension with Vanguard UK from which the 25% tax free amount has already been withdrawn. What would be the tax position if I were to withdraw some or all of this pension fund, eg is it liable to income tax and/or capital gains tax, and in which country? NB: I…
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Annual Allowance Calculation - Classic, Alpha and AVC
Trying to get my head round my Annual Allowance before
during and after Partial Retirement Here’s my thinking: Pre retirement year Classic: Classic Pension at end x19 minus Classic Pension at
beginning x 19 r evised upwards by CPI* Classic pension value devised by multiplying by 16 and
adding LS (effectively multiplying by…
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