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Most effective method to withdraw...
Hello all, I'm looking for a sanity check on the most effective way to withdraw £10K net from a number of funds and accounts I have. The backdrop being, home owner with zero mortgage, grown up children now fled the nest, better half has a terminal condition and we manage on PiP, Carers Allowance and rental income which…
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Investimg retirement money in solar and battery install
This is a bit of a weird question and maybe should be on energy board (?), but I was wondering, if I decide to use some of my retirement money to invest in solar and battery for the house, is it valid to see this as an investment just like a fund or ETF? For example if I figured out that a £10K system, would save me about…
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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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TPS member wants to increase pension contributions
I have a relative who is a teacher (c 30 years old) and a member of the TPS. She does a lot of extra tutoring and exam marking and expects that for this tax year she will, for the first time, be a higher rate tax payer. She wants to put the excess income over the basic rate threshold into her pension and has asked me the…
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Naive question about SIPP contribution annual limits
Hi Everyone If a ltd company puts in the maximum company contribution of £60k a year into my SIPP. Is there a limit on what a director can additionally contribute personally? Thanks
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Adjusting estimated PAYE income to account for Private Pension Contributions
I have recently started paying into a private pension and reduced my contributions to my employers scheme to the minimum. I am a higher rate tax payer so will need to claim tax relief on my private pension contributions via self assessment. My question is.. is it acceptable to reduce my estimated annual PAYE income to…
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Going self employed- questions?
Hello I am after some thoughts please? I’m a nurse have been for a long time, worked hard to get where I am and moved from band 5-7 over nearly 20 years and pay not a huge increase between them. I have specialised within a certain area of nursing and have the option of working privately. I have been offered a 6 month elf…
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Pensions What to do? Take out a Lisa or Contribute to WPP?
Hello! Long time lurker first time poster! So a little back story… I’m 34 used to work in retail and was auto enrolled into Nest Pension. I had to leave work due to ill health around 6 years ago. In that time I’ve been slowly recovering and paying off debts and getting things in order. Now I’m in a slightly better…
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Pension pot discovery
I have just discovered I have a workplace pension with Prudential, totaling around £23K. Its a surprise to me as I was switched to Legal & General in 2018. I assumed all of my pension would be moved to the new fund, but its turns out that is not the case. I'm not paying anything into the Prudential one, nor is my employer.…
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Do you put in a lump sum of savings into your pension pot
Hi I've got a work pension scheme and was wondering would it be best to put my savings into my work pension pot or keep it in my cash ISA
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Pension/SIPP/LISA help for the clueless
Hi all, recently lucky to have gotten a small pay rise that takes me into the higher tax band. I am 40, have a DB Alpha pension so far and expect to stay in this job for a while, have been in the UK/paying NI for 11 years, have SIPP and LISA accounts that I have been paying sporadically into. I read that I can now get more…
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Standard Life - ESG Kowtowing
In a move redolent of the sentiments in this post of 2023 re Aviva.. https://forums.moneysavingexpert.com/discussion/6468194/aviva-pension-index-fund-changes-esg-applied/p1 ...it would appear that Standard Life are deciding to make my pension investment simultaneously more passively invested an at the same time more…
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New to LGP - transfer in?
Hi April I joined a LGP for first time. I understand I will get 1/49th of salary per year although the contributions going in each month are approx £1K (between me and employer), I would only get just over £1,122 per year. Not sure I understand that! Also, I can transfer in (during first 12 months). I have two questions:-…
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Lump Sum Allowance 25% tax free
The pension LSA (25% tax free) stands at £268275 maximum. There are rumours it may change (reduce) at the next budget in October/November 2025. If that is the case, does anyone know how quickly the change would be made? Can it change overnight? Does it need legislation or in any case would need apply no earlier than the…
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New Tax Code -State Pension related
Hello, Today I have received notification of a new Tax Code from HMRC. The new code is S22LX from S1257L. I am assuming this is in preparation of commencing the full State Pension this month. My personnel allowance, £12570, drops by £1200, which is the annual SP I will receive. (There will be some tax to pay on savings…
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Enhanced Protection Lump Sum
I have an HMRC enhanced protection certificate valid from 6 April 2006. So far I have not drawn anything at all but am know considering taking the lump sum entitlement.. With the enhanced protection is the lump sum protected or restricted to the current standard Lump Sum Allowance cap of £268,275. The pot is approx…
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Number crunching query
Number crunching has never been my strong point and I am seeking the wisdom of the forum. My partner recently got a lump sum and is looking to drip feed it into her SIPP but we are unsure of the maximum she can put in. She has plenty of carry forward allowance so that isn’t an issue but I am unsure of how much she can put…
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Moving to safer investments
Hi, Newbie here, so go easy please. :) I have a pot of money in a DC pension that is essentially frozen as I've got other stuff going on elsewhere. I'm just over a year from 55 and I want to almost lock-in the gains I've made in order to plan a 25% withdrawal. Right now, I'm totally invested in higher risk funds (Standard…
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Redundancy payment into pension
Hi all, Bit of a change in direction and after some advice, am 57 and had been planning on working to at least 60 however yesterday was unexpectedly offered a generous settlement figure of £132k.to leave work . The alternative to not taking it is to go through a consultation period and if unsuccessful will only get…
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Paying extra into my pension to save tax?
Hello, At the end of September, I’ll be getting a payrise. My pay will be increased from under 50k to above 50k. The payrise is lovely, but it’s not something that I will actually need right now. I stumbled across something that made me think about putting extra money into my workplace pension, would save me in the long…
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753 discussions
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Most recent: Missed callback on missed yea… by pinnks
14 September at 2:34PM
