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State pension due end 2025
I lived and worked abroad full time in the Middle East and South America since 1980 and always paid voluntarily NI contributions. I retired early in 2009 and returned to the UK, making a full declaration of dates, income etc and have lived here on my company pension ever since with full income declaration made every year…
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Pension annual allowance net income calculation
I am hoping someone can help guide me please as to what figures should be included in my pension annual allowance calculation of net income. I have my gross base salary and cash bonus. In addition I have salary sacrifice benefits that are reported on my P11D for an Electric Vehicle, and Critical Illness and Medical…
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Tax efficiency
Hi I took my 25% last year aged 63 and this jan following a health scare took £3000 I was taxed £600 and asked for a monthly drawdown of £750 and have been taxed £150 I was working approx 16 hours a weekup until nov and have only worked 7 hours in dec and 24 in Jan I only intend to work occasionally in the future as a bank…
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SIPP and FCSC
Is it correct that like UK bank accounts, SIPP's are protected up to £85,000?
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Which provider to consolidate to
Hello All, I'm a newbie registered but have been reading this forum over many months. I can't get my head around consolidating my pensions, my wife has four, one main personal and three from previous employers. I want to bring them into one so that it would be easier for her to deal with if I'm not around. The question is…
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Working whilst claiming DB pension - how to calculate increase to DC pension
Hi, I am working fulltime high tax bracket, I have a DB pension that will soon commence. I intend to keep working and will look at uplifting my DC pension My question is what should I increase that to? For example if i earned £90K and the DB pension was £12K. Do I just increase my monthly pension by £1k a month? the 2nd…
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Split Year Treatment and Extra Pension Contributions
I returned to UK from working overseas last year and thus will claim split year treatment for 24/25 tax year. For the UK portion of the year, I will have salary sacrified and received employer contributions of about 22K into my pension by April. However, I understand I could top that up to 60K for the year. If I added a…
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2 off LGPS Pensions - CETV question
My wife has 2 separate Pensions with North Yorks and Northumberland. She has 'taken' the Northumberland on with 25% tax free. When we asked North Yorks for a CETV they said she already has taken a pension. Are they joined and therefore no CETV can be given or are they separate and we are entitled to a CETV from North…
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Self Employed and Need a Pension.
Hi All, Advice needed really for a family member. Family member is 50 year old self employed hairdresser with no personal pension. I said I would assist in getting one setup for them but I'm not a expert in this area. I've always had workplace pensions so never investigated a personal one for myself. They did have a NEST…
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pension cashing out
in the UK, please can someone confirm if this method is correct if parent has a untouched pension pot that needs passing to an offspring example: 73 years old, untouched pension amount total 60kThis needs going to offspring as gift Withdraw 25% tax free, transfer straight to offspringwithdrawn 75% which is taxable,…
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Scottish Friendly pension transfer
Hi I’m struggling with SF to transfer my pension. A transfer of funds was requested back in May via my new provider, and as it’s been a while thought I would contact SF to ask if there was an issue. I had initially requested the 25% withdrawal (I’d like to help children with house deposit), and was given an illustration…
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Defer Pension to after April 2025 and get increase
Apologies if this is common knowledge, but my pension starts on Feb 5th 2025, if I defer to after the April increase will I get the 4.1% or whatever it is increase? Multiple Government departments phone lines " Cannot advise me" the .Gov pages don't seem to say anything specific on this matter, and Google search nowt.…
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Tax Free Withdrawals
I have my pension with Royal London and Isa with Fidelity. i Will be starting to drawdown in April.My IFA has advised living off Tax Free Cash and not pay any Tax until i have to. My question is can i take Tax Free Cash on a monthly basis from Both Pension and ISA or does this have to be done in lump sums per annum ?
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My initial plan to retire at 59 hoping for some advice
I have only just joined MSE and have been reading through
the pensions forums for a couple of weeks and got some good tips, so I thought
I would post my plan for some comments and suggestions 😊 Apologies for not using too many abbreviations
here as I am still wrapping my head around the terminology. My situation is that I…
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Pension Drawdown: Tax Treatment of Remaining Tax-Free Lump Sum
I'd appreciate some help understanding this please! Let's say I have a pension pot of £100,000, no Defined Benefits. I've taken a £10,000 tax-free lump sum, leaving me with a potential further £15,000 tax-free. I plan to then take regular monthly withdrawals in drawdown say £3,000 per month and don't plan to take any…
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Guide discussion: Should I combine my Pension?
This is the place to discuss the Should I combine my pension? guide. We'd love to hear your thoughts, personal experiences, and general feedback. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.'
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Are the markets staying irrational longer than I can comprehend or....
...am I just no longer able to comprehend relative value any more? I appreciate they might be getting excited with the lower inflation numbers recently and the hopes of forging ahead rate cuts, and we will have the numpty back in the Whitehouse which is only likely to fuel business / stock markets, but it all feels a…
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State pension after passing
Hi I wondered if anybody could help. my grandad passed away on the 7th jan and he had 2 state pension payments paid in after on the 13th and 20th January. i reported his death to deep as soon as I could which was on the 20th jan as there was a delay being able to get the death certificate as the hospital said they had been…
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Asset allocation for drawdown portfolio
Background I retired seven years ago at age 46. Due to a house move and other reasons, my portfolio has become rather messy and very cash-heavy. So I want to reset things and make a clear decision on asset allocation that I can stick to. But I’m going round in circles a bit on how much risk to take and would love some…
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Pension tax free cash to ISA
I've just come across a thread on another site about taking tax free cash from a pension and moving it into ISAs. My situation is with circa £1130000 currently in my workplace pension and Sipp I'm already knocking on the door of maxing the tax free cash available. Still a couple of years till I turn 55. The advantage seems…
Got questions about boosting your state pension by checking your record with the Future Pension Centre and making voluntary National Insurance contributions?
703 discussions
6.2K comments
Most recent: HMRC: Answer to my application to pay Class 2 contributions to buy NI gap is after April's deadline! by pinnks
9 September at 7:27PM
