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Tying myself in knots on Tax Free Lump Sum/Annuity/DD options
Hi, first post to this board. Finding the threads very useful. I'm planning to retire in 2026 at the age of 61. At that point I hope to have £730k in a DC pot (it is split across 2 pots at the moment). I have two DB pensions that will pay about £11k PA and £2k respectively age 65. My wife (1 year younger than me) doesn't…
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How do I make my money work best for me--invest in pensions or savings?
I have to admit I don't really understand the tax relief bit of pension talk, which is why I guess I'm posting this thread. I'm 55 and am only now looking to get my money working more effectively for me. To date I've been looking at ISAs and online savings accounts paying >6% AER. But should I be paying into a pension…
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General Help Pension pot investment
Hi , First i have read through previous threads before posting this and there is nothing specific to my question . I have taken my 25% pension pot so im maxed out on that , but going forward i want to for now leave it invested but in the VERY NEAR future start drawing on it at lets say 5% a year ( yes i know the 4% rule )…
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IFA and Pension fund management charges - transferring a DC workplace & private pension
UPDATE - Dear Forumites, I have 2 quotes from IFA's - one a well known wealth management company in my County and another sole trader - I've discounted the latter for various reasons, not least trying to charge me for advice but anyway I've been through the charges;- 1. transfer of the L&G approx £200k (I'm leaving the SJP…
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Pre-1988 GMP fiasco
I am 66 and requesting defined benefit scheme preserved pension quotations. Did the same last year (2022, age 65). I have two issues both to do with the pre-1988 GMP (Guaranteed Minimum Pension when contracted out of the state pension for those years pre-1988). 1) deferred retirement quote last year included a scheme…
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Small sum pension pot
Please advise: I have about £3,500 in a pension (Pru), I have no savings, no other income, PIP/ESA/HB means tested. If I take the £3,500 will I get all of it or will there be tax? Thanks for help.
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Gov Access to Bank Accounts for those in receipt of SP
Interesting Tweet (or 'X') from Sir Stephen Timms re-tweeted (or re-X'd) by @JosephineCumbo https://twitter.com/stephenctimms/status/1731313291564089658 "Ministers last week rushed an amendment through the Commons, allowing it to look into the bank account of everybody claiming State Pension. Their only reason was that it…
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Passive income
I would like to set up a pension. I have ben receiving passive income (from rent) for 3 years. How much can I contribute towards it and get tax relief? Current year and 3 previous years, I assume. - this year. - 2 more years, I was renting. - 1 year I didn't have income. (£2,880?)
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DC and DB Pensions and Tax free Cash
Hi, I have recently taken early retirement but not yet started to withdraw money from my 2 private pensions. One is a small DB and the other, larger is a DC SIPP. The DB pension has the option of taking a tax free lump sum of ~£34k. Question: If I took this TFLS from my DB pension, how would that affect my DC SIPP? Would I…
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RBS Sipp- When/Why is another Transfer required...
from my recent HL Sipp to NW Pension transfer. You’ll need to transfer your pension to another provider when you plan to withdraw money from your pension. Our pension does not offer this option at the moment. Dos this honestly mean I need to Manually choose another provider once retirement is reached/if Id'e want to maybe…
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Company pension contribution
Hello, i wonder if anyone can add some clarity to this? In the new tax year 2024-25 my employer is offering to either: Give me £10k cash or deposit £11380 into my DC pension scheme. If i had £10k and i put it directly into my SIPP id eventually have £12500 Maths isnt my strong point. Im just wondering why they arent…
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Royal London fees - sanity check my understanding please
Hi, I have a small Royal London pension from a former employer. Fees always used to be noted as 0.65% plus "transaction costs" which equates to around another 0.06%. Since I left that employment I made a one-off contribution which slightly more than doubled the value. At that time RL quoted charges of 1.10%. It's not quite…
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What to do with a newly discovered but tiny private pension?
Out of the blue I received a letter from Now Pensions telling me to 'log on' to their website and check my statement. I have never heard from them before, I never gave them my address. My statement says there's £175 in the account, but there's no information as to how I can get it or what to do with it. Now Pensions have…
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Max payment to AVC
Hi I’m wanting to make maximum contributions to my salary sacrifice AVC from my pay before I take my pension in March 23 so thought I would be able to have zero take home pay by paying it all into my AVC , however my payroll team are advising me that I have to allow for NLW protected value so am unable to put my whole…
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Mirror Funds
I have two pension schemes with AEGON, both are "Flexible Personal Pensions". One has lower management charges than the other and I am thinking of combining my money in the scheme with the lower charges. However, my money in the higher charge scheme is invested in a manner that I don't understand. I am invested in a number…
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Jam and Swiss Roll
Martin Lewis is on R5 / podcast talking through pensions and pension tax scenarios. His chosen metaphor is that the tax free cash is the jam and the taxable amount is the sponge in the swiss roll! Still - he did effectively warn against taking out all your pension as one large lump sum.
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Experiment with tax return before the end of the tax year?
Is it possible to do this please, so, in this example, for Tax year 2023-2024 - the tax year we are currently in? The reason is that I would like to see if some of the things I can do inside this tax year will influence the tax I pay when I *do* submit it next July-ish. Do HMRC open up the SA tool inside the tax year as…
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question about Voluntary NIC Class 4. Do we have this Right?
My wife used to be employed full time, now she works part time and earned around £5,000 for the next tax return. So far she has about 20 years of contributions to her state pension. We understand that by earning £5,000 a year she can voluntarily contribute £17.45 a week to her state pension (around £907 a year). Do we have…
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Receiving German State Pension at 64 yrs of Age
Hi, not sure whether someone more experienced can point me in the right direction. Quick background: My mother has 35 years contribution to the german state pension system, but is working in the UK. She is 64 years old and has to work another 2 years to receive her UK state pension (She will have contributed 19 yrs in…
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Is a monthly pension increase buying me more years?
I am in a defined contribution pension scheme. I pay 3% and the company pays X%. I have the option of increasing my payments to 8% and the company increases their share. By increasing the amount I contribute am I essentially doubling, trebling the number of years I've paid in? For example if I contribute 3% over my…